The alternative Java-based blockchain protocol Nxt, UK-based 44 Phones Ltd and blockchain technology consultancy Coinstructors are working on several real world use cases for blockchain technology.
While Bitcoin is primarily focused on as a currency or asset of value, Nxt is trying to use blockchain technology to solve various real world problems through distributed applications. Nxt aims to essentially be a hosted web service that will permit individual users and small businesses to try things like digital currency, mobile money, loyalty & rewards and voting for themselves.
The Nxt Foundation, 44Phones and Coinstructors are working on harnessing the Nxt blockchain technology to provide services for the unbanked populations of the wolrd, loyalty & reward program as well as digital identity verification. The two more publicized projects that the partnership specifically is working on include the Drachmae project in Greece, an effort to alleviate economic conditions through blockchain solutions, and another project in Namibia, which merges the Nxt blockchain with an existing mobile money platform to deliver financial services to unbanked people.
Founder of Coinstructors, Lee Gibson Grant, notes:
We are particularly excited about the prospect of working with a platform that is already being used in Namibia, as a cash mobile money platform, bringing financial services to the unbanked in rural areas. We believe in financial inclusion for everyone, but most of all to ensure the trust and transparency of those financial services and the opportunity to develop new uses such as voting, whereby every user has a vote and that vote is counted.
The embedded voting capability of the Nxt Blockchain was demonstrated at the recent PayExpo in London, where Nxt was the cryptocurrency sponsor. Through the Nxt2Pay platform developed by 44Phones and Coinstructors, expo attendees used the Nxt Blockchain to vote for their favorite conference speakers from a webpage or by sending an SMS message –http://vote.nxt2pay.me/en/
The backers of Nxt2Pay hope to use it to engage various levels of developers to work on the Nxt Blockchain. As Grant noted:
We want to provide a known interface that encourages our users to develop ‘Real World’ applications that can harness blockchain technology as we believe that this is the only way to foster innovation and bring on new users in this space.
In addition to providing transparency to financial services and voting the Nxt2Pay platform provides the opportunity to enable distributors, vendors and agents to sell and market products and instantly receive commission. With the immutable record of the transaction it ensures fraud and corruption can be eliminated whilst providing a valuable service to micro finance institutes, NGO’s, charities and small businesses for services such as air time sales, health information, charity conations, and much more.
The upcoming London Hackcoin on June 20th hosted at the UBS Crypto lab at Level 39 Canary Wharf will apparently feature experimentation with Nxt Blockchain 2.0 API on the following subjects of choice:
- Make use of digital identity – an example use case would be preventing underage individuals from renting age 18+ rated movies. Hackers can look at Open Mustard Seed for more ideas – https://idcubed.org/open-platform/platform/
- Smart bonds and contracts for trading of bond assets between banks or sports contracts.
- Blockchain voting. Example use case at payexpo.com : http://vote.nxt2pay.me/en/https://wiki.nxtcrypto.org/wiki/Voting_System
- Blockchain based loyalty and rewards enabling the exchange and cross networking of existing reward system over the blockchain. Example use case of Drachmae: https://youtu.be/QVXL3XzubDQ
Behind “closed doors”, Coinstructors and other partners have quite few projects that seek harnessing the power of blockchain technology.
With the accumulation of nearly 70 projects on the table for verifiable test cases, with the potential to be taken mainstream upon success, could make Nxt the most valuable blockchain technology on the market rather than just a currency. Drachmae is now at the forefront of these projects as it has the potential to offer real tangible benefits to Greece and the Greek Economy, not least putting it at the heart of this burgeoning Fintech space and making it a World Leader in Crypto Technologies.