NFC Blockchain Explained in Simple Terms
What is NFC blockchain? Well, NFC is a form of a transfer mechanism that takes place wirelessly. Is it possible to add the NFC functionality to the blockchain? Yes, it is very much possible.
What is NFC blockchain? Simply, NFC is a form of a transfer mechanism that takes place wirelessly. Is it possible to add the NFC functionality to the blockchain? Yes, it is very much possible. This article will explain the amalgamation of the two technologies. Read on!
What is NFC?
Near field communications, or NFC, is a type of wireless communication that enables devices to communicate with each other without using the internet. It works by first identifying nearby devices that are equipped with NFC.
NFC is commonly used by smartphones and tablets, such as Apple Pay or Android Pay. It's adapted from an older technology, which you may have heard of called radio frequency identification or RFID.
Through radio waves, NFC can be used to transfer data between devices that are both within centimeters of each other. It does not rely on the internet for its operation, eliminating a potential source of interference.
The History Behind NFC Technology
The rapid emergence and evolution of near-field communication (NFC) technology began in 2004 when three of the world's leading mobile device companies, namely Sony, Nokia, and Philips, formed the NFC Forum. The forum was dedicated to bringing the convenience of this technology to all consumers. In 2006, the forum established a set of specifications that helped create new consumer products.
In 2007, Nokia then introduced the first NFC-enabled mobile device. In 2010, the telecommunications industry launched more than a hundred pilot projects. Then, the New York City Metropolitan Transit Authority became the first organization in the world to implement a system that allows riders to pay for their subway fares using NFC technology in 2017. Since then, NFC has become more of a household name in technology applications.
NFC Blockchain's Role in the Supply Chain
As the complexity of the supply chain continues to rise, it is becoming more important that organizations have the necessary tools and resources to manage their end-to-end networks. One of the most critical factors that supply chain leaders need to consider is the ability to track and manage their product flows.
Trust issues are a common concern for companies regarding their supply chain. They have to manage the various people and companies directly connecting to their products and deal with the potential risks of cyber security attacks and theft.
Due to the increasing complexity of the global supply chain, it is becoming more important that companies have the necessary tools and resources to manage their end-to-end networks. Besides the increasing number of products and people moving through their supply chains, keeping them moving efficiently is becoming more challenging.
Trust and Security to Real-Time Processes
Despite the popularity of Bitcoin, blockchain technology has many uses beyond its cryptocurrency roots. The characteristics of blockchain technology allow it to be used in various systems. Its decentralized nature enables it to provide security and authenticity.
Due to the power of blockchain and near-field communication (NFC), systems that rely on both technologies promise unprecedented performance regarding securing networks.
Early adopters and researchers have successfully integrated blockchain and NFC into various applications, such as supply chain management and financial recordkeeping. The combination of NFC and blockchain allows for a single system to address the various weaknesses of both technologies. For instance, while NFC allows for near-field communication, blockchain ensures that its tags are not tampered with by anyone.
Although the various aspects of blockchain and NFC are well-studied, innovations are currently in development due to the limitations of these technologies.
Some of the biggest companies in the cloud and software industry, such as Accenture, Baidu, and IBM, have started offering supply chain-focused blockchains. These include versions of blockchain that are part of open-source groups or industry associations, and those that are in a blockchain-as-a-service (BaaS) format. Customers can use a software-defined blockchain to implement it into their existing systems.
For instance, IBM Food Trust is a suite of solutions that help improve the efficiency and safety of the food supply. It is a blockchain-based record of all the details of the food supply that can be accessed by various participants, such as retailers, wholesalers, and processors. This solution is designed to help prevent bottlenecks in the supply chain and ensure that the food that is produced and consumed is safe and meets the strictest regulatory requirements.
The demand for blockchain-based solutions is expected to grow significantly in the next few years. According to a report by ABI Research, the global revenue from the market for distributed ledger technologies is expected to reach over 13 billion dollars by 2024.
Implementing NFC Blockchain
NFC blockchain is already in use by various companies and products in the market. Among the early implementers is Plutus, a UK-based bitcoin startup that launched a test version of its mobile app in 2015 that uses Near Field Communication (NFC) technology. The app successfully performed a successful test at a Whole Foods store in the US.
A more recent application, Cryptoseal is a product created by Chronicled, an adhesive strip containing an NFC chip. The chip contains a product's unique identifiers. Manufacturers can modify the strip size to accommodate their products and easily attach them to any item. The strip contains the manufacturer's identity, the object's packaging, and any metadata related to the product.
The manufacturer then uses the Ethereum blockchain to validate the information contained in the strip. It ensures that the product is genuine and authentic. This product is the beginning of a new era in tamper-resistant packaging that will allow the supply chain to have more secure and authentic transactions.
NFC technology can be used with blockchain to enhance efficiency of anti-counterfeit which is commonly used in tracking products, the blockchain can be used to enhance the efficiency of anti-counterfeit solutions. It provides a level of security that's not available with other methods, such as the use of private keys.
Although NFC blockchain is expected to be widely used in the near future, retailers still need to upgrade their equipment to support the technology. In the meantime, consumers still have to carry their payment cards.
What is Near-Field Communication (NFC)?
In simple terms, Near-Field Communication is a short-range wireless technology that allows the fast transfer of information from one device to another with a single touch. It is commonly used in payment cards, mobile devices, and tablets.
What is a simple explanation for blockchain?
Blockchain is the technology behind digital currencies such as Bitcoin, Ethereum, and Cardano. It is unique in that it only allows data to be shared and not copied, ensuring that each piece of data is unique and can have only one owner.
Where are NFC tags?
NFC tags and info cards are tags with a bit of storage memory and a radio chip attached to an antenna formatted to be used with NFC systems.
How does NFC communication work?
Near field communication is a type of wireless communication that allows two close devices to communicate.
Is NFC a Bitcoin?
The simple answer is no. Bitcoin is a form of cryptocurrency based on the blockchain. At the same time, NFC is a short-range wireless technology that allows a fast transfer of information from one device to another with a single touch.
Is RFID a blockchain?
RFID (radio-frequency identification) is the technology that allows us to identify things using radio waves, and NFC is a subset of this technology.
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