I have been reading again and ran into a wonderful obfuscation of new technology. I refer to the term NFT or non-fungible token which is the technique or new technology being used to secure large transactions or to securely identify objects of value. This is a technique most easily understood when it is used with blockchain transactions thereby guaranteeing a secured transaction of a unique item (non-fungible).
Blockchain is a maturing technique for performing secure electronic transactions, exactly like the transaction when you make an order through Amazon. A blockchain is a completed transaction complete with redundant replicas held “in the open” (on the internet), security is enhanced because each participant has a complete record (or exhaustive ledger) of the transaction, by including non-fungible tokens, the item(s) become unique, greatly enhancing access for the intended owner while making it much more difficult to interfere with the intended delivery.
NFT’s are simply another means of improving the security of transactions (generally electronic transactions). No doubt we will find other uses; but, this is an adequate purpose for developing such a technology. The ability to create and securely exchange unique tokens simply makes any electronic transaction utilizing this technology far more secure. Previously, the combination of large prime numbers in a complicated series of formulas provided this security function; but like any mousetrap, the mice (hackers) eventually learn to breach and claim the cheese.
Security on the internet is not a fixed point; but, rather a moving target that requires constant innovation and vigilance. The more attractive the prize, the harder the hackers of the world will work to breach that security. Unfortunately, as they develop new tools and techniques for circumventing existing security systems and practices, they will sell that knowledge to finance their future attacks and developments. We, the consumers, get run over in the wash as amateur hackers gain access to professional tools and techniques. I believe that our best defense is to remain uninteresting.