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Title: Vehicle Record/History Maintenance through Blockchain Technology
Keywords: Blockchain
Smart Contracts
Issue Date: 11-Aug-2021
Abstract: The used car market is in a demanding position in Sri Lanka. When selling a car, the seller typically knows significantly more about the vehicle rather than the buyer. This is a problem for the buyer as it opens them up to a potential fraud. To hedge against the risk of buying a ‘bad’ car, they tend to bargain for the price of the vehicle. Information exchanging between institutions such as RMV, Insurance, Leasing, Emission and Service Centers is also challenging as they maintain separate databases. This could lead to a huge collapse in the entire used car market. Market participants indicate a need of reliable, secure, and transparent historic operational vehicle data. This paper proposes TRUECARE: a novel, decentralized record maintenance system (dApp) which handles vehicle records by using the Blockchain technology. Leveraging the unique Blockchain properties, TRUECARE manages authentication, confidentiality, reliability and data sharing which are the crucial considerations when handling the records of vehicles. Ethereum is a major blockchain-based platform for smart contract. Smart contract is an appealing feature to facilitate, execute and enforce an agreement between untrusted parties without any involvement of a trusted third party. Smart contract is used to authenticate data providers and share data between them. The purpose of this paper is to expose a working prototype through which we analyze and discuss our approach and the potential for Blockchain in automotive industry.
Appears in Collections:2020

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