Blockchain technology is much more than just digital currency. The security functions of the protocol can be used to enhance products such as art, real estate and business contracts.
At The Blockchain Event 2022 in Fort Lauderdale, FL, the leader of the most prominent tech firm incubator in South Florida led a panel discussion on the ever-evolving list of uses for blockchain technology.
“Blockchain technology is here to stay,” said panel moderator Nikki Cabus, CEO at South Florida Tech Hub. “People keep figuring out new ways to use it.”
In “Blockchain 101: Crossing Industries,” a panel of experts discussed alternative ways to use the secure ledger technology. Cabus noted that the focus of Web 3.0, personalized data, mixes well with blockchain technology. “Now that we own the data, we can figure out what we want to do with it,” she said.
The panel included Sharon Holm, COO at GenoBank.io. Her company enables users to “establish ownership and control of their genomic data using a decentralized blockchain-based DNA wallet and non-fungible tokens,” according to their LinkedIn page.
The company calls their product “bioNFTs.” Holm said they are smart contracts that execute an action if another action is recognized. For example, granting access to research data.
“There is an action, and if the action is met, there is an outcome” she said.
Brandon Ginsberg, CEO at Palm Tree NFT, said one advantage to blockchain technology is that it is not stored or operated in the cloud, which is prone to outages. “Smart contracts are executing your contracts on distributed systems,” he said, referring to Ethereum technology.
Ginsberg also took a stab at explaining the allure of owning digital art protected by blockchain technology. Why do people buy digital assets? Personal expression, he answered.
“People buy digital art for the same reasons they buy luxury fashions,” Ginsberg said.
Ginsberg listed various types of digital art that can be protected using blockchain technology, including:
- NFT Art. Digital assets that cannot be reproduced, making it collectible, unique and non-transferable.
- Generative Art. Art that’s been created in whole or in part using an autonomous system like AI.
- Quantum Art. Involves the artistic interpretation of the movements of subatomic particles by computer software.
- Photographic Art. Blockchain can apply a unique identifier for each photograph to prove ownership.
Ginsberg said it’s relatively expensive to create blockchain art. It takes energy to produce the chain. Then you have to house the chain, he said. “Storing information on-chain is extremely expensive,” he said.
The potential loss of the crypto keys to any ledger is another issue, Holm said. Crypto banks have proven problematic for a number of reasons. Keeping your own crypto keys comes with its own set of worries, she said.
Bottom line: If you choose not to give away your rights to maintain your own crypto keys, you have accepted more responsibility, she said.
“This is not the future,” Holm said. “This is happening now.”
Edited by Erik Linask