NEM Foundation, Tech Bureau partner to expedite overseas expansion of blockchain-based 'mijin', 'mijin Catapult'

Nonprofit organization NEM Foundation and Tech Bureau Holdings, a fintech and cryptocurrency solutions company, have partnered to conduct marketing activities relating to “mijin” and its latest core engine “mijin Catapult (v.2).”

As per a press release, the companies inked a business partnership agreement that aims to enhance the revenue base of the NEM Foundation and promote overseas sales of these blockchain-based products while consolidating cooperation.

“mijin” is a general-purpose private blockchain product powered by the NEM protocol. It is capable of replacing traditional databases and accounting systems while providing security against falsification. As a joint development, it can be implemented across financial institutions, electronic money, verification system, registration system, and logistics tracking.

"The company will share a fixed percentage of revenues from overseas sales of the company's BaaS [Blockchain as a Service] products by NEM.io Foundation," the announcement stated.

As of this month, mijin is available for use with Microsoft Azure in 140 nations, whereas mijin Catapult (v.2) will be rolled out soon in Amazon Web Services across 190 countries.

This is not the first time the two parties have collaborated. It can be recalled that in 2016, NEM developers teamed up with Tech Bureau to develop Catapult, the full-featured blockchain engine that will power both public and private networks using smart contract plugins.

The beta version of the blockchain engine was launched in March 2018, and its full release is slated later this year. To help spearhead the development, NEM recently launched NEM Studios, which will assist with the delivery of high speed, configurable, and scalable blockchain solution worldwide.