Cryptocurrency has been one of the sectors which arguably saw the biggest technological innovation in the past decade. The technology behind this new revolution is called blockchain and it has the potential to innovate other sectors too. Its core concepts of decentralization, immutability and anonymity are traits that can revolutionize any sector if implemented properly.
In this work, we investigate how blockchain technology can be beneficial for the used vehicle market without intervention of any third party. Currently, most people cannot get basic information of the used vehicle they are buying and even when they do they cannot verify most of them. Thus various companies proposed solutions centered around vehicle passport. Staying true to its name, a vehicle passport contains all the relevant information of the vehicle which will help both the buyer and seller. The buyer will have a detailed report on any vehicle he is potentially buying and will have more chance of safeguarding himself against any kind of fraud. On the other hand, the seller will be able to sell his vehicle for the correct valuation because he has proof of the vehicle condition.
The goal of this work is to provide a better solution where blockchain-based decentralized data sharing of vehicle passports prevents any centralized authority from possessing all the power. By using smart contract of blockchain we provided fair exchange. This removes the necessity of having an entity overseeing the transaction because no transaction will take place unless all parties are guaranteed service/payment. One of the main requirements is proving the authenticity of the vehicle passport before the transaction takes place. Accordingly, we design a zero-knowledge proof system that verifies the consistency of encrypted data against its publicly committed value. The verification is done onchain. After all the requirements for the transaction are met, fair exchange takes place where the buyer receives the vehicle passport encrypted with their public key and service providers receive their payments. / Graduate
| Identifer | oai:union.ndltd.org:uvic.ca/oai:dspace.library.uvic.ca:1828/13967 |
| Date | 30 May 2022 |
| Creators | Saqib, Mohammed Fattah |
| Contributors | AlTawy, Riham |
| Source Sets | University of Victoria |
| Language | English, English |
| Detected Language | English |
| Type | Thesis |
| Format | application/pdf |
| Rights | Available to the World Wide Web |
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