Use Case Examples of Ethereum Non-Fungible Tokens Tied to Assets Using ERC-4519

Abstract

Ethereum is a dynamic blockchain that grows every day thanks to a community that creates and decides on various of its issues. The community participates through Ethereum Improvement Proposals (EIPs) at many levels, from proposals that describe new standards for the creation of new tokens to proposals that define new ways for the Ethereum main network to generate new blocks. This paper describes how an Ethereum Request for Comments (ERC)-type EIP, the ERC4519, was proposed last year to standardize the way to define non-fungible tokens (NFTs) representing assets that can generate their own Ethereum addresses and obey users and owners. Advantages provided by ERC-4519 in several use cases are illustrated. The examples show the facilities and the security improvements introduced in the management of both physical and digital assets by their owners and users. Particularly, use cases with physical assets such as IoT devices are illustrated.