Collaboration highlights potential of Blockchain Technology for enterprise-level management in the region
Enterprise software services and fintech firm Appsolutely has teamed up with peer-to-peer blockchain platform developer NEM Foundation that includes anointing several NEM executives to be part of its advisory team as well as incorporating NEM’s technology to existing services and the establishment of a Blockchain Center in Manila.
All this would add more muscle to both companies’ expansion plans to provide blockchain services across Southeast Asia (SEA).
As part of the partnership, Appsolutely appointed several key executives of the NEM Foundation to its Advisory Board. These include NEM President Lon Wong, Regional Head of SEA Stephen Chia, Global Director for Partnerships and Strategic Alliances Jason Lee, and Council Member Nelson Valero.
Appsolutely will also utilize NEM’s innovative Blockchain Technology and incorporate it into its own LoyalCoin (LYL) digital currency. NEM’s Proof-Of-Importance (POI) algorithm enables a merchant using LoyalCoin to monitor consumers who have made the most number of transactions and to assign specific rewards to them.
Operating at 4,000 transactions per second (TPS), the NEM Blockchain provides industry-leading processing speeds that can now be leveraged for transactions involving LYL.
NEM’s Blockchain Technology grants Appsolutely the flexibility to retain control over aspects of the transaction process for which protection of customer data and privacy is a top priority.
Additionally, the partnership would result in the establishment of the Appsolutely- NEM Blockchain Center, a premier blockchain centre in Metro Manila, which is targeted for opening on the first quarter of 2018. This would be the first in a series of Blockchain Labs that are planned to be opened across Southeast Asia and would further strengthen Appsolutely’s function as NEM’s system integration partner in its future blockchain projects in the region.
“This partnership builds upon our strengths in widening the adoption of secure Blockchain Technology among key target industries in Southeast Asia,” said Patrick Palacios, Appsolutely CEO. With the NEM in our Advisory Board, we will be more than capable to open new horizons with our merchant partners and their customers.”
“Key to NEM’s strategy in this region is Appsolutely’s ability to target the e-commerce space, which is seeing a huge uptick especially with more consumers becoming more mobile and also becoming more aware with their privileges,” said Emerson Fonseca, Head of NEM Philippines. “NEM will be able to find new environments by which we could use our Blockchain Technology in a variety of ways.”
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