South Korea’s BC Card has unveiled a pioneering use case for non-fungible tokens (NFTs) by developing technology that transforms payment receipts into blockchain-based NFTs. The company has applied for two domestic patents for this technology, aimed at confirming purchase details during the trading of pre-owned luxury items.
NFTs are distinct blockchain tokens that hold unique attributes, rendering them irreplaceable and non-duplicable. BC Card’s innovative process converts a payment receipt into an NFT through its Paybooc application. Users can upload a photo or file of the receipt, which is then automatically transformed into an NFT on the blockchain.
BC Card is also set to release a digital wallet that allows users to read, send, and receive NFT receipts. This move eliminates the need to download receipts from credit card issuers’ websites or apps, especially in cases of loss or damage. Additionally, after a certain period following the purchase, reissuing a receipt becomes challenging, adding an extra layer of security.
Notably, this novel application leverages blockchain technology to prevent counterfeiting or tampering of receipts. BC Card’s spokesperson highlights that the technology also mitigates the risk of data loss since distribution and storage on servers provide enhanced protection.
BC Card envisions its NFT receipt technology as a “digital guarantee” catering to the burgeoning market for secondhand luxury goods. This market has been expanding rapidly, particularly in high-end luxury bags, watches, and limited-edition sneakers. The company’s innovative solution aligns with this trend and bolsters consumer confidence in the authenticity of pre-owned items.
The Korea Internet & Security Agency predicts substantial growth in the domestic used goods market, from 24 trillion won ($18.1 billion) in 2021 to over 30 trillion won in the present year. Furthermore, BC Card intends to capitalize on the data from registered payment receipts by integrating it into its AI-powered consumption analysis, enabling hyper-personalized marketing efforts.
