The US Postal Service will quickly be moving into the nonfungible token market. To not launch art work or music, however quite to assist clients buy postage.
In an announcement on Tuesday, communications-as-a-service platform CaseMail said the USPS had licensed its postage nonfungible tokens, or NFTs, to be used in the USA. The tokens are digitally stamped on the USPS’ ePostage labels and the bodily merchandise being mailed, making a verifiable chain of custody for digital and bodily belongings, as all information is recorded on the blockchain.
“Utilizing NFTs to assist shield a course of that is each acquainted and vital to everybody — mailing a letter or bundle — helps demystify this vital new expertise,” stated CaseMail founder and CEO Joe Ruiz. “It’s merely postage printed from the blockchain.”
The corporate will first provide the postage tokens “completely for authorized professionals and authorities businesses,” with a rollout deliberate for the second quarter to incorporate partnerships with suppliers of client and enterprise companies. The federal government company reported $73.1 billion in income from postage and different companies in fiscal 12 months 2020, that means digital postage stamps could possibly be tapping into a big market.
CaseMail’s use case for NFTs is a part of a seemingly bigger pattern for corporations to include real-world information on tokens. This 12 months, people and expertise companies have used NFTs to geotag road artwork and develop a tool able to recording and encrypting temperature, air high quality and different information to tokens in a proof-of-presence verification.