In this blog, we have tried to describe how NEM is one of the best blockchain platforms. We have tried to explain why we call NEM blockchain development services the best-of-breed solution playing an equally important role as blockchain technology and setting a new standard for it.
It has been around more than two years since the NEM blockchain platform came into existence. Its primary aim was to uncover the potential of blockchain technology and quickly allow application development on top of the platform.
Most of the blockchain initiatives focus on the blockchain ledger, all having subtle variations and different flavors in their execution process. While NEM takes an entirely different approach.
NEM emphasizes not only the functionalities and features of a powerful blockchain but also incorporates other equally important elements like:
Related Post: Relevance of NEM in Enterprises, Consulting NEM Blockchain Consultant
Today, we are facing operational risks and inefficiencies. The plurality of systems and disjointed monolithic systems within financial organizations only intensify these issues.
It has been an everlasting issue. With an aggravated impact each passing year, financial offerings and services get added to the central banking mechanism.
Here, blockchain comes as a possible long-term solution that enables:
By providing a blockchain platform that can meet all the above needs, any financial institution would experience the benefits immediately. NEM is such a blockchain platform.
Also, Read: A Consolidated List of Best Open Source Blockchain Platforms
Existing models of smart contracts cost financial organizations billions of dollars to devise the infrastructure over time. Also, transcribing that to a new platform would incur more risks, time, and resources.
NEM addresses this and approaches it in another manner.
The approach is to keep a smart contract as an external component, either centralized or decentralized. The outputs of such smart contracts would then enter their transaction details into the database using a secure transaction process.
Also, Visit: Adoption Value of Smart Contracts for Enterprises
NEM Blockchain Platform was launched to provide a platform that is:
Suggested Read: The Future of Streaming is Decentralized Blockchain Solutions
Launched in March 2015, Catapult is an extension of the NEM blockchain. It is the successor of Mijin. It is set to develop a new design standard in the blockchain domain.
Tech Bureau introduced Catapult in various stages, beginning in the Q1 of 2017. Mijin is the predecessor of Catapult.
Catapult aims specifically to allow the addition of more features and functions to bolster the financial sector. Financial services can benefit from application-specific servers in a decentralized environment.
If you are interested in developing projects on the NEM blockchain, then skilled developers at Oodles can help you out. Contact us today to get started.