South Korea’s BC Card on Sunday mentioned it has utilized for 2 home patents for fee receipt-based non-fungible token (NFT) expertise to verify buy particulars when buying and selling used luxury items.
An NFT is a singular blockchain-based token that can’t be exchanged or duplicated.
To transform a receipt into an NFT, a consumer uploads an image or file of the receipt to Paybooc, BC Card’s easy fee app, which robotically saves a photograph of it as an NFT on the blockchain.
An NFT receipt could be learn, despatched and acquired by a digital pockets coming quickly from BC Card. This can take away the necessity for downloading the receipt from a bank card issuer’s web site or app in case of loss.
Reissuance of the receipt can be tough after a sure interval has elapsed since buy.
“Receipts registered on Fb can’t be counterfeited or tampered with due to using blockchain expertise,” a BC Card supply mentioned. “Distribution and storage on the server additionally eradicate the danger of loss.”
BC Card mentioned the expertise for which it utilized for patents will act as a “digital assure” on the used items market, whose transactions have surged. The NFTs will particularly be used in transactions for secondhand high-end luxury luggage, watches and restricted version sneakers.
The Korea Web & Safety Company predicted that the home marketplace for used items is predicted to develop from 24 trillion received ($18.1 billion) in 2021 to over 30 trillion received this 12 months.
BC Card will apply the fee receipt information registered by prospects to hyper-personalized advertising and marketing in its synthetic intelligence consumption evaluation.
Write to Mi-Hyun Jo at mwise@hankyung.com
