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Application of Blockchain Technology in Used Vehicle Market: A Review

The used vehicle market is one of the most important economic sectors, which suffers from severe frauds and the absence of integrity measures since multi-variant stakeholders are involved in the vehicle trade. For example, odometer frauds have become a serious concern that cost European consumers approximately 5.6 to 9.6 billion euros per year. Therefore, a solution to track and log vehicle data is necessary to satisfy a high level of trust, data integrity, and traceability. Blockchain technology has great potential to change the way specific industries operate by eliminating middleware layers between seller and buyer. Blockchain (BC) provides a secure ledger of transactions that can be reliable even in monetary applications. The characteristics of Blockchain technology make it an excellent solution to address many issues, such as counterfeiting and trustless between parties in various applications like supply chain, healthcare, and used vehicles market. This paper surveys the status of research until 2020 related to the used vehicles market. Based on the previous literature review and analysis, there is a need for using Blockchain technology in the used vehicles market to reduce fraud by logging vehicle life-cycle events in a secure ledger. The study also shows that most of the previous work focused on collecting data from sensors and did not take into consideration the stakeholders of the application, such as insurance companies, governments, and repair shops.