On March 31st, 2015, NEM.io Foundation officially launched the first peer-to-peer smart asset platform. The company built their unique system from the ground up with blockchain technology. NEM started as a nonprofit organization in Singapore and supports businesses of all sizes on their evolving platform. In addition to operating a multi-functional network, NEM's cryptocurrency (XEM) is the 7th largest by market capitalization worldwide.
According to live statistics from Coinmarketcap.com, XEM has a market capitalization of $1.9 billion. Bitcoin (BTC) is the largest cryptocurrency by market capitalization of just under $74 billion, followed by Ethereum (ETH) with $29 billion.
Cryptocurrencies, in general, are more than just a new trend. A single Bitcoin today is worth $4,450, and even on a bad day, you're looking at well over $3,000 per coin. According to a report from CNBC in July, the U.S. Commodity Futures Trading Commission approved digital currency-trading platform LedgerX for clearing derivatives. Although it isn't the first platform to offer Bitcoin options, it is the first to offer options regulated by the CFTC.
Government groups and big banks use blockchain technology to securely manage financial data
It's no secret that your private information isn't safe online. Identity theft gets worse by an average of 16 percent every year, and even today with the latest technologies and security practices it's a serious problem.
USA Today claims an estimated 15.4 million consumers were hit with some kind of identity theft last year. In early August, the personal records of at least 143 million Americans were hacked from Equifax, a Major consumer credit reporting agency. Social security numbers, legal names, birthdates, and credit card numbers were compromised, and Equifax is unable to confirm the exact number of accounts that were breached.
Distributed ledger technology is being considered as a possible security solution to prevent future fraudulent activities. Blockchain technologies are already a major component of government groups and financial institutions across the globe. Businesses in Singapore, USA, Japan, and Canada are among the first adopters.
A consortium in Singapore collaborates using blockchain technology
The Infocomm Media Development Authority (IMDA), Singapore's information communications and media regulator, and several major banks completed a proof-of-concept for a Know Your Customer (KYC) blockchain on Tuesday this week. Banking giant HSBC, OCBC Bank, and Japan’s largest bank – Mitsubishi UFJ Financial Group participated in the consortium. Pranav Seth, the head of e-business at OCBC Bank, stated “This partnership fans the spirit of cooperation among competitors as well as regulatory and government bodies, and we hope this will help foster and inspire more of such collaborative innovation initiatives." The KYC Blockchain will be used to record, access and share information among participating banks across a distributed network.
Banks will be able to register, share, and verify consumer information securely and instantaneously. Other government registries, tax authorities, and credit bureaus can also instantly validate encrypted data. The KYC blockchain is one of many successful projects that benefit from using NEM's blockchain technology.
