The non-fungible tokens (NFT) are a new technology that has already witnessed numerous applications beyond the typical NFT application, which at the moment is mostly used to trade games and artworks.
NFTs are able for representing physical items, digital information as well as concepts intangible such as intellectual property, too. It’s absurd to think of the use of NFTs in terms of digital content, far over and above 2D as well as 3D photos but there are many practical applications for it too here are 7 best practical NFT usages we’ve listed for you.
1. Ensuring Authenticity of Products
NFTs can be used to verify that the product you’re buying is genuine. Because blockchains can forever record details about the product, the process of checking authenticity and rarity will soon be standard for physical items as well. NFTs are also able to keep information on manufacturing processes, making sure that all trade is fair.
NFT applications don’t just stop at consumer products, either. There are already a number of businesses that have been successfully using NFTs to design industrial prototypes for to create prototypes for industrial design.
One of the biggest issues that are currently affecting the world is fake food items such as supplements and medicines. NFTs can solve this issue by tracing and tracking foodstuffs. Imagine scanning a QR code on a nutritional supplement that you purchased online and tracking its entire route from the point of manufacture to shipping.
In that case, the products that incorrectly claim that they were manufactured and made in a particular country are eventually exposed as the track record is clear.
2. Real Estate
Real estate and NFTs are made to complement one another. NFTs can help transfer deeds to land, give proof of ownership, or even track the changes in the value of properties in the course of time by using timestamped NFTs.
The real estate sector is one of the largest NFT-friendly sectors. NFTs are able to be utilized in real estate transactions to simplify and accelerate transactions, allow smart contracts for property (allowing automated transactions), or even to create home rental services that are decentralized as well as protect sensitive information like credit card information.
Imagine being able to know everything about the property you’re buying with only a few taps on your smartphone. Find out when the house was constructed, who owned the property, what changes were made, and all the way until you are buying the property.
3. Medical Records and Identity Verification
NFT ledgers are able to store the medical records of an individual without compromising privacy or risking the tampering of external sources because NFT transactions are verified on multiple nodes before they are included in the blockchain forever and ensuring that every record is secure and accurate from manipulation by malicious individuals.
NFT applications were developed specifically for use by healthcare professionals to an example can be NFT Birth Certificates that can be given to newborns by health professionals. Giving one of these NFTs to every child could be a great way to quickly establish a lifetime identity on the blockchain tied to the birth certificate. This certificate is then verified by NFT verification software.
NFT ledgers also offer secure ways of keeping medical information that is sensitive and still allow authorized healthcare professionals access to the data when needed. Specific NFT usage cases have surfaced in recent years, where hospitals and health insurance companies and various other companies are exploring ways blockchain technology can help enhance hospital operations by verifying the identities of patients, recording medical procedures, and not risking the confidentiality of patients.
4. Intellectual Property and Patents
NFTs are excellent for protecting intellectual property as well as patents. NFT tokens can also be used by users to prove ownership of any content, something not feasible with conventional IP rights tools, such as trademarks or copyrights.
The ownership of an IP is easily identified particularly with the timestamps and the whole-time span of IP. The NFT chain is immutable this means you can prove that the NFT owners can prove that they were the author of a piece of work at any time.
Similar to patents NFTs can be utilized to safeguard and verify the ownership of an invention or innovation. NFTs can also supply the required information for verification which would create an open ledger that records the transactions associated with patents.
5. Academic Credentials
NFTs are also a useful option to display academic credentials. NFTs are able to provide evidence of enrollment, degrees earned, and other pertinent details that are stored in the NFT chain that is not able to be altered or hackable. NFTs are able to create permanent records of the courses they have taken by releasing tokens to every course taken, as well as the verification of any degrees obtained through the use of smart contracts to verify degrees.
In the near future, the issuance of an official paper certificate won’t be an option. NFTs can be used to keep a record of academic achievements and NFT education tokens may be given to others to prove that the person who owns the token earned an NFT.
6. Supply Chain
As I stated earlier that products, especially those in the food sector, face a lot of challenges in proving the origins of their creation and what they contain and so on. With blockchain technology, NFTs can be linked to an item, giving it an NFT identifier that can’t be altered. This is an excellent illustration of NFTs working conjunction to supply chains.
Additionally, NFTs provide companies with the capability to track their products ‘ progress from production to delivery and shipping. This provides customers with a better understanding of the products they spend their money on while keeping a clear view of the supply chain.
7. Artwork Tracking
Following World War II, a number of artworks were lost. Certain were replaced with counterfeits, and some were stolen by groups, individuals, and so on. Soon, original artworks from old masters could be identified to be tracked via NFTs. Naturally, this applies to physical works which are still to be developed.
Of course, this can work in both ways. Physical art could be transformed into an NFT and NFTs could be transformed into physical art too (while conserving the digital token, of course).
It helps to determine the authenticity of a particular artwork and helps to reduce the amount of counterfeit artwork that is available. This can also guarantee NFT proprietors that their piece is authentic, particularly when they purchased the item from the auction houses.
Conclusion
NFT uses are in the early stages however it is evident that not just games will benefit from this technology, as well as everyday people who live their lives. This will not only provide ease of use for a variety of services but it will improve transparency in numerous transactions, particularly in relation to the ownership of physical assets like art, real estate an idea or concept, and others.
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