How Polygon Advances Nexity’s Social, Environmental and Economic Initiatives
Nexity Network has received the Polygon Ecosystem DAO grant,
which serves as a support mechanism for the builder community on Polygon’s protocol. The grant provides funding for promising projects that empower Polygon’s open, borderless blockchain environment.
We’re thrilled about working with one of the greatest projects in the crypto space — a robust, future-ready protocol supporting our mission to deliver circular business applications that solve critical economic problems by improving the transparency, traceability, and productivity of global trade interactions.
Circular business applications are holistic systems that replace linear economic models responsible for generating waste, pollution, and environmental degradation. Nexity replaces these models with a closed-loop blockchain network to regenerate and keep products, components, and materials at their highest utility and value.
The Polygon network is our gateway to building an ultra-fast, low-fee ecosystem that preserves the earth’s natural capital. We use the interconnection of Web3 and World 3.0 as the meaning-making frame that describes the discovery of real-world blockchain applications.
We will be actualizing our framework for new inceptions in milestones established by Polygon’s grant, leveraging their developer-friendly environment for the deployment of our Contract Management Prototype.
Our prototype introduces three crucial components from our on-chain system for Contract Management:
Contract Life-cycle
Includes seven phases of the life-cycle:
- Initiation
- Authoring
- Process and workflow
- Negotiation and approval
- Execution
- Ongoing management and compliance
- Contract renewal
Transaction History
All contracts are immutably traceable on the blockchain. We’ve added a new, ultra-secure privacy layer on the top of your transactions to bring transparent privacy infrastructure to our enterprise-users
Data Freeze
All contract statuses are saved for reports and uploaded onto the Polygon protocol
The Challenge
Current processes for creating and distributing contracts are wasteful and inefficient. The most obvious example is an elongated email exchange to finalize a simple agreement.
Our Solution
We provide smart contracts on a distributed ledger and public chain, guaranteeing legality, stability, and efficiency across business operations. In addition, we eliminate transaction fees by replacing government-issued currencies used for contracts with cryptocurrencies.
Thus, our contract management prototype eliminates issues that inhibit businesses from efficient execution, such as double taxation, overseas incorporation, and overseas remittance.
Running adjacent to our Contract Management Prototype is our Enterprise NFT Ecosystem.
The Challenge
The global counterfeiting market is expected to exceed $1.9 trillion by 2022, and a rise in pre-owned resellers has increased widespread concerns over the authenticity of luxury goods. As a result, brands now invest exponentially in digital marketing to communicate a trustworthy customer experience that builds long-term consumer relationships.
Our Solution
Nexity’s Enterprise NFT Solution allows brands to establish an immutable connection between physical products and unique blockchain identities using NFC tags, RFID, and QR codes, with each product acquiring a one-of-one hash stored on-chain.
The hash contains a product description with authentication and traceability data that is immutable. In addition, Nexity registers owner information on the blockchain in our user account database — transferrable on the secondary market — enabling a P2P relationship within the deep-rooted security of our NFT ecosystem.
Through the power of our best-in-class user experience (UX), Nexity facilitates a better way to trade and innovate by giving businesses the means to create NFTs without smart contracts. For consumers, all that’s needed to certify the authenticity of goods is a mobile device. And for supply chains, organizations can seamlessly integrate IoT through our traceability module and gain the visibility needed to cut overproduction and overconsumption out of their manufacturing equation.
Our Contract Management Prototype and Enterprise NFT Marketplace embody the ethos of co-creation and co-development straight away. Using Polygon as our primary blockchain, we say goodbye to high gas fees, network congestion, and slow transaction speeds. By partnering with forward-looking companies like Aragon, we are offering new pathways like voting portals that invite our supporters to add extra energy to our economically and environmentally sustainable initiatives.
In doing so, Nexity emerges as a distributed business ecosystem that functions as a DAO — spearheading supply chain governance, stakeholder voting processes, and community engagement to tackle must-solve global challenges.
