BNP Paribas and Accenture Spain Test Nxt Blockchain Technology

Nxt, which has in the past offered functions specifically designed for crypto developers, has announced that it is turning its focus to use cases which have more to do with everyday life, from introducing new voting mechanisms to offering transparent international bank transfers.

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It revealed that Accenture Spain have already tested using a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term as a voting solution. While voting on all public blockchains is traceable and transparent, Nxt differs in that its algorithms allow the vote count to be instantaneous and voters to remain anonymous.

BNP Paribas is also experimenting with a private blockchain based on Nxt, to reduce the limits on one’s ability to send money or make a purchase from across the world. BNP Paribas utilizes Nxt technology to develop a blockchain that will ease burdens among BNP customers, described by the company as a “cash without borders project.”

The developers say that the Nxt platform will free BNP from restraints caused by swift codes and correspondent banks, which often complicate international transactions. They promise that this is just the first step in utilizing Nxt’s technology in order to ease international transactions across the globe.

“I truly believe that blockchain technology has the potential to change the world for the better,” said Lior Yaffe, co-founder and Senior Developer of Jelurida, “The Nxt voting feature, as well as BNP’s adoption of Nxt technology, are just the first steps of many in order to achieve this goal.”