South Korea’s BC Card Applies for Receipt-Based NFT Patents

In a world the place digital property have large potential to change into the norm, South Korea’s BC Card has utilized for 2 home patents to make the most of NFTs to substantiate buy particulars in buying and selling used luxurious items. Whereas NFTs are typically identified for his or her position in artwork and collectibles, BC Card goals to increase this scope, addressing real-world challenges in client transactions.

The Mechanics of NFT Receipts

BC Card goals to remodel a traditional receipt into an NFT; a person would add an image or file of the receipt to Paybooc, BC Card’s proprietary fee app. The app then routinely saves a photograph of it as an NFT on the blockchain. Furthermore, BC Card plans to introduce a digital pockets, making it attainable to learn, ship, and obtain the NFT receipt with out downloading it from a bank card issuer’s web site.

By design, issuing such a digital receipt turns into difficult after a particular interval has elapsed for the reason that unique buy. This brings us to a crucial benefit of this method. In line with BC Card, “Receipts registered on the blockchain can’t be counterfeited or tampered with, and the danger of loss is eradicated as a result of storage on the server.”

Implications for the Used Items Market

What makes this improvement notably noteworthy is the potential it holds for the used items market. The patented expertise is predicted to behave as a “digital assure” for consumers and sellers of secondhand high-end gadgets like luxurious baggage, watches, and restricted version sneakers. Given the surge in transactions on this sector, a digital assure may change into indispensable.

The resale marketplace for retail items in South Korea is gaining traction among the many nation’s established retail and expertise firms. This uptick is particularly notable within the luxurious sector, as customers more and more search pre-owned gadgets as a result of financial pressures like inflation.

Moreover, BC Card plans to leverage the fee receipt information for hyper-personalized advertising methods based mostly on synthetic intelligence consumption evaluation. This represents a twin profit for the corporate, which already has a strong portfolio of fee options, together with on-line and offline credit score and debit playing cards, pay as you go playing cards, and reward playing cards.

Conclusion: NFTs Past Artwork and Collectibles

BC Card’s initiative underscores the rising versatility of NFT expertise, shifting it past the area of interest corners of artwork and uncommon collectibles into sensible, on a regular basis purposes. By digitizing fee receipts as NFTs, the corporate isn’t simply retaining tempo with technological developments; it’s additionally fixing a particular situation within the used luxurious items market. As NFTs proceed to evolve, improvements hold pushing the boundaries and showcase the potential utility of blockchain expertise in our every day lives.