The Paris Court of Appeal has partnered with crypto firm Unikbase to use non-fungible tokens (NFTs) to authenticate documents and official acts. This is a significant step in the modernization of administrative procedures and the integration of blockchain technology into traditional systems.
How it works
Unikbase will use its expertise in identifying and authenticating valuable objects to create digital twins of official documents. These digital twins will be stored on a private blockchain network called Legide, which is hosted on Hyperledger Fabric. Legide is an open-source blockchain platform that promotes interoperable blockchain technologies.
The process of creating a digital twin involves using invisible ink to label a physical document. This creates a hidden marker that is then referenced in the corresponding NFT. The NFT provides two key benefits: it certifies the document’s authenticity and enables traceability at every stage of transfer. This dual assurance offers the legally conclusive evidentiary proof required for document validity.
Reactions from the crypto community
The news of the Paris Court of Appeal’s partnership with Unikbase has been met with mixed reactions from the crypto community. Some users on Reddit have expressed excitement about the potential for NFTs to be used in more mainstream applications, while others have cautioned that the technology is still in its early stages and needs further development before it can be widely adopted.
One Reddit user commented, “I’m excited to see how this partnership plays out. NFTs have the potential to revolutionize the way we interact with documents, and this is a big step in that direction.”
Another user added, “It’s important to remember that NFTs are still a new technology. There are a lot of challenges that need to be overcome before they can be widely adopted, but I’m optimistic that this partnership is a sign of things to come.”
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The future of NFTs
The Paris Court of Appeal’s decision to use NFTs to authenticate documents is a significant milestone in the development of this technology. It is a sign that NFTs are maturing and are being recognized as a legitimate tool for securing and authenticating digital assets.
As the use of NFTs continues to grow, it is likely that we will see them being used in more and more mainstream applications. This could include everything from tracking the ownership of physical goods to verifying the authenticity of digital content.
The integration of blockchain technology into traditional systems is still in its early stages, but it is a trend that is likely to continue in the years to come. NFTs are one of the ways that blockchain technology is being used to modernize and improve existing systems.
Read also: Pudgy Penguins CEO Luca Netz Introduces Overpass Effect, a New Way to Personalize NFTs
This information is published by the NFT News media team.
