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NFT in Supplychain

Learn about the NFT role in supply chain which is very helpful to understand everything about NFT in supplychain

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NFT in Supplychain

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  1. NFT in Supplychain

  2. Non-fungible token(NFT) • NFTs are tokens that exist on a blockchain and have unique metadata. These tokens are incredibly valuable forms of cryptocurrency that hold ownership of an object but cannot be reproduced or transferred. Without being interchangeable, NFTs can be traded and tracked on the blockchain. Three characteristics describe NFTs: ownership, transferability, and authenticity. NFTs are commonly employed in the ownership of art, music, and films, but they can also be used in other areas, such as supply chains.

  3. NFT use cases for supply chains 1. Product authenticity: A common application of blockchain technology is product tracing and provenance. For tracking the product such as food, medicine or fashions items the various industries used the blockchain and tokenization. Token are used to track the movement of goods throughout the supplychain.For tracking the products, products batches a unique digital twins is used. 2. Asset tracking: By producing unique revenue-generating assets characterized by an NFT, NFTs have previously been utilised to streamline real estate transactions and to promote fractional investments. 3. Certificates and transactional data: certificates, invoices and sales order always counts the a distinct identify. NTFs can also be used to represent these types of documents.

  4. Steps in supply chain • Sourcing raw materials. • Refining those materials into basic parts. • Combining those basic parts to create a product. • Order fulfillment/Sales. • Product delivery. • Customer support and return services.

  5. Characteristic of NFT for supplychain • 1. Invisible: NFT are divided in small-small blocks that allow the whole amount of digital assets. • 2. Rareness: The NFT developers develop a large number of tokens. They frequently limit them in order to increase rarity. • 3.Uniqueness: It is the most valuable feature of NFT. The uniqueness of NFTs is marked by a permanent information tab. This can be considered their authenticity certificate. • 4. Authenticity: Non-fungible tokens are used to represent physical assets, therefore it is critical to have genuine NFTs. • 5.Transparency:Companies must be aware of what is going on upstream in the supply chain and convey this information both internally and externally in order to be transparent.

  6. We provide other services • Blockchain accounting software • AI development services • Metaversedevelopment company • Cybersecurity service provider • Blockchain consulting services

  7. Feel Free To Contact Us SOUTHERN CALIFORNIA 16870 W. Bernardo Drive, Suite 250, San Diego, CA 92127 Phone:858-848-1784 NORTHERN CALIFORNIA 7677 Oakport Street, Suite 460, Oakland, CA 94612 Phone:510-768-7101 NEW MEXICO 6565 Americas Parkway NE, Suite 800, Albq, NM 87110 Phone:505-814-0011 MAIL US info@saratechnologies.com Feel free to contact us round-the-clock for NFT consulting

  8. Thank you

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