Cryptober: A Blockchain-based Secure and Cost-Optimal Car Rental Platform

Abstract

Blockchain is a growing list of records, stored in blocks, which are linked and secured using cryptography. Blockchain is important because it brings trust to peer-to-peer networks. Various blockchain applications from small to big are focused towards decentralizing different tasks and are trying to empower the masses to act without any intermediary in between. The existing and upcoming blockchain applications are highly promising to increase the level of comfort for everyone. Smart contracts can be thought of as self-executing contracts with the terms of the agreement between buyer and seller directly written into lines of code. In this paper, we present a detailed review of how blockchain and smart contracts can be used to create a platform for car rental services that will be beneficial for both the car owner and the renter. The platform is cost optimal because there will be no intermediary in between. This will also introduce high security, privacy, authentication, and safety in the car rental industry.