NEM In Final Stage of Testing of its Enterprise Blockchain ‘Symbol’ Before Mainnet Launch
NEM has announced that its enterprise-focused blockchain innovation dubbed ‘Symbol’ is set for a debut early next year. The announcement, which was made on Tuesday, highlighted that Symbol is in the last preparation phase before its Mainnet launch.
The NEM team is currently carrying out tests, having frozen Symbol’s iteration; this innovation is expected to introduce a hybrid blockchain infrastructure that features private and public architecture. NEM Group CIO, Dave Hodgson, commented on the value proposition in this enterprise-focused blockchain,
“Created for enterprise use, Symbol is purpose-built to be flexible to a suite of use cases, spanning regulated markets, supply chain, fintech, healthcare, government and more.”
Symbol’s scheduled Mainnet launch on January 14 will mark version 1 of the enterprise blockchain. Once it officially debuts, the platform will open up for use by businesses, token holders, and other stakeholders looking to leverage hybrid blockchain ecosystems. NEM Software CTO, Kristy-Leigh Minehan, emphasized that,
“As a hybrid network, Symbol offers a ‘best of both worlds’ scenario and more flexibility to businesses in how they manage and share data.”
According to NEM, the hybrid approach allows businesses to enjoy private and public blockchains' benefits. These are fundamentals, such as the transparent nature of public blockchains and encryption measures/data restrictions embedded in private networks.
NEM’s Symbol hybrid infrastructure could be deployed in multiple business environments, including logistics or supply chains. As earlier reported by BEG, the team looked to tap into wine supply chain management as one of the debut niches.