Blockchain Leveraging Trusted Vehicle Purchasing System
Shivani Singh, Nikita Tiwari, Brijesh Kumar Chourasia · 2024
In the automobile industry, many vehicles have an unknown history, so they may use scams and fraud. Leveraging Blockchain technology to securely store and manage vehicle purchase details and vehicle information to prevent fraud and provide conditional privacy. Transactions of vehicles are recorded on the Blockchain, guaranteeing data integrity and immutability through another cryptographic hashing function. The paper also explores interoperability with other Blockchain systems and scalability solutions for increasing transaction volumes. Future scope of improvements will involve adopting a more secure hashing algorithm, integrating smart contracts to automate trans-actions, and creating a user-friendly, decentralized application for the system interaction. This work highlights the transformative potential of blockchain technology in revolutionizing secure data management within the automotive industry. The empirical results prove the efficacy of the proposed system.