UML MODEL OF THE PROPERTY RIGHT DISTRIBUTION MODULE USING NFT FRACTIONALIZATION BASED ON BLOCKCHAIN TECHNOLOGY
Journal Title: International Science Journal of Engineering & Agriculture - Year 2022, Vol 1, Issue 3
Abstract
The article proposes UML diagrams of the property right distribution module using NFT fractalization based on blockchain technology, which allow to develop software for the implementation of the modern way of fractions generation according to the ERC-1155 standard. A blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party. This standard was chosen for the impossibility of offering fractions for sale on other platforms, ensuring the uniqueness of the proposed decentralized application. The main reason for the development is to create a module located on the network blockchain, ensuring the security of functionality with cryptographic algorithms from one of the most secure blockchain — Ethereum. The task of development is to implement functionality that ensures the fulfillment of all functional requirements, the most important of which are the creation of a unique NFT to the user’s property, its Fractionalization and the sale of fractions to other users.
Authors and Affiliations
Yehor Rudytsia, Nataliia Bogdanova
Keywords
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- EP ID EP707865
- DOI 10.46299/j.isjea.20220103.8
- Views 118
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