Web3 and Blockchain for Modernizing the Reseller Market
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Published version
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https://hdl.handle.net/11250/3119044Utgivelsesdato
2023Metadata
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Originalversjon
10.1109/BCCA58897.2023.10338900Sammendrag
This paper presents a proof-of-concept (PoC) that leverages Web3 technology, specifically blockchain and Non-Fungible Tokens (NFTs), to create a secure, transparent, and fair reseller market without the need for a trusted third party. The PoC demonstrates that NFTs can be used to authenticate items, build trust between parties and establish verifiable product own-ership. By paralleling NFT transfers with the sale of items, the practicality of selling counterfeit goods is reduced. Furthermore, the blockchain-based storage of product information enables verification of origin, history, and authenticity by any involved party, fostering transparency and equal access to information for buyers and sellers. We demonstrate that Web3 technology can effectively address critical issues in traditional reseller markets, offering substantial benefits to all parties involved.