Abstract
Blockchain technology has emerged as a disruptive force in recent years, holding the potential to revolutionize various industries. One sector that stands to greatly benefit from blockchain is the automotive industry. In 2021, the global automotive market size reached USD 2.73 trillion and is projected to reach USD 3.27 trillion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 3.01%. This article introduces a protocol called Vehicle Ownership, Leasing, and Rental Blockchain Protocol (VOLR BP), which utilizes blockchain and Non-Fungible Tokens (NFTs) to create digital replicas of vehicles. These digital twins enable the secure and transparent transfer of ownership, leasing, and rental transactions. The VOLR BP aims to address existing challenges in vehicle ownership and streamline the processes involved in vehicle leasing and rental, ultimately fostering increased trust, efficiency and decreased administrative overhead.
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Acknowledgment
The authors would like to acknowledge AlphaFin, WebDBTech, Health Reasoning, Malak ElMessiry, Azza Shehata, Natalia Smirnova, and Open AI for their support.
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ELMessiry, A., El Messiry, M., ElMessiry, K. (2023). Vehicle Ownership, Leasing, and Rental Blockchain Protocol VOLR BP. In: Wang, Q., Feng, J., Zhang, LJ. (eds) Blockchain – ICBC 2023. ICBC 2023. Lecture Notes in Computer Science, vol 14206. Springer, Cham. https://doi.org/10.1007/978-3-031-44920-8_9
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DOI: https://doi.org/10.1007/978-3-031-44920-8_9
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