We just published two research notes – FAQ for NFTs on Blockchains and Web3 Ecosystems and FAQ for Cryptocurrencies on Blockchains and Web3 Ecosystems documenting the benefits, risks and use cases for NFTs and cryptocurrency.
In the first research note, we document how NFTs help organizations manage real world assets, bringing unique value to applications that was heretofore not possible. Blockchain supports the tokenization of real-world assets, and the use of smart contracts to manage their life cycle. It also supports a trusted immutable system of record, shared across multiple entities.
The technology is helping the airline industry with their super complex MRO processes (maintenance repair and overhead) as shown in the two diagrams below for Case Study 1. This SITA -sponsored solution, developed with Sky Republic is already rolling out and should greatly improve MRO. This will also improve passenger experiences with increasing rates of frustrating flight delays and cancellations.
Blockchain tech is also helping users manage documents via a Gmail UI, as shown in the last two diagrams under Case Study 2, which depicts a solution developed byShelterzoom. By tokenizing documents and managing them with smart contracts, users can control the documents’ access rights, downloads, printing, sharing recalls, and entire life cycle. This same tech can also be used to virtually negotiate contracts, or to tokenize any real world asset and track and manage it through its lifecycle.
Case Study 1: Airline MRO Blockchain
Case Study 2: Smart Document Sharing
The value of blockchain technology should not be conflated with the speculative prices of tokens and coins. I remember covering the first iteration of the Internet during the dot com bubble days – the naysayers and internet bashers were active at that time as well. Pets.com failed and so did other ecommerce experiments, but Web 1.0 and Web 2.0 eventually thrived and changed the world.
It has become too cool to criticize cryptocurrency and NFTs these days, but from where I sit, I welcome them as Web3 innovations that are solving big real world problems we have had with the Internet for years, namely Internet cash, creator-owned and controlled content, and Trust.
Our case studies are proving the new business value of blockchain beyond any doubt.