NFT time stamping and verification technology is throwing up use case after use case as individuals and businesses become aware of the boundless possibilities.
The VIDT DAO technology
A leader in the field of timestamping and authentication verification is VIDT DAO. This project has been using its own backed NFT and timestamping technology to verify the data and physical items of a wide range of clients.
From masterpieces of art, to oil documentation, to luxury timepieces, the VIDT DAO technology is providing verification solutions for many business sectors.
In fact, the total addressable market for this technology is in the hundreds of billions of dollars. It’s for this reason that the original VIDT team decided to make the project into a DAO and open source the technology to anyone.
Use case example
The luxury watch market is one such use case. This market has historically been one for the more mature person. Time pieces such as Rolex have been sought after, not just for their beauty and collectibility, but as status symbols that exude good taste and success.
The luxury watch industry is now beginning to appeal to Gen-Z, and younger people are demanding, and are more comfortable with, cutting edge technology.
11:15 is an online watch store that is targeting Gen-Z digital natives for its exclusive collection of curated vintage Rolex grails. Rachel, the creative director at the store, understands her target market:
“Watch collectors are getting younger by the day, and we have to do a better job of communicating to a wider extent about artistry, the watchmakers, the limited quantities and the fact that everything is done by hand.
11:15 has done its research on Web3 blockchain technology and has embedded the VIDT DAO validation technology into its online platform. This enables those that purchase any of the watches a means of proving ownership and of verifying the authenticity of their timepiece.
How the technology is used
How this works is that first experts at 11:15 check and confirm the authenticity of the watch. Then a certificate of authenticity is issued, which contains detailed descriptions of the piece together with macro photographs. A hash (digital fingerprint) of the certificate is then anchored to several blockchains.
When the watch is purchased, it comes with the corresponding certificate. This enables the owner, or indeed anyone, to verify the certificate in a matter of seconds, just by using an internet browser.
The future for VIDT DAO technology
By making its technology open to anyone, the VIDT DAO has ensured that there will be no limit on the future use cases for the verification of just about anything, whether it be data or just about any physical item.
Proving the undisputed ownership of a luxury timepiece addresses a market that is expected to be worth $9.3 billion by 2025. This is just a segment of the luxury goods market worldwide. Many other luxury goods are still waiting to be exploited by this technology.
With its fully functioning DAO making decisions on business, marketing and technical developments, the VIDT verification technology is open sourced to be used and built upon. Those wishing to do so should visit the following links:
VIDT DAO Website: https://www.vidt-dao.com/
VIDT DAO Awareness Team: Twitter.com/VIDT_Datalink
VIDT DAO Snapshot space: snapshot.org/#/vidt-dao.eth
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Credit: Source link