NFT technology is booming across multiple industries, and it's going to be the next paradigm shift in asset and data ownership management. This blockchain-based technology offers robust non-fungible property, which means these are unique, and individuals can't interchange them under any circumstances. This property of blockchain NFT makes them exclusive, and it brings in several business applications.
Non-fungible tokens are fueled by Ethereum's smart contracts, which give anyone the access to create, access, buy and sell their digital assets. Compared to other decentralized technologies, NFT is a more robust, exclusive, and in-demand advancement.
Whether you're into the automotive, art business, enterprise, FinTech, or healthcare, you can use robust NFT use cases to transform your company's core. On this note, let's explore NFT use cases and how Seven Bits help you take an edge with this technology.
Identification & documentation
Personal identity documentation and management is a primary business aspect where can help with better user management. As an NFT has a unique set of information in its code, they are easier to use for tokenizing various business-sensitive information. Some documentation includes employees' personal information, project NDAs, client information, enterprise licenses, and other vital information. As the NFT-based asset is digitally stored and protected over a decentralized blockchain network, owners can quickly access it on the go.
Seven Bits helps companies develop a custom NFT-based blockchain platform to keep their business information intact and secure. Companies can prevent identity theft and ensure all the data sets are intact and secured with this application. In addition to this, we can also integrate the NFT platform with your existing blockchain network to ensure everything works seamlessly.
Domain name ownership
Domains are one of the most valuable assets of 2021, and they will remain the same in the upcoming time. Using a blockchain-based domain management system, individuals can manage their domains with private keys. The Internet Corporation for Assigned Names and Numbers (ICANN) has complete control over DNS, and if you also own multiple of them, you need improved security.
For streamlining the security of domains and make the domain flipping more accessible, NFT comes into consideration. Blockchain-based domain NFTs empower quick and secure domain trading along with safer ownership transfer. Instead of DNS, companies can use ENS (Ethereum Name Service) to provide the crypto addresses to your purchased domains. These are similar to anyone's social media profile' handles. By turning DNS into ENS, companies can trade and flip domains with top-notch security with NFTs. Furthermore, similar to other crypto assets, companies can list down domains for sale in the NFT market and drive more revenue.
Supply chain management
NFT can do wonders in the supply chain domain as it secures the products' authentication process, ensuring their quality by confirming their origin. As NFTs are on the blockchain network, they are ideal for logistics purposes because of their transparency and immutability. It keeps supply chain data safe and easy to access. In supply chain management, knowing where the goods are stored and for how long is crucial information.
NFTs cut the counterfeiting problem, and it helps business owners trace the transportation of goods in and assure uniqueness. For dynamic industries like the automotive, NFTs can also offer data of each material and component in a vehicle model. As all this data is available anytime with a single tap, companies can operate in a more cost-efficient way by automating their management operations.
The real estate domain is booming, and NFT can help property agencies secure their exclusive interior and exterior design concepts. In addition, by converting their hand-drawn designs into NFTs, companies can share them with clients or social media without worrying about anyone claiming their ownership.
In addition to this, NFTs also have robust applications for both buying and selling real estate in the virtual and real worlds. Real estate applications are gaining massive popularity in this digital world, and NFT will make them more streamlined and easy to access.
Get started with NFT development services
Seven Bits is a cutting-edge digital transformation company that brings in full-fledged NFT development and integration services. Whether you already use a blockchain-based database or need one from scratch, we have you covered. Get in touch with us at [email protected] to know more about how NFT can help your business.