How enterprises can leverage Non-Fungible Token By Janifha Evangeline

How enterprises can leverage Non-Fungible Token

Janifha Evangeline | Wednesday, 07 September 2022, 15:57 IST

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Blockchain technology has become a critical component of most organizations’ business strategies. This trend is been driven by Immutability, decentralization & transparency – which are some of the advantages offered by blockchain over traditional methods of data storage.

Enterprises are increasingly implementing blockchain technology for securing data records & transactions across their organization & this is owing to the single source of truth blockchain offers for all interactions among several entities present within an ecosystem. Since every transaction on a blockchain are verified by the network instead of a single party and are immutable it decreases the potential for errors, theft or fraud.

A few of the popular examples of enterprises implementing blockchain include IBM, Walmart, Kroger, Nestle, Unilever etc. These organizations have announced collaborative work on projects which will leverage blockchain for supply chain management, food safety tracking, & digital trademarking.

While there are several use cases for blockchain technology in the enterprise landscape, a promising application of blockchain is from the Enterprise non-fungible tokens (ENFT). These ENFTs can be used for representing ownership & tracking assets via systems that include ERP, SCM, & CRM software. ENFTs can be utilized as a way for verifying the authenticity of a product, register trademark information, record ownership rights, & manage business critical data.

How does ENFT work?

Enterprise Non-Fungible Token are digital tokens that are created for solving the problems related to supply chain, manufacturing & several other industries. ENFT is used for tracking goods, services as well as assets across several enterprises. These are best suited to deal with complex landscapes where numerous & different organizations & consumers are involved. Enterprise Non-Fungible Tokens improve transparency of these complex processes.

ENFT technology utilizes an immutable ledger. This stores all transactions as well as records in a decentralized database for easy access & auditability & this can be a common blockchain such as bitcoin/DigiByte however it can be carried out through semi-private blockchains as well. The Enterprise non-fungible tokens are used mainly for tracking, verifying & authenticating every asset along its entire lifecycle.

ENFT & other business opportunities

Although ENFTs hold several promises when it comes to SCM, it is not the only situation where their use is extremely significant. There are also several other key markets where blockchain technology can have the biggest impact.  These include insurance, Intellectual property & copyright, legal & law, and many others.

Insurance: the insurance industry suffers from fraud every day and things such as ghost claims twist the truth & are a common problem for insurers. Therefore, the implementation of ENFT technology can render an accurate record of claim events such as car crashes & render proven ownership of insured goods.

Intellectual property & copyright: ENFTs render an immutable record which cannot be doubted. And when it comes to Intellectual Property & copyright, it is important to have a record it as it can be extremely useful in the case of infringement & this application can also be very useful in brand protection.

Legal & law: The legal & law industries usually deal with sensitive as well as valuable data every day. Either it is a notarial agreement or even evidence in the court of law, maintaining a proper record of authenticity of the data, and where it originated from and when it was recorded will help in solving several problems in this industry.

Inspection & facility management: while dealing with complex systems/construction processes, inspections are highly critical for rendering safety & accountability. Inspection records can utilize the ENFT technology for creating an immutable record of an inspection that is being executed the right way.

ENFT and SCM

While Blockchain has been disrupting the way several businesses are carried out, it has been a great innovation providing transparency & features which help in ensuring data security. The 2nd step for blockchain technology is to render enterprises a way for tokenizing their assets, and facilitate them in interacting with other organizations as well as consumers in new ways.

The supply chain is full of significant events & hence consumers are interested in where products arrive from and how they are produced. They are highly interested in the social responsibility an organization takes in the supply chain & anticipate clear & accurate information from organizations on this.

In a nutshell

Enterprises have to consider utilizing ENFTs for their businesses & products since it would help them in establishing a clear identification of who owns what, and which will let them in tracking how the assets are being used. ENFT is a technology which can be implemented in any industry right from luxury, fashion to media. NFTs enable organizations in creating a secure ecosystem for their customers as well as products and can help in protecting their brand & supply chain.

 

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