Head of NEM North America: Thriving Blockchain Could Still be Held Back by Regulations in 2023

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NEM (New Economy Model) hosted a technology exchange forum in Taipei, bringing together Alexandra Tinsman, Head of NEM North America – who was visiting Taiwan for the first time – Flora Fang, Head of NEM Taiwan; “Fenix”, Chief Technology Officer of NEM; and Light Lin, Founder of Poseidon Network, a public blockchain storage platform, to discuss topics including the industrial application and outlook of blockchain, local talent in Taiwan, and blockchain start-ups. NEM entered the Taiwanese market on a high last month with a commitment to apply blockchain across more industries and achieve more technological breakthroughs next year.

Ms. Tinsman said, “Although the blockchain industry is still in its infancy, we expect to see a blockchain application boom in the next five years. Despite this, regulations and public understanding will be major challenges.”

NEM user data enables future predictions about the development and industrial application of blockchain
Ms. Tinsman commented that NEM users are a key driving force for the advancement of blockchain technology. NEM’s user density and users’ use of the platform provides a wide range of information, from how blockchain is being generally applied to the actual use of content and the purposes for doing so, which enables NEM to draw up a blueprint for the blockchain industry in 2023.

By analyzing the current user data, it is possible to foresee seven main uses for blockchain by 2023, namely the development of identity authentication systems, decentralized transparent voting systems, real estate asset registration systems, micropayment services, the rapid development of open-end venture capital funds (DAOs), virtual currency transactions issued by governments, the production of consumption transaction data, and currency circulation.

In five years, NEM’s unique built-in smart contract technology will be applied to different financial activities and services, including traditional financial retail, digital asset trading and decentralized exchanges, which are currently incorporating existing currency market rules, to help different industries implement blockchain technology.

Ms. Fang said that NEM is the first blockchain platform that uses multi-level multiple signatures. It uses a unique POI consensus system that is open to blockchain commercial applications. NEM will work with the Taiwanese government to pilot the use of blockchain technology in the medical and financial services industries to support their modernization, and NEM looks forward to applying blockchain across more industries and the Taiwan market more generally according to international blockchain service standards.

NEM’s unique POI consensus system
Ms. Tinsman highlighted that NEM’s business strategy combines the use of smart assets and a step-by-step process that allows companies to adopt blockchain quickly and easily. Noting that NEM’s blockchain system spans all walks of life, she cited the partnership with the Japanese government as an example of creating a traceable history for beef and other food industries using the NEM blockchain system, which details production location, variety, date of birth, and even the time when meat arrived at the dealer to ensure food safety.

She was also positive about the future use of blockchain in elections. She said that while the technology isn’t ready now, blockchain’s rigorous security mechanisms, its anonymity and the difficulties of tampering with it make it ideal for facilitating transparent and fair elections in the future. NEM’s board election will be held on 10 to 14 December using blockchain, with the results of the shareholders’ meeting to be announced in the future.

Although blockchain voting creates issues with identity authentication, Ms. Tinsman believes that based on NEM’s recent election voting experiments in Ukraine, the potential for using blockchain in elections is growing.

Businesses come together to educate regulators and public to speed up regulation process
Although blockchain development is expected to improve a lot by 2023, a lack of understanding and education on the part of government leaders and the public will likely hold blockchain’s development back.

Ms. Tinsman pointed out that the blockchain industry is still in its infancy, but the industry’s growth will accelerate as more people and resources are invested into it. With improvements, blockchain could be applied to a number of business areas, such as banking, retail and logistics, among others. However, a poorly regulated environment could significantly hold the development of the blockchain industry back, according to Ms. Tinsman.

The event invited Light Lin, Co-Founder of Poseidon Network, a firm that aims to introduce a blockchain-enabled content delivery network in Taiwan, as proof about how blockchain technology can be widely used.

With NEM’s second generation wallet, “Microwallet”, now in the final testing stages, NEM Taiwan’s technical team used the conference to showcase Microwallet’s features and demonstrated how to use Microwallet to buy NEM Lottery.

NEM is an out-of-the-box enterprise-grade blockchain platform launched in March 2015. NEM has industry leading blockchain features which include multisignature account contracts, customizable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system. Companies with legacy systems can “plug ‘n play” with NEM.

NEM.io Foundation is registered in Singapore and is operating globally. It was launched to promote NEM’s blockchain technology worldwide. It is one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry.

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