Tokenization of Business Process Models using the Blockchain Technology and Smart Contracts

Kopp, Andrii; Orlovskyi, Dmytro

doi:10.32782/cmis/3137-23

Cited by 3 publications

(2 citation statements)

References 11 publications

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“…Secondly, these platforms rely on smart contracts to manage ownership and transfer of tokens, which requires careful design to protect against potential hacks or exploits. Using established standards such as ERC-20 for security tokens or ERC-721 for non-fungible tokens is recommended [25]. Thirdly, tokenized platforms must be scalable to handle large volumes of transactions, which can be achieved through selecting appropriate consensus mechanisms such as PoW or PoS, implementing off-chain solutions such as sidechains or state channels, and optimizing transaction fees to pay network validators for their services to the blockchain [26].…”

Section: Implementing Tokenized Platforms: Best Practicesmentioning

confidence: 99%

“…By examining recent case studies, best practices for developing asset tokenization platforms have been identified. These practices include ensuring compliance with regulations, carefully designing smart contracts, scaling the platform appropriately, and prioritizing user experience [24][25][26][27]. Asset tokenization platforms hold significant potential as a use case for blockchain technology.…”

Section: Implementing Tokenized Platforms: Best Practicesmentioning

confidence: 99%

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Tokenized Markets Using Blockchain Technology: Exploring Recent Developments and Opportunities

Juan

Perez‐Bernabeu

et al. 2023

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The popularity of blockchain technology stems largely from its association with cryptocurrencies, but its potential applications extend beyond this. Fungible tokens, which are interchangeable, can facilitate value transactions, while smart contracts using non-fungible tokens enable the exchange of digital assets. Utilizing blockchain technology, tokenized platforms can create virtual markets that operate without the need for a central authority. In principle, blockchain technology provides these markets with a high degree of security, trustworthiness, and dependability. This article surveys recent developments in these areas, including examples of architectures, designs, challenges, and best practices (case studies) for the design and implementation of tokenized platforms for exchanging digital assets.

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Section: Implementing Tokenized Platforms: Best Practicesmentioning

confidence: 99%

Section: Implementing Tokenized Platforms: Best Practicesmentioning

confidence: 99%

Tokenized Markets Using Blockchain Technology: Exploring Recent Developments and Opportunities

Juan

Perez‐Bernabeu

et al. 2023

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Blockchain-based governance models supporting corruption-transparency: A systematic literature review

Ibrahimy,

Norta,

Normak

2024

Blockchain: Research and Applications

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Business Model Evolution in the Age of NFTs and the Metaverse

Madanchian,

Taherdoost

2024

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The dynamic progression of technology has induced a profound metamorphosis within the realm of commerce, ushering in novel prospects and trials for enterprises spanning diverse sectors. In contemporary times, the rise in non-fungible tokens (NFTs) and the conception of the Metaverse have ensnared the focus of corporate entities and visionary proprietors alike. This article explores the transformation of business frameworks during the era of NFTs and the Metaverse. It delves into traditional paradigms, clarifies the unique characteristics of NFTs, and examines their potential impacts on commerce. This article investigates the convergence of virtual reality (VR), augmented reality (AR), and blockchain technology within the Metaverse. To investigate these transformations, this study undertakes a comprehensive literature evaluation. The findings highlight how NFTs and the Metaverse have introduced new avenues for generating revenue and creating value. These advancements are achieved through the utilization of smart contracts and adaptable strategies that cater to evolving consumer behaviors. This article also addresses significant challenges in this landscape and provides a forward-looking perspective on the anticipated trajectory.

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Tokenization of Business Process Models using the Blockchain Technology and Smart Contracts

Cited by 3 publications

References 11 publications

Tokenized Markets Using Blockchain Technology: Exploring Recent Developments and Opportunities

Tokenized Markets Using Blockchain Technology: Exploring Recent Developments and Opportunities

Blockchain-based governance models supporting corruption-transparency: A systematic literature review

Business Model Evolution in the Age of NFTs and the Metaverse

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