Artwork NFTs for Online Trading and Transaction Cancellation

Abstract

Blockchain, a revolutionary technology that has attracted a great deal of interest in recent years, is transforming various industries and redefining the way we think about data, transactions and trust. It began as a secure environment for online commerce and has extended its scope to other areas such as healthcare systems, e-voting, supply chain, digital assets and telecommunications. Its key features are decentralization (no need for a Trusted Third Party (TTP)), immutability, transparency and the implementation of smart contracts. Theseareused to automate and execute agreements between blockchain users. They are also used to create unique digital assets (such as artworks, real estate, collectibles, etc.) by representing them as Non-Fungible Tokens (NFTs). In this paper, we present a smart contracts application that allows the creation of an NFT, that represents an artwork, with the possibility of trading this NFT on a marketplace, selling it and transferring the ownership from the seller to the buyer, as well as cancelling transactions and reimbursing buyers with paid amounts