Project Nexus: The Next Evolution of Blockchain Technology

Project Nexus: The Next Evolution of Blockchain Technology

From being a landmark paper by Nakamoto in 2008, introducing a peer-to-peer electronic payment system – Bitcoin, blockchain technology evolved in the early years to become an all-encompassing innovative technology to add value to businesses in all sectors, well beyond what was initially planned. cryptocurrency space.

According to a report, blockchain is expected to add business value that will reach over $176 billion by 2025. This would skyrocket to $3.1 trillion by 2030. Furthermore, it is expected that blockchain will be used as fundamental technology for 30 percent. of global customers. It is no longer news that various people and companies from different fields are now investigating applications for blockchain that extend far beyond its origins in cryptocurrency and new financial models.

Blockchain and distributed ledger technologies show promise in terms of technology to meet people’s needs, such as security, reliability, high performance, low cost of adoption and use, wide range of usability , etc Additionally, technologies such as smart contracts are being applied for a variety of purposes, helping to automate things like contracting processes. This technology has various applications ranging from payment systems, music and art in the form of digital content.

In recent years, there have been successful examples of payment currencies in smaller regions with less than 20,000 users, and this new trend in blockchain technology is expected to lead to the development of economic zones based on digital payments. . And as such, it is vital that sellers and customers from different regions are connected through a common wallet to facilitate convenient payments.

In order to accelerate the trend of regional payments being used around the world, there is a need to be able to exchange one local currency for another, which will require these blockchains to be compatible with each other. By being compatible and with the ability to exchange currencies, users can obtain goods and services conveniently and at a reasonable price wherever they go in the world.

Based on recent advances in digital technology and the needs of the economy and society, the Nexus project aims to provide a digital payment infrastructure that will contribute to economic development by improving accessibility and consumption.

By leveraging blockchain technology, Nexus Project is able to provide merchants and businesses with a secure, transparent, efficient, functional and cost-effective loyalty payment system. It offers unique digital rewards/points services to enable merchants to set up a rewards system for loyal customers, thereby ensuring customer retention.

Additionally, with unique features of smart contracts, asset collateral, and incorporation of personal authentication mechanisms, blockchain technology can be leveraged to its maximum capacity to expedite major purchases like real estate.

Through partnerships with various companies in the United Arab Emirates, the Nexus project has made faithful one-time payment services readily available and can be used in many retail stores, restaurants, etc., mainly in Dubai and Abu Dhabi. Incentives for consumption behavior within the UAE will accelerate consumption and users will be able to make payments through an app. Stores can also become members without having to pay a large sum to install the system, as is usually the case with traditional point-based payment services.

Ultimately, merchants and users will be able to make payments using the new Spray app, preserving inbound commerce. The spray can be used as a means of payment and as a loyalty solution. It is an off-chain loyalty rewards solution that allows users to earn NEX points based on the amount they spend on purchases, and the points can in turn be used to make purchases.

Likewise, NEX Points can be redeemed for Nexus Tokens, and NEX Points can be topped up with Nexus Tokens from many networks. The new Spray app will be available in many malls in Dubai. About 110 companies are expected to adopt the new loyalty rewards solution to develop secure and adaptable incentive programs that will not only delight and retain customers, but also drive sales. By the end of fiscal year 2022, this payment service will be operational.

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