Block Chain Adoption in The Vehicle Leasing Business to Increase The Transparency of Transactions

Abstract

The motor automobile rental industry provides entrepreneurs with substantial revenues and customers with several advantages. Consumers may utilize the car whenever and wherever it is required without incurring maintenance, insurance, or other expenditures. However, this vehicle rental industry frequently involves a number of other parties in automotive vehicle rental transactions, which has the effect of raising the overall operational expenses charged to entrepreneurs or customers. With private blockchain technology administered by businesses, automobile owners, and insurance companies, a car owner no longer need a third party in order to rent his vehicle. Smart contracts may be used by renters and automobile owners to conduct transactions with mutually agreed upon terms. Blockchain makes data management simpler. The automobile owner's whole trip history is stored on the blockchain, allowing auto insurance firms to make more accurate evaluations. Using smart contracts makes the process of submitting insurance claims quicker and more precise. A team of mechanics merely examines the most recent automotive data recorded on the blockchain to determine the vehicle's condition. Car-related financial transactions are also streamlined by blockchain technology. Various subscription services, such as automobile insurance, parking rental, toll road payments, and vehicle inspections, may be automated with smart contracts, and payments can be done with cryptocurrency, saving time and money. Consequently, the purpose of this study is to assist automobile owners in renting out their vehicles utilizing blockchain technology. Observation is used as a qualitative research tool to discover difficulties in the automobile rental industry. A literature review is performed to identify alternative information technology-based solutions