Create a Blockchain Asset Tracking System Using an ERC-721-Inspired Smart Contract

November 16th, 2022 / By: / Published in: Blog

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Introduction

Most asset tracking currently is done using something as basic and as insecure as a simple spreadsheet. In some cases, the most sophisticated approach may be a database with custom software as an interface.

Both are extremely insecure and can be altered by an attacker. Let us imagine a company that distributes high-end computer boards, not only sells them but leases them to different types of organizations for testing, marketing, and more. If an attacker wanted to modify the provenance or history of this leased asset, it would be as simple as accessing the database or spreadsheet and changing a simple record.

Using multi-ownable smart contracts would prevent this kind of behavior by default, and asset tracking with NFTs can give better control of where each asset is and with some extra code give a lot more information than what can be stored and managed in a simple spreadsheet.

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