Cross-Referencing Scheme to Ensure NFT and Platform Linkage Unaffected by Forking

Abstract

One blockchain technological update thus far includes smart contract functionality implemented in Ethereum. One of its use cases, the ERC721 Non-Fungible Token Standard (NFT), has gained attention from current industries. NFTs demonstrated digital content transactions with guaranteed uniqueness using unchangeable timestamp on the blockchain. However, the functional limitations of NFT assurance are rarely in focus, and contrary to excessive NFT user expectations, security risks that must be addressed include complex issues. One such risk is NFT fraudulent trading using forged content. Specifically, hard forks in blockchains are extremely important triggers for attacks, as they allow the exact same NFT to be operated on multiple chains. This could depreciate NFT value, and presents a risk that must be addressed to ensure sound NFT transactions. In this study, NFT operational issues in the case of a blockchain fork are summarized, and a cross-referencing scheme using network identities is proposed to prevent the impact of a hard fork.