Blockchain • Review

Blockchain Simple Review Seventyone

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The blockchain principle is an extensive database. In brief, such a database typically starts with an originating block, to which new data blocks are always chronologically appended after being carefully verified and positively confirmed. After, it thus maps a history of data records (e.g. financial transactions).

Blockchain in action

Automobile companies give the impression that leasing a vehicle is relatively simple. However, in practice, it is incredibly complicated. Undeniably, a significant problem in today’s vehicle leasing networks is that the supporting systems often need more compartmentalized. However, the physical supply chain is usually well-integrated. Each selected participant in the network manages a separate database. Such data synchronization can typically take days or weeks.

Further, managing a shared database on a blockchain network allows each participant to access, monitor, and analyze vehicle status. This quote is regardless of where the vehicle is in its lifecycle.

Blockchain steps

Step 1
The road traffic office registers the new vehicle and enters it into the blockchain. Hence, the responsible office transfers the car's ownership to the manufacturer.
Step 2
The car manufacturer enters the specific make, model and chassis number into the standard template for the vehicle. They are taking into account the parameters set in the smart contract.
Step 3
The car seller can display the current inventory. After faithfully executing a smart contract, the ownership of the vehicle can be efficiently transferred from the manufacturer to the local car dealer. This step confirms the saleability instantly.
Step 4
The leasing company can display the car dealer's inventory correctly. Finally, the ownership right for the vehicle can be transferred from the dealer to the leasing company after faithfully executing a Smart Contract to confirm the rights transfer instantly.
Step 5
The lessee can display the vehicles that can be leased. Furthermore, he can complete all the necessary forms for the leasing contract.
Step 6
The leasing process repeats between lessees and the leasing company until the leasing company decides to register the vehicle out of service. At that point, the car's ownership is promptly transferred to the scrap dealer. Hence, the responsible company is authorized to properly dispose of the vehicle as specified in another smart contract.
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The advantages of a blockchain solution

Time savings,

  • Transaction times for complex interactions with multiple parties are instantly reduced from several days to a few minutes. Hence, the established settlement of an economic transaction is faster as there is no specific need for proper verification by a central authority. 

cost savings with blockchain solutions,

  • A blockchain network reduces costs in several ways, requiring fewer checks. Moreover, the network is overseen by the participants known to the network.
  • Hence, fewer intermediaries are required as participants can exchange assets directly.
  • Multiple steps are prevented as all participants can obtain the shared database.

More security with blockchain solutions,

  • The security features in a blockchain protect against tampering, possible fraud, and cybercrime. Moreover, one can develop a network for elected members in a permission network. Hence, in this place, the user must prove that the members are who they state they are and that the goods and assets traded represent the exact goods and assets listed.

better verifiability,

  • A shared database typically serves as a central source of accurate information. This setup allows for better monitoring and verifying transactions. This results in increased operational efficiency.
  • The pure digitisation of assets optimises the transfer of ownership. Moreover, participants can satisfactorily complete transactions within a reasonable timeframe that aligns with business operations.

in fact, better data protection

  • Furthermore, users can specify which transaction details other participants can view through IDs and permissions. Finally, one can extend permissions to specific users, such as auditors, who need access to more information on a transaction.
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Besides, we would not be surprised if TikTok works on a metaverse idea, such as Upland making the short video clips even 3-D. 

Finally, please check also our other entries related to blockchains, such as NFTs.

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