Blockchain based Asset Registration & Management System

International Research Journal of Engineering and Technology (IRJET) e-ISSN: 2395-0056
Volume: 09 Issue: 04 | Apr 2022 www.irjet.net p-ISSN: 2395-0072
© 2022, IRJET | Impact Factor value: 7.529 | ISO 9001:2008 Certified Journal | Page 2858
Blockchain based Asset Registration & Management System
Vedant Tilavankar1, Abhishek Yadav2, Sai Pisey3, Vaishali Yeole4
1,2,3,4Dept. of Computer Engineering ,Smt. Indira Gandhi College of Engineering , Navi Mumbai, Maharashtra,
India
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Abstract—Since the beginning ofBitcoininJanuary2009by
Satoshi Nakamoto, the thought of creating products& solving
existing real-life problems in all facets of life with non-
centralized technology i.e This has created a large number of
possible use case possibilities. A huge amount of potential
applications - right from education to healthcare to defense
have been theorized and many have been implemented. With
the emergence of the feature-packed, extraordinary
Blockchains like Ethereum & frameworks like Hyperledger
Fabric, the process of developing Blockchain-based software
and products has been expedited & simplified. This paper
states about the various applications of Blockchain - ‘Asset
Registration & Management’ and discusses various concepts,
fundamentals & ideas attributed to the same.
Keywords— Hyperledger fabric, Smart contracts,
Blockchain, Assets.
I. INTRODUCTION
Generally, in centralized systems data is stored
sequestered, in one place, which makes it vulnerable to
attacks and also hampers availability in case of system
failures. Although contemporary data storage solutions
offer ways and workarounds for these problems, issues
like data leaks, tampering of data, introduction of
fraudulent data by malicious actors are common. With
global digitization,innovationsintechnologyandincrease
in the instances of cyber attacks, the trust factor of
centralized systems has taken a hit.
In such situations, the features of Blockchain Technology
can be leveraged to create safe systems which become
safer the more populated they get - an example of such
implementations being Bitcoin. However, if wetalk about
storing assets on Blockchain, we need some control over
who can upload assets, who can download assets and
something that dictates what the entire process should
be. This is a use case of Smart Contractsandpermissioned
Blockchains like Hyperledger Fabric. Through this
project, we attempt to create a system where a specific
set of people - like the employees of an organization or
the members of a trust, can store and transacttheirassets
via blockchain - they can upload, download, transfer,
update, delete assets, provided they have the required
permissions.
II. LITERATURE SURVEY
The need for blockchain-based identity
management is especially obvious in the internet age,
according to a paper [1] by Ori Jacobovitz. We have
encountered identity management difficulties since the
beginning of the Internet. Security, privacy, and usability
are three of the most important of them.
Permissioned blockchain as mentioned in an
article of 2021 [2] - To become a node on a Permissioned
blockchains, one would need authorization from one or
several parties. The Sovrin Blockchain is an instance of a
Permissioned Blockchain. Sovrin is administered by a
group of nodes known as Stewards. This is doneto ensure
the validity of the data written on the ledger, which inthis
case is related to digital identification. The Sovrin
Foundation trusts and vets its stewards. We're using
IBM's Hyper Ledger Fabric network, which is similar to
Sovrin's blockchain technology.
Suporn Pongnumkul, Chaiyaphum
Siripanpornchana, and Suttipong Thajchayapong[3]
investigated the performance of Ethereum and
Hyperledger Fabric as private blockchain platforms with
varying transaction volumes. When workloads of up to
10,000 transactions were involved, they determined that
Hyperledger Fabric gave faster throughput and lower
latency than Ethereum. Hyperledger Fabric's average
throughput fluctuates at a far faster rate thanEthereum's.
On the other hand, Ethereum can execute more
transactions at the same time while using the same
processing resources. In the future, Hyperledger Fabric
will be able to support a huge number of concurrent
transactions with the same computational resources.
The University of Bologna's Luca Foschini,
Andrea Gavagna, Giuseppe Martuscelli, and Rebecca
Montanari [4] analyse the Fabric platform's transaction
performance by pinpointing thepiecesthatcontributethe
most to total overhead at a fine-graineddegreelevel.They
were particularly interested in how the programming
language used to generate the chaincode as well as the
number of participating endorser peers influence
transaction delay. They were particularly interested in
how the programming language used to generate the
chaincode as well as the number ofparticipatingendorser
peers influence transaction delay.

