The Largest Blockchain Centre in Asia is open for business
For the uninitiated, the mere mention of the word blockchain conjures mental images of cryptocurrency or other more esoteric applications but NEM Malaysia aims to demystify just what blockchain is about as they have just inaugurated the opening of the new NEM Blockchain Centre (NBC) in Kuala Lumpur Malaysia.
Formed by the NEM Foundation, NEM Malaysia is a non-profit organisation that was founded in Singapore dedicated towards the development and adoption of NEM blockchain solutions not just in Malaysia but the world over as well.
What’s the NEM Blockchain?
Originally launched in 2015, the NEM blockchain technology was created as an improvement of existing blockchain technologies that integrates features that will endear it for both consumer and enterprise use that include ease of customisation for multiple applications and, of note, the ability to use “m-of-s” multisignature wallets. This means that rather than a one-to-one transaction, NEM blockchain tech allows for the blockchain equivalent of a ‘joint signature’ account, which means that important transactions need approval from multiple users to go through.
Another unique aspect to the NEM Blockchain is that users are able to create and designate different units for transaction such as in-store credit, loyalty points, energy credits and more, not just for financial transactions alone. This adds additional levels of functionality to traditional blockchain tech while still retaining a high level of trust and security.
Currently, NEM blockchain is already in service with several industries and services around Asia, including Appsolutely Inc in the Philippines, Pundi X in Indonesia and Dragonfly Fintech Pte in Singapore.
Exploring the NEM Blockchain Centre
Located in Glo Damansara, the NBC consists of over 11,000-square feet of space fully that acts as a learning centre, incubator and accelerator for organisations in the region that wish to discover more about blockchain technology and its applications in multiple industries beyond finance or cryptocurrency.
The NBC facility houses the NEM Blockchain Innovation Lab which aims to spearhead research and development as well as acting as a springboard to support initiatives for organisations to integrated the NEM platform within their IT infrastructure.
Essentially, blockchain tech is a distributed ledger system to authenticate transactions, not just for the realm of finance but for other applications including emails, files or other bits of data to ensure that it has not been tampered with via ‘man in the middle’ attacks or other malicious acts. Rather than storing this distributed ledger of transactions in a single centralised database or owned by one organisation or system, the records are stored in a decentralised fashion across multiple computers and devices in a network.
This has tangible benefits in terms of survivability and reliability as well as making it tamper-proof. If someone tampers with the data, it appears wonky on the rest of the network as well which eliminates counterfeiting.
The NBC facility also offers a large, plushly appointed co-working space including conference rooms, meeting rooms and an expansive event hall too to further the cause of sharing and expanding knowledge and adoption of blockchain tech in Malaysia. Users are also able to take advantage of co-working spaces with high speed Internet along with a full range of office services for entrepreneurs. For more details on the new NBC centre and on NEM blockchain, swing by www.nem.io