What is NEM?

Built from the ground up for enterprise-grade performance, NEM’s blockchain technology delivers a world-class platform for management of any kind of assets: from currencies, supply chains, notarizations, ownership records, and more. Whether you are building the next best mobile app or bringing blockchain into your existing business infrastructure, NEM makes blockchain work for you.

NEM’s Smart Asset System allows anyone to completely customise how they use the NEM blockchain, with a robust set of features, including domain-like namespaces and full on-blockchain multi-signature control. Any application can access these features through NEM’s simple API, allowing easy integration within mobile apps, existing business infrastructure, or contract logic. The NEM blockchain provides an open and self-scaling platform for developers.

NEM Advantages

PERFORMANCE

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.

Ease of Development

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. In short, configure NEM for your business, and then deploy blockchain incrementally and without forced retooling of existing infrastructure.

DEEP CUSTOMIZATION

NEM is built from the ground up with powerful modular customisation for virtually any application. We call it our Smart Asset system. With it, NEM lets you focus on building exactly what you need.

Security

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. And NEM’s private blockchain option allows complete control over internal data privacy when a public blockchain isn’t the right solution.

Nem Technology

NEM is built from scratch as a powerful and streamlined platform for application developers of all kinds, not just as a digital currency. Using NEM in your application is as simple as making RESTful JSON API calls allowing you to configure your own “Smart Assets” and make use of NEM’s powerful blockchain platform as your fast, secure and scalable solution.

Configured for your use, NEM is suitable for an amazing variety of solution classes, such as direct public transactions via streamlined smartphone app, efficient cloud services that connect client or web applications, or a high-performance permissioned enterprise back-end for business-critical record keeping

Smart Asset System

NEM is built around a powerful system for customizing your use of the blockchain. We call it the “Smart Asset System”, and it gives you the power to use NEM as if it were a custom blockchain built for your application and your assets. Rather than force you to write your own “smart contract” code from scratch or use off-blockchain methods of defining custom assets for your business, NEM gives you direct API access to a specialized set of tested and secure on-blockchain features.

NEM Smart Assets are built using four closely connected parts

Address “Container” Smart Assets

NEM Addresses are container assets on the blockchain that can represent a single object that must be unique and updatable. Addresses contain Mosaics (defined below). An Address could be as simple as a user’s account full of coins, like most blockchains. But it could also represent things like: a package to be shipped, a deed to a house, or a document to be notarized.

Mosaic “Fixed” Smart Assets

Mosaics are part of what make the Smart Asset System unique and flexible. Mosaics are fixed assets on the NEM blockchain that can represent a set of multiple identical things that do not change. A Mosaic could be as simple as a token, but it could also represent a set of more specialized assets like: reward points, shares of stock, signatures, status flags, votes or even other currencies. Each Mosaic is defined by a variety of attributes such as name, description, quantity, divisibility, transferability and more.

Personalized Namespaces

Namespaces let you create a unique place for your business and your assets on the NEM blockchain. A Namespace starts with a unique name that you choose, similar to an internet domain name. You then have the ability to define your own subdomains, as well as names for your assets. This makes your assets unique, easy to use, and trustable.

Transactions

Transactions are how your Smart Assets are put into action. Transactions let you transfer Mosaics between Addresses, transfer or configure ownership of Addresses (including use of Multisig rules), send messages and more. NEMs blockchain includes a built-in consensus-driven time keeping facility, so transactions are automatically and accurately time stamped.

NEM Blockchain Architecture

The NEM blockchain platform is built from a network of nodes, all running NEM’s core node server software. In summary, these nodes provide a powerful, easy-to-use, stable, and secure platform where Smart Assets transactions are conducted, searched, and immutably logged to the blockchain ledger. To do this, nodes on this network serve two essential functions:

API Gateway Server

First, each node provides the API gateway that applications may use to access the blockchain and its features. This means that your application does not need to run any complex node software; all usage functionality is available through the API interface on each node in the network itself. This means that the blockchain can be used to create a variety of solution architectures with light-weight code in any language.

The Blockchain Node Network

Second, each NEM node works with other nodes to build the peer-to-peer blockchain network. In sum, this network creates and supports the blockchain itself. The NEM node software verifies transactions, maintains a database, synchronizes with other nodes, and maintains stability and trustworthiness to create a network that is fast, secure, and scalable.

NEM Enterprise Use Cases

NEM Projects

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