METHODOLOGY
Transacting and interchanging assets isa crucial
part of human development. A digital asset is anything
that can be saved and transmitted digitally (using a
computer) that can be owned and thus, can have
ownership and usage rights associated with it. Due to the
adversity and uniqueness of digital assets, ranging from
audio files to video files, pdfs, docs to any type of
documents, the scope of ourprojectonlyextendstodigital
assets that can be tokenized using a cryptographic
protocol, or so-called crypto assets.
Digital Asset Management Systems(DAMS)
ensure that operations or actions are onlyperformedona
digital asset by individuals or organizations or any
department that have the right access to the rights and
permissions for the asset.
III. METHODS
So in any Digital Asset Management system,there
can be a lot of users and these users can have the ability
to perform various actions on the asset in the system
based on the authority they have. Following actions user
can perform regarding the asset and website are as
follows:
1)User registration and user login
2)Viewing all the assets in the system
3)Viewing assets owned by the usercurrentlyloggedin
4)Uploading a new asset
5) Deleting a new asset
6)Suggesting edits to an existing asset.
7) Viewing suggested edits for an asset that is owned
by the user that is currently logged in.
8)Approving or denying suggested edits for an asset
that is owned by the user that is currently logged in.
9)Allowing other users the permission to update an
asset owned by the user that is currently logged in.
10)Assigning another user as an owner of an asset that
is owned by the user that is currently logged in.
11) Downloading an asset.
III.I User Registration and User Login
For User Registration and Login System we have used
utmost security standards. Passwords that users are
going to use for registrations or for login purposes
would be secured through a rigorous hashing process
and would be hashed by bcrypt hash to make the
identity of an user very secure. Login information
would be stored in cookies on the browser, so that the
site can recognise the users and their activities can be
monitored.
III.II Uploading an asset
Users have to login before uploading an asset. Once an
asset is uploaded, that asset would be sent to the node
server and that node server would in turn send the asset
to the cloud platform. From that cloud platform it would
go to IBM blockchain platform from which a block would
be instantiated and that asset would be distributed in the
network using smart contracts.
III.III Viewing all existing assets in the system
In a blockchain system, since every block is connected to
each other. Whenever a new asset is uploaded it must be
verified by every node in the network since every node in
the network has a complete copy of the blockchain.
Therefore once an asset is uploaded it is visible to all the
users in the network.
III.IV Suggesting edits, Viewing edits, approving or
denying those edits.
In a blockchain network where a complete copy of
blockchain is available toall thenodes,therefore everyone
on the network can see the asset uploaded by any other
user. So if some user wants to suggestsomeeditsthenthat
can be done. Viewing of those suggested edits is also

possible, but since the person whosuggestedthe editshas
no right over the asset, that user cannot edit that asset.
Therefore the owner has to approve or deny the request
made by the other user.
III.V Allowing other user to edit an asset, Assigning other
user as the owner of the asset
In our blockchain project if the user wishes to allow other
users to edit some contents of the asset, then theownerof
the asset can give permission to the user who wants to
edit. The owner of the asset can also assign other users
the ownership of the asset. This feature provestobequite
important in certain use cases of an organization or in
NFTs or to provide licensing to other users etc.
III.VI Modules and functions of the system
In this system we have first packaged smart
contracts using IBM blockchain platform. Next, we have
created a Hyperledger Fabric Network onIBMblockchain
platform where smart contracts are installed and
instantiated.Then we have set up an IBM cloud storage
instance in order to retain digital assets uploaded to
Digital asset management application. Next, we have set
up an SMTP server on mailtrap to test email notifications
sent by the user. Finally we have created a Vue.js web
application, which makes use of the Hyperledger Fabric
SDK, to be used to interact with the network.
III.VI.I Peer system
At a conceptual level, a blockchain network is composed
mainly of organizations (as organizationsdecideonhowa
network is structured, as well as owning nodes and
managing identities). At a physical level, however, a
Hyperledger Fabric blockchain network is consisted of
primarily of peer nodes that are owned and organized by
organizations. Nodes are the fundamental elementsofthe
blockchain network because they host ledgers(database)
and smart contracts (which are contained in chaincode),
and are therefore where transactions are performed and
authenticated.
More accurately, the peer hosts instances of the ledger,
and instances of smart contracts.Becausesmartcontracts
and ledgers are used to encapsulate the shared processes
and shared information in a network.
III.VI.II Certificate Authorities
The Blockchain network serve as a series of
managed communication between nodes to serve a
defined business use case. For these communications to
authenticate (to ensure, in other words, who is who,ie to
recognise the nodes) requires identities and a whole
system of permissions that can be verified during each
interaction.
In Hyperledger Fabric, the IBM Blockchain Platform, this
property is the Certificate Authority (CA), which forms
identities in the form of x509 certificates aswell as define
whole of an organization through the creation of a
Membership Services Provider (MSP), which defines the
permissions of identities at a channel and component
level. These identities can include attributes about them,
for example, by linking them to a organizational unit(OU)
or a particular organization .
An organization MSP(Membership Service
Provider), has an MSP subfolder called admins. Any user
whose certificate identity is inside that admin folder is an
admin of the organization. BecausethisMSP(Membership
service provider) defines the organization or the
department, it is listed in the configuration on every
channel which consists the network of which the
organization is a member. As a result, whenever an head
or the admin of the organization tries to perform any
action, the signing certificate or identity of the admin
(which is attached to all of its communication) is verified
against the certificates listed in the membership service
provider. it is checked that the certificate match the one
listed in the channel configuration? If it does match then
the other organizations will authenticate it and the action
can be performed. If not, the request to perform the
action is declined.
III.VI.III Ordering Services
Hyperledger Fabric features a kind of a node that relies on
deterministic consensus algorithms that is called an
orderer, also known as an “ordering node”, that does this
transaction ordering. The collection of ordering nodes
form the "ordering service".
In addition to promoting final steps, separating the
endorsement of smart contract of blockchain execution
(which happens at the peers) from ordering gives

