There aren’t too many blockchains that have the potential to rival Nano or Ripple on speed, but NEM is capable of about 4,000 transactions per second, putting it in elite company. NEM relies on the highly customizable nature of its smart asset blockchain to make its technology work for a wide array of businesses and industries.
In particular, NEM is a perfect example of a blockchain that could succeed at non-currency applications (even though it would work just fine with the financial services industry). For example, NEM wants to use its blockchain to help retailers turn their out-of-date and error-prone loyalty rewards programs into NEM-backed loyalty rewards that can be used in stores. This would reduce instances of fraud and potentially increase foot traffic for ailing brick-and-mortar retailers.
NEM also has applications in the tech sector as an authentication and notary service. It could, in theory, use its blockchain to authorize “internet of things”-powered devices to make decisions or order parts for repairing themselves with the consent of the user.
NEM has one notable partnership, with the Malaysia Digital Economy Corporation. This government-owned institution manages the country’s digital infrastructure, oversees technology-related laws, and promotes tech-based expansion. It’s possible this partnership could be NEM’s ticket to broader use.
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Sean Williams has no position in any of the stocks mentioned. The Motley Fool recommends American Express. The Motley Fool has a disclosure policy.