On Using Blockchains for Safety-Critical Systems

Innovation in the world of today is mainly driven by software. Companies need to continuously rejuvenate their product portfolios with new features to stay ahead of their competitors. For example, recent trends explore the application of blockchains to domains other than finance. This paper analyzes the state-of-the-art for safety-critical systems as found in modern vehicles like self-driving cars, smart energy systems, and home automation focusing on specific challenges where key ideas behind blockchains might be applicable. Next, potential benefits unlocked by applying such ideas are presented and discussed for the respective usage scenario. Finally, a research agenda is outlined to summarize remaining challenges for successfully applying blockchains to safety-critical cyber-physical systems

Blockchain for automotive: An insight towards the IPFS blockchain-based auto insurance sector

The advancing technology and industrial revolution have taken the automotive industry by storm in recent times. The auto sector’s constantly growing demand has paved the way for the automobile sector to embrace new technologies and disruptive innovations. The multi-trillion dollar, complex auto insurance sector is still stuck in the regulations of the past. Most of the customers still contact the insurance company by phone to buy new policies and process existing insurance claims. The customers still face the risk of fraudulent online brokers, as policies are mostly signed and processed on papers which often require human supervision, with a risk of error. The insurance sector faces a threat of failure due to losing and misconception of policies and information. We present a decentralized IPFS and blockchain-based framework for the auto insurance sector that regulates the activities in terms of insurance claims for automobiles and automates payments. This article also discusses how blockchain technology’s features can be useful for the decentralized autonomous vehicle’s ecosystem

Trading Real-World Assets on Blockchain - An Application of Trust-Free Transaction Systems in the Market for Lemons

Since its introduction in 2008, blockchain technology has outgrown its use in cryptocurrencies and is now preparing to revolutionize a multitude of commercial applications including value and supply chains, business models, and market structures. This work follows design science research to guide the implementation of a blockchain-based proof-of-concept prototype that enables the automated transaction of real-world assets, such as cars, and provides a valid, transparent, and immutable record of vehicle history to market participants, authorities, and other third parties. The contribution of this study to existing research is threefold: First, it introduces a built-in mechanism to reduce transaction risk resulting from the irreversibility of transactions in blockchain-based systems. Second, it replaces a trust-based, centralized, and bureaucratic register with a tamper-free and autonomous transactional database system that comprises a secure registration and transaction process. Third, it proposes a novel approach to mitigate adverse selection effects in lemon markets by providing a reliable, transparent, and complete record of each marketable asset’s history. In total, the findings in this article illustrate the potential of blockchain-based systems but also highlight technological shortcomings and challenges for commercial applications, such as scalability or privacy issues