NFT Technology for Enhanced Global Digital Registers: A Novel Approach to Tokenization

Oleksandr Kuznetsov (), Emanuele Frontoni, Kateryna Kuznetsova, Ruslan Shevchuk () and Mikolaj Karpinski
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Oleksandr Kuznetsov: Faculty of Engineering, eCampus University, Via Isimbardi 10, 22060 Novedrate, Italy
Emanuele Frontoni: Department of Political Sciences, Communication and International Relations, University of Macerata, Via Crescimbeni, 30/32, 62100 Macerata, Italy
Kateryna Kuznetsova: Department of Information Engineering, Marche Polytechnic University, Via Brecce Bianche 12, 60131 Ancona, Italy
Ruslan Shevchuk: Department of Computer Science and Automatics, University of Bielsko-Biala, 43-309 Bielsko-Biala, Poland
Mikolaj Karpinski: Institute of Security and Computer Science, University of the National Education Commission, 30-084 Krakow, Poland

Future Internet, 2024, vol. 16, issue 7, 1-44

Abstract: In the rapidly evolving field of digital asset management, centralized and decentralized global registries have become essential tools for organizing, tracking, and distributing digital assets. However, existing systems often face challenges regarding security, censorship resistance, interoperability, customizability, and scalability. This research paper aims to address these gaps by proposing a novel decentralized global registry system based on blockchain technology and non-fungible tokens (NFTs). The research paper makes several key contributions to the field of digital asset management. First, it provides a detailed system design for the proposed decentralized global registry, outlining its architectural components, functional modules, and integration with blockchain and NFT technologies. Second, it offers a thorough comparative analysis of the advantages and limitations of the proposed system in relation to existing centralized and decentralized registries. Finally, the paper presents potential use cases and practical applications of the proposed system in various industries, demonstrating its versatility and adaptability to different contexts and requirements. In conclusion, this research paper contributes significantly to the ongoing efforts to improve digital asset management by presenting a novel, decentralized global registry system based on blockchain technology and NFTs. The proposed system addresses the key limitations of existing solutions and offers a promising direction for future research and development in this critical field.

Keywords: non-fungible tokens; digital registers; blockchain technology; tokenization (search for similar items in EconPapers)
JEL-codes: O3 (search for similar items in EconPapers)
Date: 2024
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