What are SoulBound Tokens? SoulBound Tokens are NFTs but of a different variety. They are non-transferable and public-verifiable digital tokens. Let's take a closer look.
What are SoulBound Tokens?
Soulbound tokens are non-transferable. Once you have one, it is always in your identity and personal wallet. It cannot be transferred to another person or sold. They are thus perfect for digitally representing resources like credentials, reputation, medical records, etc. that cannot be purchased.
As they cannot be transferred, they are permanently connected to the user, just like in the aforementioned examples. The token's owner then has control over who has access to the data it contains. They may also limit access as they see fit. SBTs thus provide A solution for people who want the most control possible over their personal data. Allowing the management of data in token form, rather than kept on a central database.
What are SoulBound Token Use Cases?
SBTs have a wide range of use cases. Some of them include:
Education history and work resume
In important institutions, like education, it is used as proof. Students' respective certificates can be found in the institution's Soul wallet once they graduate. The student's credentials would be kept by the SBT. information, individual achievements, and employment credentials in line with this idea. Hence, it can be used as a digital resume for job seekers and workers looking for improved prospects.
Credit history
Also, it can give creditors access to borrowers' credit history, which may encourage them to extend credit because it shows that the borrower is diligent about making payments.
Medical records
The ability to switch doctors or apply for insurance more easily is made possible by having a medical record as an SBT. It helps eliminate the pain points of verifying one's identity, and past medical records and explaining medical history while switching doctors.
What are SoulBound Tokens? What are SoulBound Token Use Cases? - Hopefully, this article can help you to get some knowledge.
