Ellen Britt for CNT #NFT
While NFT artwork is still very popular and shows no signs of waning, the utility applications for NFTs are steadily increasing. This is a great thing for transactions of all kinds!
When you think about it, the way we used to do paper-based transactions prior to the digital age was a real pain. These transactions required human employees, plus the records recorded on paper could be lost or destroyed. Or even forged.
The One Big Advantage
But paper did have one big advantage over digital: it’s often much easier to prove the authenticity of a paper document than one stored online. The online docs can be duplicated, altered and hacked and these nefarious doings cost companies many millions of dollars each and every year.
Digital Is Here To Stay
Of course, digital is here to stay, and for most transactions, no one is apt to revert back to paper anytime soon. Here’s where NFTs can come in, as they can both improve security as well as efficiency.
The record of the steps of the transaction is visible for all to see and the final version of the NFT is recorded on the blockchain, which is basically unhackable. It’s also encrypted and cannot be altered. The asset, a house or piece of real estate or a one-of-a-kind piece of valuable jewelry that an NFT represents is both verified to actually exist and it’s also tracked. This transparency and verification brings an unparalleled level of confidence to all parties which will reward those who participate with increased customer loyalty.
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