Blockchain is a revolutionary technology which is sometimes considered as big as Internet, it is an encrypted, distributed database that records data, or in other words it is a digital ledger of any transactions, contracts - that needs to be independently recorded. It is used for the secure transfer of items like money, property, contracts, etc. without requiring a third-party intermediary like bank or government. Once a data is recorded inside a blockchain, it is very difficult to change it.
The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. It offers a secure, fast, and cheaper medium of carrying out online transaction and online transfer of information without the need of third party verification.
NEM is a type of Blockchain technology and Crypto-currency. NEM is able to process transactions more efficiently than other networks, and is designed to compete with online payment processors. NEM has taken a different approach to supply when it comes to its crypto-currency, called XEM.
Bitcoin is a crypto currency and so are most crypto coins. Some are application specific while some are purely crypto coins. Apart from NEM being another crypto currency, NEM is a solution platform. There is more to offer as a platform. As a crypto currency, it does not require a lot of computing power and energy to run a node. NEM also advocates low entry barrier with Proof of Importance (POI) instead of the traditional ones that require a lot of stakes or computing power to mine. In NEM we call it harvesting. In addition, it also uses another solution, called Eigentrust ++ to validate and sieve out bad actors in the network. As an evolving solution, NEM is setting the stage for better things to come.
We have a team of NEM experts who have delivered POCs for various clients and have been provided real time solutions for the them.
While working on an innovative & disruptive project for HR & recruiting industry, we got a chance to work extensively on NEM framework. We were able to implement a fully functional payment system using NEM framework and remove middle man from recruitment industry to deliver incentives in form of “PLEO” (A NEM based Crypto Currency) between wallets.