Abstract
The vehicle information in used-car transactions is always asymmetric and disputes always happen in China. In order to reduce such disputes caused by the lack of transparency in a transaction, Blockchain technology is adopted to construct a trust mechanism for vehicle information storage and sharing in a transparent manner. In this work, a Blockchain-based vehicle history storing and tracking service, named BCVehis, is proposed. BCVehis allows vehicle owners, vehicle authority, mechanic workshops, insurance brokers and other related individuals/organizations to upload vehicle historical records via simple manners (i.e. mobile app or application programming interfaces). The system provides trustworthy vehicle history to used-car dealers, potential buyers, and other business-related parties. The design rationale and functional implementation of the BCVehis are introduced, and the increased deal volume in a local used-car dealer X is presented, which integrated BCVehis to its online dealing system.
Highlights
Up to 2019, it has been reported that the vehicle population in China is about 2.6 billion [1]
In order to solve the pain point when selling/buying used cars, we propose a Blockchain technology (BCT)-based vehicle history tracking service -BCVehis in this work
The second one is the design for ‘‘events relating to the vehicle insurance’’, in which, a new transaction of an insurance claim will be submitted to the vehicle history ledger in an automatic manner
Summary
Up to 2019, it has been reported that the vehicle population in China is about 2.6 billion [1]. In order to solve the pain point when selling/buying used cars, we propose a BCT-based vehicle history tracking service -BCVehis in this work It collects data from different sources and appends these data to the Blockchain, which cannot be either tampered or manipulated. BCT-driven solution (as show in Fig. 2) is proposed to collect vehicle historical records throughout the whole lifecycle from different data sources, which establishes basic trust between the owners of used cars and new buyers. In this solution, an integrated vehicle historical ledger contains the maintenance and ownership history, which provides the fundamental functionality of viewing and uploading vehicle data to the ledger by OEMs and other authorized partners. It is a reliable and anti-tampering way to check the history of vehicles since data are being stored to the Blockchain on an ongoing basis
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