One of many main advantages of blockchain expertise is the flexibility to document and seize info in a everlasting, tamper-proof document. As soon as information is on a blockchain community, it can’t be altered, making it a really perfect answer for record-keeping.
Tokenized property, reminiscent of nonfungible tokens (NFTs), will also be positioned on a blockchain. This could confirm possession whereas demonstrating that sure occasions occurred at explicit occasions. For instance, the Meta Historical past Museum tokenized information from the struggle in Ukraine in Could 2022, inserting the knowledge on a blockchain community to protect information of the struggle.
Guaranteeing that particular occasions happen can also be changing into extra vital than ever as a result of rise of synthetic intelligence (AI) and its potential to generate deep fakes, together with historic photographs which will seem practical.
NFTs for preserving cultural heritage
Preserving info utilizing decentralized applied sciences is gaining traction. For example, Muhammad Neil El Himam, deputy chairman for digital financial system and artistic merchandise in Indonesia’s Ministry of Tourism and Artistic Financial system, advised Cointelegraph that he just lately shaped a partnership with Quantum Temple — a privateness firm utilizing NFTs for preservation — to assist keep the nation’s cultural heritage. Himam defined that NFTs might be sure that heritage will be preserved and created with out limits:
“I believe that NFTs can contribute to preserving Indonesia’s cultural heritage while enhancing virtual tourism. NFTs may also be a medium in ushering in the next billion users into the crypto space, especially if the NFT elements of the cultural heritage are well-known and appreciated.”
Linda Adami, CEO of Quantum Temple, advised Cointelegraph that her agency developed a multichain NFT market to convey cultural heritage and tourism to the Ethereum and Algorand blockchain networks. Adami defined that the platform is working intently with Indonesia’s Ministry of Tourism and Artistic Financial system to tokenize tangible and intangible cultural heritage as distinctive digital property.
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“Digital representations include traditional ceremonies, craftsmanship, and knowledge of nature and our universe, but also musical and oral expressions, dances and pilgrimages. By tokenizing cultural heritage, three critical areas of value are created: immutable archives of culture, transparent alternative income streams through royalties, verified provenance and recognition for cultural creators,” she acknowledged.
On March 21, 2023, Quantum Temple launched its “Paths to Alangö” NFT assortment at L’Atelier des Lumières in Paris, France, throughout Paris Blockchain Week. “The collection includes 11 unique NFTs that represent different aspects of Balinese cultural heritage, such as dances, temples, landscapes and philosophy. The NFTs are created by local artists and cultural heritage experts,” Adami mentioned.
Adami mentioned that technological improvements reminiscent of blockchain might play a major function in addressing key challenges inside a rustic’s cultural sector.
“Authenticity and quality are fundamental to cultural heritage’s tangible and intangible value. Blockchain can be used to create an immutable and invaluable record that recognizes authorship and guarantees the authenticity and provenance of creative assets,” Adami remarked.
Harry Halpin, CEO and co-founder of decentralized privateness platform Nym, advised Cointelegraph that documenting issues like cultural artifacts is changing into vital to forestall manipulation. In keeping with Halpin, blockchain expertise is among the finest methods to make sure this, noting that Nym has been working with the decentralized storage supplier Filecoin to doc struggle crimes on its blockchain community.
With this potential in thoughts, Himam believes that it’s extremely seemingly different areas will incorporate blockchain components sooner or later. “Indonesia is just one example of many developing countries that have begun to explore the potential of these technologies,” he mentioned.
Whereas tokenized digital property may very well be an answer for preserving vital info, regulatory and technical challenges could hamper adoption. For example, whereas Himam is bullish on blockchain expertise, he famous that regulatory uncertainty inside the area would possibly create friction.
Himam mentioned that Indonesia’s Commodity Futures Buying and selling Regulatory Company controls how blockchain expertise is utilized domestically. “Crypto assets are categorized as a commodity that can be used as the subject of futures contracts traded on an exchange,” he mentioned. Nonetheless, he added that as Indonesia begins to implement extra blockchain use circumstances, the federal government will begin to set up clear laws and insurance policies on how decentralized applied sciences may very well be utilized.
It’s additionally notable that Indonesia’s nationwide crypto alternate is scheduled to be accomplished in June 2023. In keeping with Himam, Indonesia is exhibiting clear curiosity in cryptocurrency adoption. “The country has created regulations around cryptocurrencies and is encouraging their use,” he mentioned.
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Nonetheless, Indonesia’s technical infrastructure might create challenges for tasks utilizing decentralized networks. Himam identified that blockchain-based applied sciences require specialised infrastructure, reminiscent of digital wallets, which is probably not extensively accessible in sure areas in Indonesia. This, coupled with the truth that most Web3 tasks require expert professionals, might lead to sluggish regional innovation.
Regardless of the challenges, Quantum Temple’s Adami believes that Asian establishments often is the furthest alongside in understanding blockchain-based use circumstances. “The Indonesian Ministry of Tourism and Creative Economy leadership understands how NFTs could offer a new funding model for the cultural and creative sector while also protecting the intellectual property rights of artists,” she remarked.