Non-Fungible Tokens (NFTs) Use Case in Education, Healthcare, and Social Impact.
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There is a lot of potential for using non-fungible tokens in education, health care, and social impact projects. NFTs are the latest craze and are often tied to digital art and collectables like music videos and artwork, but they can be used more. A non-fungible token (NFT) is a piece of data kept on a blockchain, a database of transactions that don’t need a trusted central authority.
The fact that NFTs use blockchain technology makes them interesting to buyers: The history of each token is recorded on the blockchain, which proves that the token is tangible and belongs to its owner.
Also, blockchains make it possible for anyone with an internet connection to use NFTs because their source code is available.
NFTs in Education.
NFTs are becoming more and more popular in the arts and entertainment industries. “Everyday — the first 5,000 days” (NFT), a digital work by Beeple, was sold at Christie’s in 2013 for $69 million.
NFTs can stand in for things like gold or watches, but they can also stand-in for many paper documents. NFTs show a lot of promise for digitally representing things that aren’t art or entertainment.
Diplomas and certificates are still given out the old-fashioned way, by hand and on paper. Also, storing, verifying, and transferring these credentials is done by hand. It is easy to make fake ones.
Paper diplomas can be hard to deal with, and sending an academic transcript to a possible employer usually requires making a request to the university that gave the transcript and, in some cases, paying a fee.
This process could be more accessible if schools made NFTs linked to degrees or certificates.
Students’ grades, reports, and other accomplishments could also be linked to the NFTs using accurate information about their schoolwork.
With these new digital credentials, potential employers will be able to check the legitimacy of resumes and other credentials submitted by job applicants more simply and safely.
This kind of digital certification could also help with MOOCs (Massive Open Online Courses) (MOOCs). In the last few years, the MOOC market has snowballed. As more and more students sign up for MOOCs, it gets harder to keep track of their credentials and make sure they are real.
NFTs can be used to make sure that a student has finished a course successfully. Teachers could also give students proof of their credentials and a better idea of what to expect from their classes by using digital tokens.
NFTs in the Medical Field
NFTs could change the way healthcare is done, especially inpatient information.
Because of this, patient information is now spread across many platforms and may be hard to find. Because of wrong diagnoses caused by bad data management in the healthcare system, some Americans have to go through both unnecessary and unnecessary treatments.
Using NFTs to make an authenticated certificate of ownership, medical records and data could be kept safe, correct, and easy to check. With this digital credential, a healthcare provider could access a patient’s medical history and other personal information.
Using NFTs in education, health care, or any other area involving personal information is not without problems and questions.
It’s about when and how to use NFTs or when you might not need them. Most blockchains are open to the public, which is a big problem for privacy. So, where should secret information be kept, and how can users ensure their data is both private and compatible?
Intellectual property and the carbon footprint of blockchain technologies, especially the amount of electricity needed to verify transactions, are also problems. This and many other implementation choices directly affect how useful the end product is.
NFTs for Social Change and Charity
One use of NFTs that I think has a lot of potentials, though, is for non-profits, colleges, and research institutions to fund their goals and move society forward.
By using NFTs, these organizations can remember their work, make beautiful keepsakes, and raise money and awareness for many good causes.
If these groups use NFTs, they may be able to get new donors who have a lot of money and a good understanding of technology.
One benefit of NFTs that is often overlooked is that they can help users feel part of a community.
NFTs can be used in many different ways. For example, scientists who find new information about how the environment gets worse can offer it to a donor, who will then pay for activities to fix the problem.
Researchers who found a vaccine for a contagious disease might sell the NFT of their invention to make money and keep their “eureka!” moment alive forever.
Last summer, Sotheby’s sold 9,555 lines of the original Internet source code written by Sir Tim Berners Lee for $5.4 million. The money raised went to charity.
Is that it?
Obviously not. Above are a few of many from the NFT Use Cases. As you can see by now, there is more about it in NFT than just the silly part of overselling what-so-called as art. NFT is a breakthrough, and riding the wave now will become one of the most valuable pieces of knowledge for the future. We will share more!