Asset Ownership Transfer and Inventory Using RFID UHF TAGS and Ethereum Blockchain NFTs

Abstract

In the present, many organizations grow on a daily basis, using many assets to perform their activities and generate profit. In large organizations, all of these assets must be managed, occasionally leading to challenges depending on the organization’s size. For this reason, the role of asset custodian is needed. This role entails assigning the fixed assets to one person for their care, maintenance, and safekeeping. In this process, it is necessary to update information in the central system, leading to further administrative processes, which, in the majority of cases, are carried out through traditional methods. This involves time to obtain wet signatures, a great deal of paperwork, and time for the person or people in charge to update the information. Due to these reasons, the process can be updated partially or entirely to use digital means in order to solve the mentioned inconveniences. This paper presents a proof-of-concept system to offer a modernized and practical solution to this problem using the advantages of blockchain technology, and speeding up the process by using assets identified with UHF RFID technology to permit the reading of many tags that can be embedded and hidden with no need for line-of-sight, allowing fast ownership transfer, using smart contracts in the Ethereum private blockchain.