Korea NFT Certificate Authority (KNCA) opens a blockchain-based NFT re…
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[World Biz = Reporter Park Hye-sun] Korea NFT Certificate Authority (KNCA) announced on the 3rd that it will start issuing certified copies of NFT registers and certificates using blockchain technology.
KNCA announced that the NFT registration and certification technology has completed patent registration, and the technology research institute has recently passed Yonsei University-related examinations and moved into the Institute of Engineering to start NFT registration and certification work in earnest. It is a service that anyone can easily and conveniently solve NFT registration and authentication at once.
Through the ‘NFT Registry in Life’ built by KNCA, anyone can easily store their items in the blockchain at low cost, the stored encrypted blockchain information can be decrypted in the form of various certificates or registered copies that can be easily recognized, the company said.
KNCA explained that by developing and acquiring a patent for an online NFT certificate issuance system and an offline NFT unmanned issuance machine, NFT can be practically used in various asset activities.
'NFT (Non Fungible Token)' is a technology that utilizes blockchain and has an irreplaceable characteristic by storing a unique value for each item in the blockchain. NFTs can be applied and managed to most items that have a unique value in life, such as game items, limited editions, and artworks. So far, digital creations can be reproduced infinitely, which has diluted their rarity and value, but when applied with NFTs, it is possible to prove the value of ownership and copyright, KNCA said.
The biggest difference of the KNCA certification system is the differentiated digitization technology that can turn analog real assets into NFTs using electronic chips and slab package patents developed with proprietary technology. In addition, in order to solve the problem of blockchain oracle storage issues, reliability and transparency were strengthened by distinguishing general verification, confirmation verification, and due diligence verification in the authentication and verification phases and storing them in the blockchain.
For example, simply using the NFT issuance service is rated ‘General’, and when the applicant directly submits and confirms related documents and signatures, ‘Confirmed’ grade, when the applicant directly requests due diligence to KNCA or an external organization and completes the verification, the ‘verification’ grade is given and stored in the blockchain. It is a system that can receive the highest rating only when the actual certification authority completes due diligence, and it is a system that has secured reliability in NFT transactions.
The due diligence verification plans to secure public confidence by having a professional committee composed of experts in the related field, KNCA said. Through this, it is a policy to block in advance the copyright dispute in the NFT field, which has recently been controversial. In recognition of these innovative technologies and business models, KNCA has already won the IR investment category at the 2021 NFT Busan Global Event held in Busan, a blockchain special zone last year.
“The NFT authentication technology developed by KNCA is a technology that enables secure ownership and asset management not only for digital assets but also for analog real assets,” said Kim Seung-il, CEO of Korea NFT Certificate Authority. He added, “Through KNCA, a global NFT trading and verification ecosystem will be built, and our goal is to become a global company through this,” he said.
