The Deputy Minister of Tourism and Creative Economy of Indonesia shows how NFTs and bitcoin might assist Indonesia overcome social and economic concerns.
The capacity of blockchain technology to preserve and capture information in a permanent, tamper-proof record makes it a perfect solution for record-keeping. Tokenized assets, such as nonfungible tokens (NFTs), can also be placed on a blockchain to prove ownership while also establishing that specific actions occurred at specific times.
Quantum Temple focus
Due to the advent of artificial intelligence (AI) and its potential to make deep fakes, as well as historical photos that appear realistic, blockchain technology is becoming increasingly crucial. Quantum Temple, a preservation-focused technology firm, has created a multichain NFT marketplace to bring cultural heritage and tourism to the Ethereum and Algorand blockchain networks.
NFTs can be used to tokenize tangible and intangible cultural heritage as unique digital assets, resulting in immutable cultural archives, transparent alternative income sources through royalties, and acknowledgement for cultural artists. During Paris Blockchain Week, Quantum Temple debuted their “Paths to Alangö” NFT collection at L’Atelier des Lumières in Paris, France.
The collection features 11 one-of-a-kind NFTs designed by local artists and cultural heritage experts that represent various parts of Balinese cultural history. Blockchain technology has shown to be an asset and a guarantee of authorship.
Blockchain technology benfits
According to Harry Halpin, CEO and co-founder of decentralized privacy platform Nym, blockchain technology is one of the greatest ways to achieve this, noting that Nym has been collaborating with decentralized storage provider Filecoin to document war crimes on its blockchain network.
However, regulatory and technical hurdles may prevent widespread implementation. Himam believes in blockchain technology, but regulatory uncertainties in the region may cause friction. The Commodities Futures Trading Regulatory Agency of Indonesia governs how blockchain technology is used in the country, and Indonesia’s national crypto exchange is set to open in June 2023.
Yet, Indonesia’s technical infrastructure, such as specialized infrastructure and qualified people, may provide obstacles for initiatives utilizing decentralized networks. Adami believes that Asian institutions are the most advanced in understanding blockchain-based use cases, and that the leadership of the Indonesian Ministry of Tourism and Creative Economy understands how NFTs could offer a new funding model for the cultural and creative sector while also protecting artists’ intellectual property rights.
Content Source: cointelegraph