The blockchain technology has the potential to transform how businesses operate. However, as the technology become more widespread, it became evident that the existing blockchains as far from perfect. Another roadblock towards a mass-scale adoption was the fact that most blockchains up till now ere not built to be operated by enterprises. Developers, crypto holders and businesses have different requirements when it comes to operating a blockchain. But now, projects have been geared towards the creation of blockchains specifically for enterprises.
The NEM – or New Economy Movement – has built a successful blockchain for individuals to help solve their problems by utilizing the blockchain technology. After surmounting success and reached the seventy-third rank in the cryptocurrency market in terms of capitalization, the project decided to launch a blockchain similar to NEM’s but one that is meant for businesses.
What is Symbol?
Symbol is the blockchain of NEM curated for businesses. The enterprise-grade blockchain is designed specifically to meet the needs of businesses and help them incorporate the blockchain technology in their business models. The Symbol blockchain is meant to boost innovation in businesses by streamlining their processes.
Symbol was launched during the peak of the bull run of 2021 in March. The blockchain has a unique hybrid (public/private) architecture which helps it benefit from the transparency of public chains but at the same time provide the security and privacy of private chains. It offers encryptions and data restrictions that businesses can opt for in order to protect their businesses. The Symbol blockchain offers the security, speed and flexibility of the blockchain technology which allows businesses to take their operations to the next level. Moreover, the blockchain is also not limited to one niche but has use cases in fintech, healthcare, supply chains and many more.
Future outlook
Symbol being the project of NEM, achieved instant popularity. The strong footing of NEM proved to be beneficial for its new project and it is one of the top 200 largest cryptocurrencies. It was also launched only a couple of months ago but has garnered a lot of success. This suggests that the Symbol project will reach new heights of success in the upcoming days. The future outlook for the cryptocurrency is bullish.
According to the estimates of Digital Coin Price, the cryptocurrency is expected to be operating at a price level of $0.51 in a year’s time while the five-year projection places it at $1.24. The current price stands at $0.34.
