The United States Postal Service will quickly be getting into the nonfungible token market. Not to launch art work or music, however reasonably to assist clients buy postage.
In an announcement on Tuesday, communications-as-a-service platform CaseMail said the USPS had licensed its postage nonfungible tokens, or NFTs, to be used within the United States. The tokens are digitally stamped on the USPS’ ePostage labels and the bodily merchandise being mailed, making a verifiable chain of custody for digital and bodily belongings, as all information is recorded on the blockchain.
“Using NFTs to help protect a process that’s both familiar and important to everyone — mailing a letter or package — helps demystify this important new technology,” said CaseMail founder and CEO Joe Ruiz.
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“It is simply postage printed from the blockchain.”
The firm will first provide the postage tokens “completely for authorized professionals and authorities companies,” with a rollout deliberate for the second quarter to embody partnerships with suppliers of client and business companies. The authorities company reported $73.1 billion in income from postage and different companies in fiscal 12 months 2020, that means digital postage stamps might be tapping into a big market.
CaseMail’s use case for NFTs is a part of a seemingly bigger pattern for corporations to incorporate real-world information on tokens. This 12 months, people and technology companies have used NFTs to geotag street art and develop a tool capable of recording and encrypting temperature, air high quality and different information to tokens in a proof-of-presence verification.