Nxt, an advanced Blockchain platform which builds on and improves the basic functionality of pioneering cryptocurrencies, says they are making great strides in its goal to use the Blockchain to simplify and enhance our daily lives.
Whereas many Blockchain companies are still in the fundraising stage, Nxt is fully operational and trading with a market cap of over a hundred million dollars.
The company, which has in the past offered functions specifically designed for crypto developers, is turning its focus to use cases which have to do with everyday life, from introducing new voting mechanisms to offering transparent international bank transfers that consumers can enjoy.
New Voting Mechanism For A More Honest Future
Nxt has developed a voting mechanism that can transform voting systems all across the world, so that we no longer need to deal with political corruption and inaccurate results. The decentralized nature of Blockchain technology provides a potential solution to common voting problems, such as double voting or people’s inability to make it to the polls on election day.
Nxt’s Blockchain technology gives the power to the masses as opposed to shareholders, c-level executives, politicians, or even the overworked volunteer counting your votes. Nxt offers a paperless, immutable, immediate, and highly secure solution that companies or institutions can implement easily into their systems. This technology can even be integrated with a mobile application.
Companies such as Accenture Spain have already recognized the potential of using a Blockchain as a voting solution (See Accenture’s voting demo below). Voting on the Blockchain is traceable and transparent. While this is the characteristic for all public Blockchains, Nxt differentiates in that its algorithms allows the vote count to be instantaneous and voters to remain anonymous.
BNP Paribas’s Private Blockchain
BNP Paribas is also experimenting with a private Blockchain based on Nxt. In a world that boasts a global economy, there are still many burdens that limit one’s ability to send money or make a purchase from across the world. BNP Paribas utilizes the Nxt technology to develop a Blockchain that will ease these burdens among BNP customers, deemed by the company as a “cash without borders project.”
International transactions are often bogged down by heavy fees and little to no transparency. The Blockchain technology, specifically the Nxt platform, will free BNP from restraints caused by swift codes and correspondent banks, which often overcomplicate international transactions. This is just the first step in utilizing Nxt’s technology in order to ease international transactions across the globe.
“I truly believe that Blockchain technology has the potential to change the world for the better,” said Lior Yaffe, Cofounder and Senior Developer of Jelurida, “The Nxt voting feature, as well as BNP’s adoption of Nxt technology, are just the first steps of many in order to achieve this goal.”
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