Sharie Ingente: NEL: A blockchain-based secure and transparent microfinance solution powered by the NEM blockchain technology

startups nem-blockchain microfinance blockchain-technology blockchain-development

NEL: A blockchain-based secure and transparent microfinance solution powered by the NEM blockchain technology

NEL: A blockchain-based secure and transparent microfinance solution powered by the NEM blockchain technology

Reports show that more than 2 billion people around the world do not have access to any banking and financial services. Singapore-based NEL (New Economy Ledger) Foundation is taking steps to empower communities in developing countries with its blockchain-based innovative finance solution.

NEL recognizes the problem that the absence of any regulated or quality financial institution in communities allows unauthorized loan sharks to exploit those in need with their high-interest rates. These issues also limit the extent and reach of financial institutions in such communities.

NEL addresses these issues and promises options with comparatively better interest rates for borrowers, as well as exclusive benefits to the lenders. By creating an ecosystem using the blockchain technology, it ensures elimination of unnecessary costs incurred on ledger upkeeping, account maintenance, sums lost to transaction processing, and third-party intermediaries.

NEL is creating a platform bringing both lenders and borrowers together. The platform will significantly reduce the operational costs involved, which in turn will enable them to operate with nominal loan processing charges and fees. By using the NEM blockchain technology, it offers quick and seamless payment processing, low transaction fees, and most importantly, a high level of security.

The NEL platform will be powered by the NEL token which will have multiple functions and will be powered by the NEM blockchain technology. The NEL tokens initially valuing 1 XEM are to be developed as dedicated and will be available for trade and exchange in the open market.

Users will have the opportunity to know about the microfinance institution’s results in real time. Users will have access to information pertaining to the pool, the rates applied, and the participating microfinance institutions

NEL Wallet

NEL: A blockchain-based secure and transparent microfinance solution powered by the NEM blockchain technology
NEL mobile wallet supports both the NEL and XEM tokens, allowing users to switch between the two cryptocurrencies effortlessly.

Why NEM?

  • An innovative concept based on reputation
  • High security level
  • Designed to last
  • NEM is easy to implement
  • Evolution capacity
  • Private/public blockchain already used in finance
  • Ultra-quick transactions
  • Ultra-low fees
  • Built-in notarization and authentication service
  • Large community

NEL Ecosystem

NEL: A blockchain-based secure and transparent microfinance solution powered by the NEM blockchain technology

ABOUT NEL

NEL Network is Singapore based and will be the first microfinance lending platform aimed at developing countries, based on the NEM blockchain technology. The NEL Foundation will disrupt the microfinance world with the cutting-edge technology and efficient processes, inherent in the blockchain-based NEL ecosystem.

Get more information about the promising NEL project and their related developments:

Website: https://nel.network/
Contact: https://[email protected]/
Twitter: https://twitter.com/NelNetwork
Whitepaper: https://nel.network/resources/pdf/NEL-whitepaper.pdf
Telegram: https://t.me/nelnetwork

ABOUT THE NEM BLOCKCHAIN PLATFORM

NEM is an out-of-the-box enterprise-grade blockchain platform launched in March 2015. NEM has industry leading blockchain features that 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.

ABOUT THE NEM.io FOUNDATION LTD

NEM.io Foundation is registered in Singapore, 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.

Website: https://nem.io
Twitter: https://twitter.com/nemofficial
LinkedIn: https://www.linkedin.com/company/nem-io-foundation/
Facebook: https://www.facebook.com/ournem
Telegram: https://t.me/nemred
Reddit: https://www.reddit.com/r/nem

Reference: https://medium.com/@armafahrudin/nel-offering-a-blockchain-based-secure-and-transparent-microfinance-solution-39a1627c3ea3

Original article was created by: Sharie Ingente at blog.nem.io

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.

Interested in Cryptocurrencies and ICO's?

Follow our telegram channel for daily cryptomarket reports!

