NEM is an open-source blockchain solution that was launched in January 2014. The thing that differentiates it from other blockchain derivatives, including cryptocurrencies, is it many applications beyond crypto applications. For example, it can be used to create self-executing programs as well as self-enforcing contracts. In this way, it is seen as a huge asset in the world of banking and other areas where these applications could come in handy. Its ability to go beyond crypto uses and applications is what makes any NEM review sound so positive.
Real Proven Applications Of NEM
Most banks use smart contracts to ensure things move as they ought to. Due to the ability of NEM to be used to settle any asset, more banks and institutions are looking to it for solutions surrounding smart-contracts. To fit into this use case, the blockchain can be repackaged into a private chain known as Mijin. These private chains have other applications outside the financial world. A NEM review would not be complete without mentioning some of these use cases.
These may include uses such as using the blockchain for the private storage of sensitive information, shares or even encrypted and unencrypted messages. Another use case is where people are able to register private names on the blockchain. These names can then be used to run businesses within the blockchain. Most exciting of all, the blockchain can be used to create assets. All of these assets can have different properties and applications.
There Is Still A Lot We Don’t Know
Although NEM is widely documented and talked about, there is still a lot that we do not know. For example, we are not sure how the main NEM blockchain shares information with the closed Mijin framework. Something else we do not know is the financials of the whole project. Without understanding the economics of NEM, any NEM review can only speculate as to its strengths when it comes to investments.
Another major concern is that the whole blockchain has not been updated for some time. This despite the fact that the social side of the whole project has been buzzing. There has been outreach both online and offline to popularise this blockchain. Despite this, the technology used on the blockchain has not been updated for some time and this is concerning. The last concern is whether NEM can stand up to other blockchains when it comes to providing enterprise-level solutions.
NEM Is Both Exciting And Worrying
The things that can be done with NEM are encouraging. This is if you decide to forget about its glaring shortcomings. It has a lot of strengths especially when you look at what it can help build. At the same time, it does fall short in ways that would make most people concerned. Even though NEM is a very strong and competitive blockchain technology, it will not play in the big leagues until its minor issues are resolved.