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Evaluation Results and Discussion DO1 – Digitization: Our simulation reveals that the whole workflow can be processed without the need for any physical representation of the data. Full digitization is achievable in principle, especially for the process of buying and selling tickets [expert #5]. However, fallback mechanisms are advisable to include less sophisticated users such as generating QR-codes that encode the id of the ticket. The user could then decide whether to print out the ticket or show it digitally on the phone [expert #1]. DO2 – Secondary Markets: NFTs enable us to embed logic in digital assets such as event tickets themselves, rather than embedding logic in the applications that control assets. The prototype shows that embedding business rules for transfer on event tickets works and enables event organizers to stay in control of the process, set price limits and charge ticket sellers a defined fee. A hard-coded logic is superior to governance or regulation that requires the monitoring of actual user behavior and enforcement of rules by human actors (Waltl, Sillaber, Gallersdörfer and Matthes, 2019). It is much easier to collect a fee from the seller of a ticket if it is automatically deducted or to prevent transactions altogether, rather than requiring the seller by law to obey certain rules (Davidson, Novak and Potts, 2018). Thus, we consider the prototype as both more effective and more efficient than currently existing ways to control secondary market transactions. The only weakness we discovered is a scenario, where users circumvent the system altogether by transferring the private key of an Ethereum account that owns an event ticket itself, rather than exchanging the ticket within the system [expert #6, #7]. This could be prevented by the implementation of KYC measures, which verify the identity of a user of a blockchain address [expert #6, #7]. KYC itself is a hot topic among practitioners and researchers at the moment and could also be realized using a blockchain- based system (Parra Moyano and Ross, 2017). DO3 – Independence: To become independent of intermediaries, event organizers and event attendees require a system that operates in a trust-free way. Using blockchain technology, users can trust the rules which are enforced automatically and cannot be manipulated (Beck et al., 2016). As every Ethereum node processes and validates transactions independently, the only trust required is in the underlying blockchain protocol (Glaser, 2017). However, trustlessness is not only a property of the platform but also of every individual smart contract (Fröwis and Böhme, 2017). Our interview partners generally agreed that independence from intermediaries can be achieved and the design objective is met. However, several experts highlighted that the most realistic use case for our NFT-based prototype would be the integration with existing platforms to benefit from the aggregation of users. Existing dependencies on intermediaries are replaced with a new dependence on technical intermediaries such as smart contract developers [expert #5]. DO4 – Security: Our literature research revealed that security of a blockchain-based system is dependent on the general security of the underlying blockchain protocol and the security of individual smart contracts. The former faces security risks such as a 51% attack, where a single entity holds the majority of computing power (Choi et al., 2016). Operational risks include forks, that can happen if the developer community disagrees over important issues. This can result in several competing versions of the code base and could compromise the integrity of a blockchain protocol (Lindman et al., 2017). The latter faces security risks that origin from coding errors, a fact that we acknowledged at the beginning of our process and tried to mitigate as far as possible. The use of well-audited code from OpenZeppelin as a basis for our implementation is an effective measure to reduce the attack surface of our smart contracts [expert #4]. Despite these measures, it cannot be ruled out that the application is vulnerable. Penetration tests by security professionals would be a valuable contribution (Vacca, 2013). Operational errors, such as the redeployment of new smart contract versions open further possibilities for human error. Yet, a scenario where users are misled to interact with an outdated or even a fraudulent version of the smart contract, instead of the valid one, could be imagined and poses a problem. Additionally, the account security of the event organizer could be compromised in case the private key securing it is obtained by a malicious party [expert #1]. Thus, trust in the security measures taken by the event organizer is critical for the overall security of the system. We tried to limit the potential damage of such a scenario by effectively restricting the options of the owner to change parameters and pause transactions. Ownership of tickets itself would still be protected in such a case, thanks to the use of NFTs, which embed rules to only give current owners certain permission (Entriken et al., 2018). NFTs also help to ensure the integrity as they guarantee uniqueness of tickets by design [expert #4]. The prototype does not provide a high level of privacy for users, as the Ethereum blockchain is public and uses pseudonymous identities. Researchers have shown that with limited effort, privacy based solely on Fortieth International Conference on Information Systems, Munich 2019 11 Non-Fungible Tokens as Event TicketsPDF Image | NFTs in Practice
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