Abstract:
Blockchain is a new emerging technology which has received great attention in recent years. It is a global online immutable and transparent database which anyone and anywhere with an internet connection can access. The feature that makes it unique is its decentralization. This means the blockchain ledger is shared among all computers around the world, if it is built on public platform, not in one central location. The above discussed features of blockchain i.e. immutability, transparency and decentralization are considered very important in many fields e.g. Maintaining Patient Record, Supply Chain Management, Automotive Industry and Asset Transfer. In this project a specific application of Asset Transfer is made i.e. Registration and Transfer of Vehicle Ownership. All this process is done by writing a Smart Contract. As this application is being built on a public platform so we used Ethereum. It is the most used Smart Contract framework, which is especially designed to support Smart Contracts. It is programmed in Solidity language and prevents the possibility of downtime, censorship, fraud, or third-party interference. By bringing Blockchain into the picture and moving the entire vehicle registration process on to Blockchain risk of attacks and fraud can be reduced as data updates are only possible by authorized personnel using a private key. In fact, any tampering of data can also be easily tracked on Blockchain. The best part is. Blockchain will provide a single and easy view of the vehicle lifecycle which is not available today.
