How NFTs will get you into Manufacturing in the future!
In this episode we will talk about what NFTs are and how they will be use in the future of manufacturing. In the last episode we talked about 3D printing, block chain and now NFTs. NFT are the next step in the future of manufacturing.
What are non fungible tokens? 1st what is fungible? It means there is no difference. If you have a dollar and I have a dollar and we swap them we both still have a dollar. So non fungible is unique, like a painting or a spreadsheet of data.
What is a token, it is like going to the casino and using ships or the paper slip that comes out of a slot machine. You use the token and then change them back into dollars are the end on your day on gambling if you are lucky or skillful enough. how are we going to use NFT’s in manufacturing and maintenance of the future?
Is it illegal to copy nan NFT? In the art world if an artist creates a new piece of artwork they will automatically acquire the copyright to that artwork and can sell it.
Ethereum is the leading crypto blockchain involved with NFTs. Bitski, and Ethereum use Crypto for payment but open sea and Known Origin can use a credit card.
NFTs will mess with the supply chain by eliminating disruptions because of their transparencies and data tracking capabilities.
NFTs and block chains will reduce costs, eliminate bottlenecks and create transparencies in the supply networks.
Instead of extensive paper trails that go with ownership NFTs create a digital track or token ID that attaches throughout its lifespan.
When an NFT is sold the buyer becomes the owner of the data chain but the creator keeps the copyright.
Blockchains keep the info for all FTs sold. You can see its complete history. as the creator you can still have rights to the image or data and can use it for commercial purposes.
NFTs gives a birds eye view of a parts location, quantity and other information.
A delay in one section of the supply chain can result in the complete disruption of the entire chain.
Because of its digital identity, current location, container temperature and other metrics can be attached.