The Rise of Digital Identities in Today’s Business World
The latest digital technologies are transforming the way people do business. Outdated approaches towards products and customers won’t make the cut for brands hoping to stand out from the crowd. That is why major business organizations are choosing to digitize their products and services. When it comes to creating a digital identity, blockchain technology is the right way to go.
What are digital identity solutions, and why are they so popular?
A digital identity (also known as an NFT) is created to mirror the journey and transactions related to a physical product on the blockchain network. Brands enable digital product identities using blockchain systems for the following reasons:
1. To ensure end-to-end traceability of each physical product along the supply chain system:
Creating digital products makes it possible to track, trace and record provenance from start to finish. It helps in ensuring accountability for each link in the supply chain, and boosts efficiency in managing products.
Example: A meat product is processed several times until it reaches the customer, and there needs to be multiple quality, safety and health standards followed along the way. By enabling meat traceability from the farm to the table using digital identities, meat brands can ensure that all the steps happen smoothly, and that all the right practices are followed.
2. To employ digital anti-counterfeiting solutions that protect product authenticity and brand integrity:
Blockchain technology makes it possible for brands to protect their product data by storing it under secure digital assets. All valuable business documents and certificates can be kept safe from manipulation and tampering. This is a great way to tackle counterfeiting issues across the supply chain, and also safeguard brand integrity.
Example: The luxury goods industry is highly prone to counterfeiting issues. By assigning digital identities to each valuable product, luxury brands can prevent unauthorized sales, keep up with counterfeiting trends, and so on.
3. To deepen the connection and interaction between products and customers digitally:
By employing intelligent labelling solutions using digital product identities, brands can create digital experiences for their customers, and also boost product-consumer interactions. NFTs also make it possible for customers to access worthwhile post-purchase benefits.
Example: The competitiveness of the beauty industry makes it difficult for growing brands to make a mark. In such cases, digitization can go a long way in connecting consumers to their products, and helping them make the most of their purchases.
What makes the Authlink platform ideal for creating digital products?
As it has been established, the creation of smart product identities offers brands a feasible way to stay ahead of the competition, and eventually boost sales. The Authlink platform operates with blockchain technology, and offers the following benefits for business organizations looking to digitize their products:
- Time and cost effectiveness in digital identity management
- Security in storing digital asset data
- Convenience in tracking digital product status in real-time
- Ease in transferring and disabling the ownership of digital assets
Is your brand interested in digitizing products through blockchain? Sign up for a free 12 month trial of Authlink beta here, or sign up for a demo of the platform here.
Find out more about our services at https://authlink.com