A Secure Used Car Trading System based on Blockchain Technology

Abstract

Although Myanmar's car import policy led shocks in the automotive market due to the Policy changes to import left-hand drive (new car), many consumers in Myanmar still more desire using second-hand cars. Car history is essential in the used car market which is a popular business in Myanmar. Online car trading requires a reliable supplier which may grantee the integrity of car grading. This problem can be solved by using a pure decentralized mechanism called blockchain which has become a hot research area to achieve an open and safe environment. In this paper, the system is aimed to develop a blockchain-based car trading system that can speed up the verification of car information and currency transfers. Besides the proposed car trading system is not only reliable but also protects from the 51% attacks even if 51% of car owners, insurance companies and repair services in this cooperation are simultaneously compromised.