V-Chain: A Blockchain-Based Car Lease Platform

Abstract

Significant improvements have been made in the way several businesses are conducted due to the influx of blockchain technology, which is a paradigm shift in research these days. Because of the several benefits this technology brings, including scalability, immutability, and the ability to secure data exchange among parties, data transfer becomes easier and simpler between entities. Automobile renting is a major business nowadays. Renting an auto summons numerous frameworks over a chain of procedures - including confirming the lessee's financial status, driving qualifications, accessible vehicle stock and car features. Leasing companies and financiers, however, need to recognize what is happening to the vehicles after the rent is agreed upon. There is also the problem of time consumption, as the traditional car lease process passes through a lot of stages before completion. The blockchain innovation can keep things up to speed with smart contracts. In this paper, we develop a car lease platform that is solely based on blockchain technology. The underlying principle utilized in this system is the smart contract, which is a programmable script that enforces decisions on all transactions made on the system, and also applies penalties to perpetrators. We evaluate the efficiency of our system by measuring the latency and throughput, and make comparisons with other related systems. Results indicate our system outperforms the others.