PDF Publication Title:
Text from PDF Page: 012
pseudonymity can be overcome (Tschorsch and Scheuermann, 2016). Several interviewed experts indicated potential legal issues as data privacy laws might be breached. Aside from integrity and privacy, availability is a key factor of a secure system (Vacca, 2013). The Ethereum blockchain which is the protocol used as the basis for our prototype ensures virtually no downtime (Vermeulen, Fenwick and Kaal, 2018). DO5 – Validation: Verifying the ownership of tickets worked fine in our simulations. Due to the transparency of all transactions conducted with the smart contract, users are able to verify the correctness of their actions at any time (Beck et al., 2016). The only prerequisites are internet access and the possession of the cryptocurrency Ether, as function calls are not free from transaction costs. If not enough gas is provided, which has to be paid for using the cryptocurrency Ether, interactions with the smart contract will fail (Delmolino et al., 2016). However, as a recent proposal shows, it is also possible to set up a network of smart contracts to pay the gas costs instead of the user (Weiss, Tirosh and Forshtat, 2018). Additionally, the propagation time for the use of access control at the event location of takes time which might not suffice for scenarios where low latency is required (Cai et al., 2018). As reading all ticket permissions directly from the blockchain might not be feasible, caching of data just before the start of an event could be a workaround. DO6 – Transparency: As the transaction data is immutably stored on the blockchain, a record of ticket ownership is maintained. The open nature of the Ethereum blockchain allows anyone to view and thus verify the current owner of a ticket at any given time. However, viewing ownership only returns the Ethereum account or smart contract owning a ticket. Due to the pseudonymous nature of the blockchain, no details on user identity are known, unless effort is taken to uncover the true identity behind the account or perform KYC to identify users beforehand (Cai et al., 2018). To achieve full transparency KYC is necessary as any entity can own multiple Ethereum addresses [expert #3]. Higher transparency would be met with resistance by many event organizers due to fear of uncovering illegal side deals, such as withholding special contingents of tickets not visible for the public that are dealt behind the back for special favors [expert #2]. DO7 – Automation: As our simulation successfully showed, the event organizer is free from the need to take any manual action after the initial deployment of the smart contract. However, in case of errors being made in the setup phase, the event organizer can only correct these by sending transactions to the smart contracts which cost transaction fees. Thus, the organizer needs to properly fund the account in advance. DO8 – Cost efficiency: Simulating the deployment of the prototype showed that the expected gas amount required of 5 million gas costs about 0.01 Ether. The corresponding amount in fiat currency such as USD or EUR depends on the current exchange rate, which is highly volatile (Rimba et al., 2018). At the time of our simulation, it corresponded to about 1 USD (EthGasStation, 2019). Rising Ether prices could increase the costs substantially and lower cost efficiency [expert #6]. For event attendees, transaction fees for each interaction with the smart contract are substantially lower. However, despite lower costs, the fact that users are constantly reminded that any interaction with the prototype comes with a small fee might lead some users to prefer a centralized solution, where prices are more hidden instead (Beck et al., 2016). Discussion of General Benefits and Challenges Aside from our findings related to the use case of event ticketing, our literature research and expert interviews revealed further benefits and challenges for NFTs in general. We briefly discuss these discoveries here and present potential ways to overcome each of the problems we discovered. A key benefit of NFTs is representing uniqueness better than any blockchain-based instruments before [expert #3]. They can help to make assets programmable and enhance liquidity and security. Even for assets with certain fungible aspects, a better differentiation can be achieved if NFTs are used rather than fungible tokens [expert #3]. Thanks to these benefits, NFTs enable new use cases for blockchain technology and have the potential to improve existing blockchain systems by simplifying it [expert #1]. Two main use cases can be distinguished. First, tokenization of digital goods is a perfect fit for NFTs as they can guarantee authenticity and uniqueness [expert #4]. Tickets could be considered as a bundle of rights and thus the tokenization of rights in general could be considered a viable use case for blockchain-based systems and specifically NFTs as well [expert #3, #5]. During research of grey literature, we found several use cases that provide further evidence that NFTs are useful such as the enablement of new business models for software licenses and new form of ownership in digital art (0xcert, 2018; Griffin, 2018). Second, NFTs are ideally suited to represent physical assets in the digital sphere [expert #4, #7, #9]. A resulting increase in the Fortieth International Conference on Information Systems, Munich 2019 12 Non-Fungible Tokens as Event TicketsPDF Image | NFTs in Practice
PDF Search Title:
NFTs in PracticeOriginal File Name Searched:
wi-1045.pdfDIY PDF Search: Google It | Yahoo | Bing
NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
IT XR Project Redstone NFT Available for Sale: NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Be part of the future with this NFT. Can be bought and sold but only one design NFT exists. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info
Infinity Turbine IT XR Project Redstone Design: NFT for sale... NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Includes all rights to this turbine design, including license for Fluid Handling Block I and II for the turbine assembly and housing. The NFT includes the blueprints (cad/cam), revenue streams, and all future development of the IT XR Project Redstone... More Info
Infinity Turbine ROT Radial Outflow Turbine 24 Design and Worldwide Rights: NFT for sale... NFT for the ROT 24 energy turbine. Be part of the future with this NFT. This design can be bought and sold but only one design NFT exists. You may manufacture the unit, or get the revenues from its sale from Infinity Turbine. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info
Infinity Supercritical CO2 10 Liter Extractor Design and Worldwide Rights: The Infinity Supercritical 10L CO2 extractor is for botanical oil extraction, which is rich in terpenes and can produce shelf ready full spectrum oil. With over 5 years of development, this industry leader mature extractor machine has been sold since 2015 and is part of many profitable businesses. The process can also be used for electrowinning, e-waste recycling, and lithium battery recycling, gold mining electronic wastes, precious metals. CO2 can also be used in a reverse fuel cell with nafion to make a gas-to-liquids fuel, such as methanol, ethanol and butanol or ethylene. Supercritical CO2 has also been used for treating nafion to make it more effective catalyst. This NFT is for the purchase of worldwide rights which includes the design. More Info
NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
Infinity Turbine Products: Special for this month, any plans are $10,000 for complete Cad/Cam blueprints. License is for one build. Try before you buy a production license. May pay by Bitcoin or other Crypto. Products Page... More Info
| CONTACT TEL: 608-238-6001 Email: greg@infinityturbine.com | RSS | AMP |