Data and information security is an inevitable part of companies doing business online. Empowering robust security across all touchpoints helps business owners provide a more transparent experience. Blockchain technology is already doing its part in delivering a 360° secure ecosystem, and now, NFT is here to take the advancement ahead.
NFT or Non-Fungible Token are the newest advancements that are disrupting the decentralized domain. These NFTs based on the Ethereum framework can hold data with a unique set of identifiers that are non-transferrable. It is the main reason why these new tokes are called non-fungible.
NFT integration is an ideal solution for elevating a business's existing security without disturbing the other operations. It sports three significant benefits that aids business owners to gain higher security regardless of the company size.
NFTs are limited
Companies distribute their data into small unique tokens that are distinguishable from one another. It will help in eliminating the data redundancy issue across all the touchpoints.
Unlike traditional data systems and decentralized cryptos, NFTs can not be further divided and made available to sell or buy. It's a wholly unique token that has single ownership. This property of NFT is critical for keeping the data intact and open to respective owners.
NFTs are unique
The information available in NFTs is highly secured and genuine. As any kind of alteration is not possible, it can enhance security exponentially.
NFT for business security
As compared to the conventional data management system, which is centralized and accessible to all entities within an ecosystem, NFTs are more secure. On this note, let's understand why this new technology is the future of security in 2021 and beyond.
Better clarification & identification
These non-fungible tokens hold a unique set of data and information about an asset or an individual. It makes them an ideal option for swift identification, verification, and clarification. When customers make their first purchase with a company, the company can create a respective NFT to hold that customer's data. As the NFT is non-divisible or supports alteration, the security factor goes one bar above.
These NFTs are seamless to work with the company's smart contract, so data processing also becomes faster while dealing with a more extensive data set. When the information is available as a unique NFT, it becomes easier for both business and the customer to track and check the stored data.
Robust ownership rights
Amid growing digital transformation, the cyber threat has also taken a toll, and customers need a more secure platform to store the information. In this case, NFT can play a winning role as it can help trackback the intruders and prevent data from getting lost, changed, or shared with unauthorized parties. It is impossible to put a false claim on an NFT if the asset doesn't belong to that individual.
This technology allows customers and business owners to have robust ownership control over their data and online assets. This advancement is much more efficient than conventional bond papers that claim an individual's right over an asset. Unlike traditional paper contracts, NFT is impossible to forge and alter.
Security and data integrity become more significant challenges when a company is scaling its business across the nations. With NFT, the risk of data redundancy and loss is easier to mitigate using custom smart contracts with them. Companies can save substantial costs by eliminating third-party data management services while scaling the business.
How SevenBits Can Help Companies With NFT
SevenBits is an innovative NFT development company that caters to all custom requirements of businesses. Our experienced Blockchain Center of Excellence (CoE) team brings a complete range of NFT standards, including ERC-721, ERC-1155, ERC-777, ERC-165, and more. Be it integrating additional security with NFT or leveraging them to store unique ideas and innovations; we have you covered.
We can help companies migrate their legacy systems into a full-fledged NFT-based modern architecture for better performance and user experience. With NFT, companies can attain a higher transparent system to gain customers' trust faster. To boost the business scalability, SevenBits is here to get you going.
Along with NFT, our team offers bespoke blockchain development leveraging more than 8+ public and private blockchain frameworks. Be it Bitcoin, Ethereum, Hyperledger Fabric, or Ripple — our Blockchain CoE is here to take the lead in the market. Get in touch with us at firstname.lastname@example.org to explore more.