With ongoing digital transformation, we are moving towards more efficient alternatives to the traditional platforms or processes. Data verification, supply chain management, or customer onboarding — top-notch tech advancements are available to take care of every complex business requirement.
Among all the modern technologies, blockchain creates a disruptive difference, and companies leverage this tech to the highest. Blockchain's smart contract application is a pivotal addition that automates several manual jobs and helps businesses with scalability.
Non-fungible tokens or NFTs are the newest blockchain advancements that are based on smart contracts. If you are not aware of NFTs and how they can help you grow the business, we have got you covered. In this article, we will have a comprehensive look at NFTs and their robust business applications.
What is a Non-Fungible Token
In simple terms, Non-Fungible Token or an NFT is a cryptographic asset that is based on the Ethereum blockchain. Each NFT support its unique metadata and identification codes that separate one from another. That is why they are called non-fungible tokens, which mean that they can't be traded with similar assets. On the other side, crypto-assets like Bitcoins, Ripple, and more are 'fungible,' which means they are identical and can be exchanged if they are of the same value.
NFTs change the crypto model by turning every token different and irreplaceable. This core property makes it impossible for one NFT to be similar to others. These NFTs are digital images of assets and are similar to digital passports because each token comprises a unique, non-transferable identification to recognize it from other tokens. NFTs are also extensible — that means individuals can couple one NFT with another to produce a third token which will also be a unique asset.
How Businesses Can Take Advantage of NFTs
Similar to core blockchain technology, NFTs have several business applications that are specific in their use and can help in better digital transformation. At SevenBits, we help businesses empower their core operations with NFT and other blockchain applications.
Higher document security
It happens quite often that companies need to store their business-sensitive information with extra security. To avoid data alteration and duplicacy, these NFTs can be highly beneficial in accomplishing this task. As these NFTs go beyond the basic blockchain functionality of robust encryption, it eliminates the risk of any data forgery or unauthorized exchange.
Several industries like automotive and real estate require substantial paperwork for the majority of the operations. Companies and customers exchange a lot of documentation either in physical form or digitally. However, with a non-fungible token, the verification process can be made quick and seamless. As all information of an individual and signatures is stored in an NFT, the process can be made truly paperless.
NFT can find its role in protecting individuals' online identities without the need for carrying physical documents. Individuals who often need to present their documents for verification can carry them digitally without losing authenticity. On the other side, NFTs can also help people simplify finding legitimate professionals across industries. Individuals can ask professionals to show their NFT and verify it in real-time.
Use NFTs for Your Business with Seven Bits
Our Blockchain Center of Excellence (CoE) team helps you get started with advanced NFT integration into your business's various operations. Be it document processing & validation, supply-chain advancement, or migrating legacy systems, we have got you covered.
Along with NFT, we are proficient in more than eight public and private blockchain frameworks to digitize your business. From Bitcoin, Ethereum to Hyperledger Fabric, we offer a comprehensive range of widely-employed blockchain technologies.
Our team leverages the latest NFT standards, including ERC - 721 (Ethereum Request for Comments 721) & ERC 1155, to cater to your complex business requirements. Want to know more about NFT integration with your existing business processes? Get in touch with us at email@example.com to explore more.