NFT, BLOCK CHAIN, AND ERP: A COMPARATIVE STUDYAND WAYS TO USE NFTS AND BLOCK CHAIN INSTEAD OF ERPS

Abstract

This study suggests that the emerging technology of NFT can be applied to business enterprises also. Itcontains a comparative study on NFTs (Non-fungible Tokens) and ERP systems (Enterprise Resource Planning). It shows how NFTs can be better and more secure record managing and tracking system than ERPs and how we can implement the use of NFTs in companies for data security and transparency. ERPs are a helpful resource, but not all enterprises can implement this system as it has its limitations, which are discussed further in this paper, and how NFTs can cover them up.In an article on ERP statistics on Oracle NetSuite,[1]it states that “The top three places ERP systems fall short for users is data accuracy, user experience and analytics.”Whereas, a NFT system has much more data accuracy and data storing features. The basis of this study started with research on the limitations of ERP systems, then, what NFTs are and their applications, and narrowing it down to specify how they can be used in business enterprises, due to theircharacteristics like decentralized database and data protection. This study states that NFT systems should be implemented in business enterprises to manage, track and record their transactions as it is way more secure as well as transparent, as they are built on blockchain. As NFTs, being an emerging technology, have a wide range of applications in various fields, they can also be found useful in the field of business. An ERP system also provides features like transaction recording, and monitoring, resources verification, data security, and visibility; however, an NFT system has these features, along with many other features as well, at a much more improved and higher level. This study gives the readers a clear idea of the objective that NFTs can be beneficial in all those aspects to make business operations more effective.