What Are The Best Uses Of Non-Fungible Tokens (NFT)?
A year ago, Non fungible tokens were seen as mere digital copies of art or collectibles. People were fascinated with unique and exciting NFT collections. They were not interested to explore more about NFTs and how they can be implemented in other areas.
However, it is no more just a thing to brag about and showcase. Today, NFTs have proved that they can solve real-life problems as well. The use cases of NFTs have gone beyond the digital artworks, apes and punks.
From storing the manufacturing data of products to giving proof of authenticity, securing identity and tracking supply chains, NFTs can be quite useful in the real world.
Best Practical Uses Of NFTs In the Real World
It’s surprising to think how NFTs can be incorporated into the real world and make our lives easier. What once was thought to be mere bubbles is now transforming our lives.
Here are some of the best practical uses of NFTs in the real world.
Proof Of Authenticity
One of the major problems in the market is the authenticity of the products. Be it clothes, accessories, make-up products, medicine or food items we are never sure that it’s the original one.
NFTs can be used to verify the authenticity of the products. By tying physical products to NFTs, their data will be securely stored over the blockchain. Therefore no one can change or copy the data and create a fake NFT of the product.
Moreover, the NFTs can also store the manufacturing details of the products on the blockchain.
Thus, you as a customer can verify the originality of the product as well as the materials used to make it. You can scan the QR code of the product to see its journey from the manufacturing unit to the shelf.
Being stored on the blockchain, the companies can no longer alter the manufacturing data. It will help customers to know how their products are made. Thus, they can make informed buying decisions.
Use In Real Estate Sector
The real estate sector is one area where you can use NFTs to their full potential.
You can use the NFTs to prove the ownership of the real estate properties. Additionally, you can also use the NFTs to store all the data related to the real estate property including price surges over the years and its complete history.
Thus, NFTs can help to reduce scams and frauds in the real estate sector. You can tap into your phone and find out the true and complete information about the property. You can see the current legal owner, who owned it before him, what the modifications are done on the property and other critical information.
Keeping medical records physically in files is hectic. Moreover, it’s unorganized and does not provide an in-depth medical history of the patient when needed.
You will have to go through layers of reports and prescriptions to evaluate the complete medical condition and past treatments of the patient.
Non fungible tokens can help you keep all your medical records safely and in an organized way over the blockchain. Thus, you do not have to carry your medical papers everywhere.
The NFT ledger will allow only authorize healthcare persons to access your medical data when required.
Moreover, medical insurance companies and hospitals are also exploring blockchain to securely store patients’ medical data without compromising their privacy and verifying patient identity.
There is always a war between patents and rights over an invention. Non fungible tokens can help to resolve the controversies regarding the ownership rights over content, creation or innovation.
You can use the NFTs to store all the information about the creation or invention. The critical data will be stored on the blockchain which makes it irreversible and immutable.
Whenever a controversy over the rights of an item arises, we can refer to the NFT and cross-check. As the data on the blockchain is immutable so there isn’t any possibility of data altering. So, whatever data about the invention is recorded on the blockchain is the true and final one.
Moreover, NFTs can also be used to create a ledger to store all the critical documents concerning the invention and its patent transactions.
Non fungible tokens hold much more power than we expected. It is not only pushing forward the decentralized digital economy and building a systematic metaverse. But, it is also showing us innovative ways to resolve common issues in our daily lives.
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