How The Symbol Network From NEM Is Driving The Adoption Of Enterprise Blockchains

The following is a contributed article from a content partner of Benzinga

The ability to use blockchain technology to tokenize assets has resulted in considerable interest from asset management firms and legacy finance houses. Enterprises in numerous sectors are looking into the possibilities of tokenizing both tangible and intangible assets such as art, documents, software, games, and company shares.

Most notably, this has led to an emergence of a new kind of offering, Security Token Offerings (STOs), which provide companies with a modern, compliant, and cost-effective way of raising capital. The security, immutability, and tamper-proof nature of blockchain technology makes it perfectly suited for facilitating tokenization and fundraising.

One company, NEM blockchain, is pioneering the mainstream adoption of enterprise blockchains and tokenization. Since 2015, NEM has been building and deploying products focused on freeing companies from inefficiencies and barriers that have hindered business ecosystems for decades. In 2015, NEM launched its own token, which is consistently ranked in the top 50 cryptocurrencies by market cap with a current capitalization of $565 million.

Over the past few years, the NEM Foundation has focused on developing the Symbol Network and the NEM Social Hub. Symbol is a highly customizable Blockchain as a Service (BaaS) platform that supports asset tokenization and the NEM Hub is a social mining platform built on top of DAO Maker. The two are primed to facilitate enhanced commercial and community engagement.

Symbol Network and Tokenized Digital Assets

Symbol Network is an enterprise-focused blockchain network built to target firms of all sizes from one-person operations to institutional heavyweights. The platform caters to organizations in sectors such as data management, logistics, notarization, construction, finance, and asset management.

As the world continues to modernize and incorporate new forms of technology at a rapid pace, financial organizations are increasingly in need of a platform that supports the creation, administration, and ongoing management of tokenized digital assets. Symbol is a comprehensive platform that supports the entire tokenization process and allows asset managers to painlessly engage and work with digital assets.

Symbol is a trusted, tamper-proof network with a customizable plugin design and includes public, private, and hybrid blockchain deployments. Its cost-efficient comprehensive feature set allows enterprises to easily incorporate blockchain technology into their daily workflows and to modernize their business operations through the tokenization of both tangible and intangible assets.

The Symbol network connects and syncs with the NSI1 public chain, creating a blend of private/public interoperability and the seamless deployment of enterprise applications and APIs. By integrating Symbol, businesses are able to cut down costs, increase processing speed, and make use of frictionless data flows. 

NEM Hub Social Mining Network Is Powered by DAO Maker

NEM Hub is focused on driving community engagement to help strengthen the governance of the NEM ecosystem. The social hub is a platform that allows network participants and blockchain enthusiasts to connect with each other and engage in a variety of tasks to maintain a sustainably progressive NEM community.

The Hub further reinforces this community effort and commitment towards the continual improvement of the NEM infrastructure. NEM places the community at the forefront of all developments within the Foundation by design. NEM Hub plays host to people from various regions of the world and ensures efficient decentralized governance and sustainable ecosystem development. The social network will be exclusively accessed via the trustless proof of XEM ownership - the native token that powers the NEM ecosystem. 

In this system, NEM’s community is encouraged to voice their opinions to achieve a powerful consensus concerning the development and sustainability of the NEM NSI1 public chain, the original NEM blockchain platform. Within the NEM ecosystem, the governing system that powers NSI1 chain development rests upon the shoulders of the global community.

By participating in the social hub, token holders will be rewarded for their contributions and earn XEM tokens. They will also have a chance to become more familiar with the emerging social mining mechanism built on top of the DAO Maker social mining platform, which is a leading decentralized community governance platform.

With the power of tokenization, decentralized governance, and community, NEM is well poised to be an important part of the blockchain industry’s adoption in coming years.