Matt Cesare and Andrew Stiles
The Nxt Foundation is a non-profit founded in 2014 and focuses on promoting the use of the Nxt and Ardor platforms. The foundation’s goal, as stated by Nxt’s head of marketing Travin Keith, is to become “the primary point-of-contact for businesses and organizations that use or are interested in using Nxt Technology.” As demand for blockchain increases, the Nxt blockchain has potential to improve efficiencies in financial transactions by order of magnitude.
Blockchain technology is a network that does not have a centralized database. Instead of transferring information linearly from base A to base B to base C, information is updated through all parts of the chain. An example may clarify this: when sending a legal document via email, the receiver must sign that document, save the changes, and then send back the new version of the document. In contrast, blockchain technology is more similar to editing a document on Google’s live document editing tool; editors can change the document simultaneously, and all changes are updated and saved real-time, all while the record of the changes are kept. Blockchain technology streamlines digital transactions, which is particularly useful in business. Banking transactions will become faster with smaller room for error, and legal processes will have a shorter paper trail.
So far, blockchain technology has found great use because of its structure. It is precise, highly transparent, and virtually un-hackable, which provides high upside for people and institutions. Blockchain allows everybody involved in a transaction to see what is happening with the transaction when it is happening. There are no delays and no uncertainties.
Right now, Nxt technology is used by several 3rd-party projects like SuperNET, Janus, and Digital Billions. These projects are able to use the technology for different purposes which speaks to the versatility of the product offered by Jelurida, the corporation of developers behind Nxt. The Nxt community sees a bright future for the technology and Keith says that Nxt has witnessed “increasing levels of interest by numerous businesses in blockchain over the past year” and that “we can expect more businesses and organizations incorporating blockchain technology into their operations.” Per its website, Nxt is working on updating the code to broaden its technology and further influence the market.
The future for blockchain is bright because of its versatility and security. A multitude of industries ranging from finance to law can find use for the technology. If a majority of businesses use blockchain, the effect would be increased efficiency in transactions and less money invested in security for processing those transactions because of blockchain’s simultaneous updating and impeccable anti hacking features. Nxt technology sure isn’t going away, and blockchain will become a crucial facilitator of digital transactions in the not-so-far-off future.
Learn more about the Nxt Foundation here: https://www.nxtfoundation.io