Blockchain-based Information-sharing and Transparent Security for Vehicle Asset Fintech ManagEment (BITSAFE)

Abstract

Developing countries, like Trinidad and Tobago and Barbados, have encountered challenges in establishing secure and efficient information sharing protocols across government agencies and departments, leading to delays, increased costs, and inconsistencies in public information. This research presents a groundbreaking blockchain solution, built on Ethereum, aimed at enhancing secure information sharing within government systems, specifically focusing on vehicle asset management. Our proposed Blockchain-based Information-sharing and Transparent Security for Vehicle Asset Fintech Management (BITSAFE) system, streamlines financial and asset management processes related to vehicle loans. Central to our approach is the Asset Token (ATK), an ERC-20 compliant token pegged to the Trinidad and Tobago Dollar, enabling banks to engage with the digital market. Additionally, we introduce the Vehicle Token (VTK), representing a unique Non-Fungible Token (NFT) for Real-World Assets (RWA). To demonstrate the viability of BITSAFE, we have developed various decentralized applications (DApps), including Initial Coin Offering, Asset Token DApp, Dealership DApp, Insurance DApp, Licensing DApp, and Customer DApp. BITSAFE offers a seamless and secure platform for data sharing, addressing the existing challenges faced by developing countries.