NFTs have advanced significantly since 2021, when we first learned about them. Most people now consider the functionality of NFTs in addition to the artwork when thinking about them.
Let’s talk about a few recent, highly intriguing use cases of Blockchain and NFT technology:
Transforming the Legal Patent Filing System
In the field of protecting intellectual property (IP), IBM has explicitly filed patents relevant to patent filing on Blockchain. These patents seek to improve the speed, security, and transparency of the patent application process using Blockchain technology. Details are as follows:
Streamlining the application process for patents: Inventors might submit their patent applications directly to the Blockchain using IBM’s Blockchain-based patent filing system, without the need for the usual intermediaries like patent attorneys and patent offices. This might speed up and reduce the cost of the application procedure.
Increasing transparency: When a patent application is added to the Blockchain, it becomes an unalterable record that is available to the public. Due to the complete transparency and ease of verification of the application’s history and its prosecution, this could assist in preventing conflicts and issues over the validity of patents.
Increasing security: IBM’s Blockchain-based patent filing system may offer more defense against the infringement and theft of intellectual property. In order to avoid illegal revisions and tampering, the system would be made to ensure that only authorised parties could access and amend the records of patent applications.
Helping Us Reach Net-Zero
Imagine your refrigerator and washing machine conversing with one another about which one is turning on and off to ensure controlled energy use. How NFTs and Blockchain can assist us in reaching net zero is as follows:
- NFTs can be utilised to create distinctive digital assets that serve as verifiable carbon offsets. These offsets can be purchased and traded on marketplaces built on the Blockchain, enabling businesses and people to offset their carbon emissions and support green initiatives. Utilising NFTs can improve the market for carbon offsets’ transparency and traceability, ensuring that offset projects are authentic and that emissions reductions are properly recorded.
- Financial sustainability: Blockchain-based systems can be used to establish digital tokens that reflect sustainable assets, such as green bonds, sustainable agriculture, or renewable energy projects. Investors can promote and fund sustainable projects by trading these tokens on exchanges built on the Blockchain. This might quicken the shift to a low-carbon economy.
- Transparency in the supply chain: Blockchain technology can offer traceability and transparency in supply chains, allowing businesses to monitor and confirm the sustainability of their goods and raw materials. This can verify that items fulfill sustainability requirements and help reduce their carbon footprint.
Preserving Human Identity
Life before and after ChatGPT vividly defines the era in which we currently live.
Tokenising human time and wisdom is the process of developing one-of-a-kind digital assets that represent the labor and knowledge of certain people, such as consultants, coaches, or mentors. On the Blockchain-based Marketplace powered by our lovely humans, these assets can be traded, enabling people to monetise their knowledge and talents in the following ways:
Making original digital assets NFTs can be used to produce one-of-a-kind digital assets that symbolise people’s labor and knowledge. These assets can be sold in markets built on the Blockchain, enabling people to monetise their knowledge and talents.
Increasing transparency and trust: Blockchain technology can give transparency and traceability in the exchange of knowledge, ensuring that the knowledge being offered is reliable and authentic.
Cutting out intermediaries people may be able to directly trade their expertise with others via Blockchain-based markets, eliminating the need for middlemen and improving the efficiency of the transaction.
NFT and Blockchain technology have the potential to transform the way we interact with digital assets and create a more transparent and Decentralised world. Ultimately, these technologies have the potential to create a more equitable and inclusive world, where individuals have greater control over their digital assets and access to new forms of value creation.