BC Card to develop NFT as used luxury item receipt


South Korea’s BC Card on Sunday said it has applied for two domestic patents for payment receipt-based non-fungible token (NFT) technology to confirm purchase details when trading used luxury goods. 

An NFT is a unique blockchain-based token that cannot be exchanged or duplicated.

To convert a receipt into an NFT, a user uploads a picture or file of the receipt to Paybooc, BC Card’s simple payment app, which automatically saves a photo of it as an NFT on the blockchain.

An NFT receipt can be read, sent and received through a digital wallet coming soon from BC Card. This will remove the need for downloading the receipt from a credit card issuer’s website or app in case of loss.

Reissuance of the receipt is also difficult after a certain period has elapsed since purchase. 

“Receipts registered on Facebook cannot be counterfeited or tampered with because of the use of blockchain technology,” a BC Card source said. “Distribution and storage on the server also eliminate the risk of loss.”

BC Card said the technology for which it applied for patents will act as a…

Read more…