HyperledgerFabric advantages in performance and
scalability, efficiency, eliminating bottlenecks that can
occur when execution and ordering are performed by the
same nodes.The ordering service performs one other key
function: it maintains what is known as the "system
channel", a default channel that consists the network that
hosts a "consortium", it is the list of organizationsthatcan
create and join the application channels.
III.VI.IV Channels
A channel which consists of a network is a
mechanism that facilitates a private layer of
communication, allowing subsets of network membersto
create a separate ledger for their transactions. Channels
consisting of a network are not just private in the sense
that network members who are not subjected to any of
the channel are unable see the interaction, they are also
secret in the sense that unless a network memberisa part
of the channel, they will not even know that the channel
exists. The IBM Blockchain Platformallowschannelstobe
easily created and managed. Channel consisting of a
network configuration updates allow the members of a
channel consisting network to edit channel parametersto
fit their use case. For example, more nodes can be added
to a channel which consists the network, or the capacity
and ability of a channel can be changed. Because changes
to a channel must be approved by members who are a
part of that channel, the IBM Blockchain Platform has a
procedure for the collection of necessary and important
signatures.
III.VI.V Smart Contracts
A smart contract in a blockchain network defines
the rules and regulations between differentorganizations
or departments in executable code. Applications call a
smart contract to generate transactions that arestoredor
saved on the ledger or database.
Using a HyperledgerFabric blockchain network, we can
turn these smart contracts into executable programs –
known in the organization as smart contracts – to open
up a whole new wide variety of new possibilities. That’s
because smart contracts can implement the governance
rules or regulations for any type of business object, so
that they can be simultaneously performed when the
smart contract of a blockchain network is executed. For
example, a smart contract of a blockchain network might
ensure that a new car delivery has to be made within a
specified timeline, or that funds are released accordingto
prearranged or predetermined terms, improvingtheflow
of goods or capitals respectively. Most importantly
however, the execution of a smart contract is much more
efficient and convenient and is impervious against all the
errors which occur in manual human business processes.
Hyperledger fabric provides variouslanguagesupportfor
writing smart contracts or chaincode, which provides
great flexibility in creating applications.
IV. RESULTS
In this project we have used HyperLedger Fabric
as a blockchain platform to build our project. In this
project we have ensued various security layers. In
Hyperledger Fabric, withthe helpofchannelsthenetwork
is secured from external threat. Blockchain in itself is
secured as a network. In the website, where we have
connected the site to the blockchain platform is also
secured, we have achieved this by using various industry
level hashing algorithms. The use case of this project is
that in a particular organization or in a department, user
can upload, delete, update, change ownershipoftheasset.
Such as given in the below figure that is presented.

V. CONCLUSION
VI. FUTURE WORK
Integrating with the government and providing licensing.
Providing legal rights (enforce registrations/copyrights).
Smart contracts can be used to automatically release funds
when a certain objective is accomplished. Providing digital
certificates, Validating integrity of song/art/design or any
other asset. Digital transfer of IP assets (transferring
ownership).
REFERENCES
1. Uri Jocobovitz, "Blockchain for Identity
management", Technical Report #16-02, The Lynne and
William Frankel Center forComputerScienceDepartment
of Computer Science, Ben-Gurion University, Beer Sheva,
Israel, 2018.
2. Blockchain Identity Management: The Definitive
Guide(2021 Update), https://tykn.tech/identity-
management-blockchain/
3. Suporn Pongnumkul, Chaiyaphum
Siripanpornchana, Suttipong Thajchayapong,
“Performance Analysis of Private Blockchain Platformsin
Varying Workloads,” September18, 2017
4. Luca Foschini, Andrea Gavagna, Giuseppe
Martuscelli, a Rebecca Montanari, “Hyperledger Fabric
Blockchain: Chaincode Performance Analysis,” 27 July,
2022
Using blockchain frameworks, we successfully built a
highly secure and scalable system for storing, updating,
deleting and transferring digital asset management with
next to 0 cost for development. Using open source
technologies, multiple organizations and governments can
implement their own private blockchain network for
secure and reliable data management needs.

Blockchain based Asset Registration & Management System

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