Join @cointrends

Stay on top of Altcoins and ICO trends.

Subscribe to our free Weekly Cryptomarket report

Delivered once a week, strongly to your inbox.

Subscribe to our mailing list
October 02, 2018

NEM just partnered up with OATH Protocol

We are excited to announce NEM has made a strategic partnership with OATH Protocol, a project building a decentralized, standard, and extensible public chain-agnostic protocol that protects dApp users' rights and assets. Blockchain Security should have two different layers: Technology...

From: Sharie Ingente

Bistox: An Evolution in Value Transfer among Cryptocurrency Exchanges

Bistox is an advanced semi-decentralized cryptocurrency exchange that incorporates the NEM blockchain technology. It is designed for traders with varying levels of knowledge. Bistox features decentralization technology, dividing the resources into parts and operates them in different physical...

From: Sharie Ingente

NEM and Portal network sign strategic partnership for NEM Name Service development

NEM and Portal Network have recently announced a strategic partnership agreement to build the NEM Name Service (NNS), the decentralized domain name service on top of the NEM blockchain. The NNS will be governed by the NEM blockchain and eliminates the need to copy or type long cryptocurrency...

From: Sharie Ingente
September 24, 2018

Introducing “PUBLISH” – Next generation blockchain-powered news publishing software protocol

The teams behind the creation of TokenPost and Kchain have just recently launched a software that intends to showcase the benefits of blockchain technology and token economy to the news media industry. It is well-known that TokenPost is one of the top and largest blockchain-powered news media...

From: Sharie Ingente

X Motion Pictures Partners With CopyrightBank To Register Films On The NEM Blockchain

X Motions Pictures (XMP), an Australian-based filmmaking platform, has announced a partnership with CopyrightBank, a copyright registration and verification solution, to enable filmmakers and videographers to register and record the copyright of their original works on the NEM blockchain. XMP...

From: Sharie Ingente
September 20, 2018

NEM Reassures Asset Holders after Zaif Exchange Security Incident

Multi-signature technology ensures protection and integrity of XEM- and NEM-based holdings SINGAPORE / TOKYO — September 20, 2018 — The NEM.io Foundation, creators of the peer-to-peer NEM blockchain platform providing payments, messaging, asset making and more, today announced that...

From: Sharie Ingente
Upcoming ICO's
This week overview
Token Name Starts
Aditus (ADI) logo Aditus (ADI) 1 days
PlayChip (PLA) logo PlayChip (PLA) 2 days
Stem Cell (SCIA) logo Stem Cell (SCIA) 2 days
Nodvix (NVDX) logo Nodvix (NVDX) 3 days
B21 (B21) logo B21 (B21) 4 days
Coingrid (CGT) logo Coingrid (CGT) 4 days
Empleos (PLEO) logo Empleos (PLEO) 6 days
InnovaMinex (INX) logo InnovaMinex (INX) 7 days
WHIRL (WRL) logo WHIRL (WRL) 7 days
Gturbo (GTR) logo Gturbo (GTR) 7 days
Talent Token (TLNT) logo Talent Token (TLNT) 7 days
Cryptocurrency rates
*Last hour average price&change
Coin Name Price Hour
Bitcoin logo BTC $5607.92329744 -0.2%
Ripple logo XRP $0.5045164891 -1.13%
Ethereum logo ETH $176.309169444 -0.33%
Bitcoin Cash logo BCH $382.711075164 -0.63%
Stellar logo XLM $0.2467379678 -1.06%
EOS logo EOS $4.5705926291 -0.33%
Litecoin logo LTC $42.1140592923 -0.33%
Tether logo USDT $0.9923880525 0.04%
Cardano logo ADA $0.0614342163 -0.65%
Monero logo XMR $88.8249364581 -0.41%
Tronix logo TRX $0.018792198 -0.26%
IOTA logo IOT $0.4103437197 -0.42%