When getting started with a blockchain project, it is often difficult to visualize the many different ways data can be stored and interacted with on-chain. Neblio’s rich enterprise data management features give users a wide variety of unique options when deciding how to structure their data transactions. Throughout this series, we’ll discuss some of the data management features that make Neblio unique and how they may apply to various real-world industries.
Imagine a database where data is stored that is widely read by the general public, but that only a select group of qualified parties are able to write data to that database. Let’s use a Patent Office as a theoretical example. The general public typically has access to read information on all of the patents that have been issued by the office, but only a select few individuals at the office have the authority to issue new patents and record them in the database.
With Neblio and an NTP1 token we could easily create a similar on-chain system where only select parties were able to store data on chain tied to a token, while the rest of the world can freely read the data. Going back to our Patent Office example, our theoretical office issues a new NTP1 token we’ll call PATN. The purpose of PATN is not to be used as a token of value to buy and sell, but instead is a tokenized representation of the permissions needed to record the issuance of a patent. For example, our central Patent Office may send 10,000 PATN to each of its branch offices, authorizing each office to issue 10,000 patents before needing more tokens from the central office. Each time a patent is issued, one PATN token is used to store the patent information forever on the blockchain. Patent information can be queried, searched, and read by anyone in the world simply by looking at the data stored in each PATN transaction on the blockchain. However, only PATN token holders have the ability to EVER record data under this token, tokenizing their permission and preventing the fraudulent issuance of patents.
This same concept can be applied to a limitless number of industries. For example the authority issuing the NTP1 token may decide to sell tokens for a fee, especially in industries where fees are typically paid in exchange for permission, such as in permitting. Websites and social networks could require tokens to post on their platform, offering a certain number of tokens for free each month and then charging users for additional tokens. Parties like GS1 (the non-profit that issues UPC barcodes, you can see their current fees here) could tokenize their entire business by charging for tokens that give permission for the issuance of new UPC barcodes that are then created and stored on the Neblio blockchain. Any or all of these tokens could even potentially be bought and sold on secondary markets; parties that purchased or were issued too many of a token, may decide to sell them to other parties at a fair price.
In Part 2 and Part 3 of this series we will cover Fan-In and Fan-Out NTP1 transactions and how they can be used to cover a wide variety of use cases to drive value from the Neblio blockchain.
If you have any questions, comments, or ideas regarding Tokenized Permissions on the Neblio blockchain, we encourage you to get in touch with the Neblio Team to schedule a meeting to learn how Neblio and NTP1 tokens can help your business or organization grow to the next level.
Neblio is an Enterprise Blockchain Platform focussed on simplifying blockchain technology for business. Neblio’s lightning fast & scalable blockchain, APIs, NTP1 Token Protocol, and unique services offerings allow clients to easily and quickly utilize blockchain and distributed ledger technology to radically improve efficiency, reduce go-to-market time, and dominate their competition.