MultiChain, one of the first blockchain platforms to explore ways in which businesses can benefit from crypto technologies, is adapting NFT tokens to the needs of companies.
Coin Sciences, headquartered in London, has integrated NFT support with the release of MultiChain 2.2, announced Tuesday, in response to questions from customers wishing to apply NFT properties under certain permitted conditions. It has been several years since the big buzz around the enterprise blockchain. While blockchain applications behind company firewalls are not going to transform all IT systems around the world, strong use cases have emerged where multiple firms want to securely share a database without putting someone in charge.
NFT in business
Meanwhile, NFTs with their digital watermarking capabilities are currently being created, especially in creative industries such as art, design, photography and music. From a business perspective, NFTs can be used to make all kinds of assets non-reciprocal, so that each of their divisions, for example, is separately named and tracked.
“Since the NFT thing happened, quite a few of our customers and users have said,” We want to do this. But we don’t want to do it on the public blockchain, “Coin Sciences CEO Gideon Greenspan said in an interview. “So instead of keeping track of a collection of items – 50,000 items and 10,000 items of that – you are actually tracking individual items, where a large number of such items pass through the entire supply chain, which becomes practical.”
Coin Sciences isn’t the only enterprise blockchain platform to have noticed the practicalities of using NFTs. IBM and Linux-related blockchain factory Hyperledger are also working on enterprise NFTs. Greenspan explained that the multi-chain version of NFT is not based on Ethereum standards like ERC-721 and does not include smart contract coding.
“The approach we take at MultiChain is that you don’t need to program your blockchain to use the blockchain,” he said. “So the functionality we provide for assets, data storage and distribution, and now for NFT, is all based on out-of-the-box functionality. You can just use these building blocks that MultiChain provides.”