Sharie Ingente: NEL: A blockchain-based secure and transparent microfinance solution powered by the NEM blockchain technologystartups nem-blockchain microfinance blockchain-technology blockchain-development
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 mobile wallet supports both the NEL and XEM tokens, allowing users to switch between the two cryptocurrencies effortlessly.
- 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 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:
Contact: https://[email protected]/
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.
Original article was created by: Sharie Ingente at blog.nem.ioDisclaimer: 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.
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