While blockchain technology is a breakthrough for digital records keeping, not all blockchains are the same. NEM’s development team learned from the mistakes and shortcomings of other blockchain concepts and created something to stand the test of time. NEM’s core was built from scratch with a focus on solving real-world needs at a global scale.
In short: NEM is higher performance, more customizable, easier to develop on, and more secure than other blockchain solutions – by design.
Development on the NEM blockchain is simple
NEM’s blockchain exposes its functionality through a powerful API interface that can be used with any programming language, not a specific “smart contract” language. Existing business logic code can easily mate up and use blockchain where it’s strongest: secure transactions and ledger keeping. In short, configure NEM for your business, and then deploy blockchain incrementally and without forced retooling of existing infrastructure.
NEM is highly customizable for your needs
Unlike other blockchain technologies, NEM is built from the ground up with powerful modular customization for virtually any application. We call it our Smart Asset system. With it, NEM lets you focus on building exactly what you need, whether that’s a fintech system, tracking logistics, an ICO, document notarization, decentralized authentication, or much more.
NEM pushes blockchain performance further
NEM’s blockchain platform was designed and coded from the ground up for scale and speed. NEM’s permissioned private blockchain for enterprise delivers tested industry-leading transaction rates of thousands of transactions per second. In addition, the NEM public blockchain uses its “proof of importance” consensus mechanism to optimize throughput and stability on the public node network while being resource effective.
NEM’s blockchain platform is extremely secure
NEM’s architecture provides an incredibly secure and stable platform through its use of Eigentrust++ and an incentivized public node network based on its two-tier architecture. The significant risks inherent in on-blockchain “smart contracts” are eliminated by providing building block customization to NEM functionality that keeps application security in your hands, not on the blockchain. And NEM’s private blockchain option allows complete control over internal data privacy when a public blockchain isn’t the right solution.
NEM Enterprise Use Cases
- Financial Payments
Financial services companies can use NEM for instant payments and transfers anywhere in the world. One of NEM’s key advantages is its ability to seamlessly interface between public and private blockchains. This means you can transfer currency, tokens, or files from your internal company network, through the public blockchain, and into another company’s network.
- Create Your Own Cryptocurrency
NEM’s Smart Asset System allows you to define and launch your own tokens or cryptocurrency with no programming needed. Just open the client and define the name, number of coins, divisibility, transferability and levy, and you are done. You can make transactions free with your new coin, or set transaction fees in any amount you wish.
- Mobile Payments
You can use NEM’s cryptocurrency, called XEM, or create your own cryptocurrency on NEM. NEM is an excellent choice for mobile retail payments. NEM blocks complete every 60 seconds, making transactions confirm quickly enough for everyday use. Transaction fees are kept low enough to make even small purchases practical. NEM’s mobile wallet is barcode-enabled, allowing easy payments without typing addresses. XEM is also a great choice for online purchases.
- Equity Markets
The equity market poses a very inefficient system when it comes to post-trade clearing, payment and settlement. Trade matching occurs at the rate of hundreds of transactions per second but clearing and settlement of stock takes more than two days to complete. The equity market should consider a complete system revamp as the current systems and practice methods are based on legacy process practices that are outdated. The NEM blockchain technology is a suitable core component to re-design the equity market ecosystem which could save the industry billions of dollars a year in operational expenses.
- Escrow Services
NEM can form the basis of escrow services. You can set up trustless accounts to manage transfers of currency, tokens, data, or any other assets. You can also set a minimum number of digital signatures (up to 32) required before a transfer executes.
- Liquid Asset
The network has set a permanently fixed amount of XEM, meaning there will never be inflation. Every transaction on the public blockchain requires a small transaction fee, ensuring demand for XEM coins over time. Users also need XEM to pay for token creation, encrypted messaging and other features. This makes XEM a good liquid store of value.
- Make your own PayPal
NEM makes it easy to create your own versions of payment apps. One example of such an app is NEMPay. NEMPay is an open source payment app that allows anyone to use the blockchain for peer to peer payments. You can even copy it, name your custom crypto tokens, add your logo, and you’ll have your own branded payment app similar to PayPal.
Nemio Foundation Limited
57 Mohamed Sultan Road #01-05 Sultan-Link, Singapore 238997