With increasing adoption and use cases, the potential of blockchain to become a new open-standard protocol for trusted records, identity, and transactions is clear.
With increasing adoption and use cases, the potential of blockchain to become a new open-standard protocol for trusted records, identity, and transactions is clear. Gaining traction with its first application in Bitcoin, blockchain has now captured the attention of government and industry worldwide that is transforming the exchange of any assets for the better. The field is edging towards maturation as it continues to evolve with increasing protocols for a wider range of applications.
The Foundational Purpose of NEM
Blockchain has come a long way since Satoshi Nakamoto introduced Bitcoin in 2008. Major protocols have been introduced with different variations and features that are designed for differing objectives and use cases, including Ethereum, Ripple, Hyperledger, amongst many.
The founders of NEM kept a close eye on the progress and have thoroughly examined the landscape of blockchain. The lack of blockchain protocols that are suited for enterprise use prompted the founders to build an enterprise-ready blockchain. With that, NEM Foundation was established with the purpose to introduce, educate, and promote the use of the NEM blockchain technology platform at an international scale to all industries and institutions. Incorporated in Singapore as a company limited by guarantee in 2016, NEM Foundation is endorsed and watched over by an international network comprises of experienced leaders and professionals in IT, trade, business process, academia, assets development, and international business management. With a global presence in six regions of the world, the dedicated team of the company is creating awareness, providing training and facilitating the adoption of blockchain across the world.
Facilitating the Adoption of Blockchain
Mr. Stephen Chia, Council member and Head of South East Asian Region, NEM Foundation, says, “Blockchain of the future will be able to store data and process distributed applications without the need of central processing and storage.” NEM is facilitating the change by providing blockchain protocol that will bring about blockchainization across enterprises, governments and institutions. Mr. Chia explains, “Organizations are using our platform to provide proof of identity and a store of transactional data along with messaging services in the effort to secure and improve the process. In addition, with its API architecture, NEM allows developers to build more applications and layers to the blockchain such as storage, security and extend the use of blockchain to provide solutions needed by enterprises.”
Secured Transaction with NEM Blockchain
With security and features built-in for enterprise assets exchanges, the use cases of the NEM are increasing. Mr. Chia explains, “The NEM Blockchain has a built-in service called Namespaces which can be used to differentiate every individual token or transaction within the blockchain, allowing easy identification to each transaction that happens transparently and encrypted, across the NEM public blockchain network.”
A loyalty program developer in the Philippines, Appsolutely, uses NEM to create a loyalty program system for multiple merchants servicing millions of customers, running off the NEM public chain. Another POS provider in Indonesia uses the NEM Blockchain to allow cryptocurrency to be accepted in daily trade. By virtue of both of these companies being on the NEM Blockchain, they both are able to cross access each other’s pool of customers for cross-border transactions. Such are a few successful use cases of NEM blockchain that are increasingly adopted by businesses.
Leading the Evolution of Blockchain
Headed by a Regional Head who oversees the growth and programs in each region, the NEM Foundation sets a clear, rigorous course of action to continue leading the evolution of blockchain. Mr. Chia says, “The leaders of the NEM Foundation are open-minded people who allow each employee to flourish with their own strengths and interest.” He adds, “Every employee has the prerogative to pursue their interest within the organization so long as the organization’s expectations are met.”
The service of the NEM has come at an opportune moment for a progressive economy such as Malaysia. As the country
transitions from the traditional business model where growth is slow, adopting such a disruptive technology could be a winning
strategy that would propel businesses in the country at a much faster pace. The Southeast Asia Regional headquarter of NEM,
Kuala Lumpur, is confident in the growth of blockchain in the rising economies of Asia as NEM continues to work towards a
blockchainization of governments and traditional trading mechanisms.