The number of different cryptocurrencies coming to market over the years is almost impossible to count. Some of the older altcoins are still around today, although not everyone will remember most of them. Nxt is one of the older currencies in existence, though it is mainly known for its services to developers these days. Specifically, it now allows for more transparent bank transfers, which is of great interest to BNP Paribas and Accenture Spain.
Major Banks Appreciate Nxt Technology
Anyone who has been involved in cryptocurrency for more than three years will remember the Nxt currency. It was one of the first times we saw a new cryptocurrency which couldn’t be mined whatsoever. Instead, users had to rely on a type of “staking reward” for keeping their wallets open in the browser. The concept made a lot of sense at the time, and Nxt quickly became one of the leading cryptocurrencies.
Of course, back then, there weren’t thousands of other altcoins and even ERC20 tokens to contend with. More recently, the Nxt developers acknowledged that a change in their business model was called for, which is why the team is now mainly working on new blockchain functionality. Some of their accomplishments over the past few years include a voting mechanism and more transparent international bank transfer functionality.
It is this latter aspect which has multiple banks so excited right now. Both Accenture Spain and BNP Paribas have shown great interest in Nxt blockchain technology over the past few months. More specifically, Accenture Spain is already experimenting with a blockchain-based voting solution. This particular solution allows a vote count to be updated instantly while voters themselves remain fully anonymous. The mix of public and private technology is of great value to financial institutions; that much is certain.
BNP Paribas, on the other hand, is also making use of a blockchain solution based on Nxt. This is being done as a way to reduce limits on sending money or making purchases on a global scale. While the main purpose of this blockchain is to ease the burden among BNP customers, the ultimate goal is to turn the whole thing into a “borderless cash project”. That’s a rather vague description, although it’s obvious the institution aims to improve its position in the world of cross-border transfers.
This sudden interest in Nxt technology is not something people should be ignoring by any means. While neither bank has fully committed to using Nxt blockchain technology exclusively, this is an interesting decision on the part of both companies. After all, there are several dozen blockchain providers out there, and these banks seemingly have latched onto a project with roots deep within the cryptocurrency community itself. It is an interesting development and well worth keeping an eye on.
It is good to see Nxt’s voting feature get some love and attention. Blockchain technology has often been touted as a way to change the voting process as we know it today, yet there are very few tangible projects out there in this regard. Nxt is seen as an industry leader, based on the comments by these world-renowned banks. It is an interesting turn of events, although it remains to be seen whether other financial institutions will follow this lead.