4 Real-World Use Cases Enabled by Space and Time and Instruxi
As blockchain technology becomes increasingly integrated into traditional industries, data solutions that operate at the intersection of Web2 and Web3 are more important than ever. Instruxi and Space and Time have partnered to facilitate secure and transparent data sharing for a blockchain-enabled world. Together, Space and Time and Instruxi are redefining industries, solving real-world problems, and driving the adoption of decentralized solutions. Here’s a look at four use cases enabled by Space and Time and Instruxi.
1. Tokenizing real-world assets
Instruxi partnered with one of its clients, ION Digital, for their Chainlink 2023 Spring Hackathon submission: a compelling real-world use case of digitizing gold reserves buried underground. Data representing claims about these reserves is stored in Space and Time. ION Digital queries Space and Time to review the claim data, and the Instruxi Neutrino engine mints a policy against who can access it, why they can access it, and how they're going to access it. The policy is effectively an NFT showing that they own the underlying security and all of the data associated with it.
Proof of SQL provides verification that the data wasn't manipulated before the policy was minted on-chain. For example, if you know a token ID is worth 1,000 ounces of gold, you can fetch that value of 1,000 from the Space and Time database along with a proof that the value was untampered. Space and Time can show provenance and ensure decentralization throughout the entire process: from the point of consuming a token, to minting that token, to the third-party auditors participating in building the reserve.
2. Mitigating space junk collisions
When a space agency blows up a satellite, it causes a littering of junk that can damage other spacecraft. Because each of these agencies wants to keep the data around their satellites private from other parties, it’s difficult to communicate effectively when and where an explosion will occur. Instruxi is working to build a data trust that allows space agencies to share private data from multiple sources across a network to minimize the effects of planned explosions.
Space and Time acts as the database layer, facilitating the secure management of the private data. With Space and Time, these parties can load private satellite data into the database, where it’s encrypted throughout its lifecycle, and only share the most important information required to mitigate damage with other parties. Those parties have assurance that the data being shared is accurate and tamperproof, cryptographically guaranteed by Proof of SQL.
3. Tokenizing patient records
As a patient moves throughout different parts of a hospital or between medical facilities, their data moves with them. Instruxi is working to tokenize this data in order to provide patients more transparency and control over when, where, and how their records are accessed. The off-chain patient data can be loaded into Space and Time, encrypted, authorized by role-based access controls, and minted as a token verified by Proof of SQL. The patient knows that their data is being accessed only by the authorized parties, and healthcare providers have verifiable assurance that the data they’re receiving is accurate and untampered.
4. Dynamic real estate NFTs
Blockchain technology and NFTs laid the foundation for exciting new use cases in real estate and the ownership of other real-world assets, but traditional NFTs only represent a static snapshot of data. Dynamic NFTs can address use cases where the metadata is inherently dynamic, such as the changing value of a property. Instruxi is building a framework to connect real-world property data to dynamic NFTs.
Instruxi provides the necessary connections that any frontend might need to effectively render a property's realtime data stored in Space and Time. In this case, the NFT possesses a metadata URI that contains enough peripheral information about the underlying real estate asset. This enables the holder or any frontend application to fetch up-to-date data about the property from Space and Time whenever required.
The tokenization of real-world assets represents the potential of blockchain technology to enact transformative progress in our everyday lives. As Web2 and Web3 continue to converge, projects like Space and Time and Instruxi are pioneering new paradigms for decentralization, trustlessness, and real-world innovation.