Know how to effectively integrate blockchain into your business

The blockchain-based car rental market

Car companies make leasing look easy, but in reality, it can be quite difficult. A significant challenge that today’s car leasing networks face is that even though the physical supply chain is usually integrated, the supporting information systems are often fragmented. Imagine a world where every participant in this network can monitor, access, and share and analyse consistent and up-to-date information to know where the assets are. You can use the blockchain to share the vehicle’s history and where it is in its lifecycle so you can improve service needs, retain the warranty, and save recall costs.

How does this work?

The government regulator creates and populates the registration for the new vehicle, loaded onto the blockchain. The “smart contract” ensures that only the regulator can do this. The regulator then transfers ownership of the vehicle to the manufacturer by invoking a transaction on the blockchain. The transaction is verified if all relevant parties agree. We refer to this as consensus, and makes true blockchain usage more efficient. Then the manufacturer adds the make, model, and vehicle identification number to the smart contract. This is visible to all members with access to that part of the blockchain. Then dealerships can see when someone adds the vehicle, check the stock of a particular type, and make the purchase. All the members of the blockchain must in turn validate this with the appropriate permission.

The leasing customer

After transferring the vehicle to the leasing company, the customer can finally lease the car. This synchronized process continues across the supply chain as the car transfers to the end user.

Eventually, the scrap merchant will dispose of the car at the end of its lifecycle as permitted by the smart contract. At all stages, the security, integrity, and validity of the contract is assured, using proven cryptographic services. The processing time of all these stages will only take minutes instead of days, since it is possible to store all the data in a secure, distributed ledger. This way, all parties never have to worry about inconsistencies, leading to increased efficiency, improved resilience, and protection from cyber-attacks and fraud risk. As a result, the blockchain will systematically reduce overhead costs.

This is what the blockchain can do for you in the future. We will be sure to stay on top of these developments and integrate DynaRent and DynaLease into this system. Please contact us at info@highsoftware.com or visit us at www.highsoftware.com to learn more about our software solutions.