{"id":52877,"date":"2018-04-20T12:47:35","date_gmt":"2018-04-20T07:17:35","guid":{"rendered":"http:\/\/www.tothenew.com\/blog\/?p=52877"},"modified":"2018-04-20T12:47:35","modified_gmt":"2018-04-20T07:17:35","slug":"blockchain-technology-to-streamline-the-vehicle-registration-process","status":"publish","type":"post","link":"https:\/\/www.tothenew.com\/blog\/blockchain-technology-to-streamline-the-vehicle-registration-process\/","title":{"rendered":"Blockchain Technology to Streamline the Vehicle Registration Process"},"content":{"rendered":"<p><span style=\"font-weight: 400\">As we all know, Blockchain has literally enabled the technology ecosystem to take a significant leap of innovation. Along the years, as Bitcoin has managed to take prominence and grabbed attention from all over the world (and rightly so), people took to studying all about cryptocurrency and Blockchain- the very platform that enabled crypto transactions to take place. <\/span><\/p>\n<p><span style=\"font-weight: 400\">By identifying the need to make transactions more secure and recording them seamlessly, Satoshi Nakamoto came up with Bitcoin- the digital, cryptocurrency and Blockchain, the technology Bitcoin works on. <\/span><\/p>\n<p><span style=\"font-weight: 400\">To put it simply, Blockchain is a shared, distributed ledger for recording transactions and tracking both tangible and intangible assets across a trusted network. This digital ledger records transactions publically as well as validates all transaction data seamlessly. Blockchain, with its potential <\/span><a href=\"http:\/\/www.tothenew.com\/blog\/blockchain-a-technology-of-trust\/\"><span style=\"font-weight: 400\">uses and benefits<\/span><\/a><span style=\"font-weight: 400\">, \u00a0has already intrigued many. To mention the top benefits that have actually created ripples in the cryptography domain- it is Blockchain\u2019s ability to-<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Migrate from trust-based system to a non-trust based system<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Move from a centralized model to a decentralized model<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Keep transactions and records secure and immutable<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Provide enhanced \u00a0transparency as transactions are visible to all<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">&#8230;and lots more. <\/span><\/p>\n<h2><b>But, Who is Using It? <\/b><\/h2>\n<p><span style=\"font-weight: 400\">Many still believe that Blockchain is only capable of handling and managing crypto transactions. Some also believe that it is only useful to the BFSI industry. However, that is not the case with Blockchain. \u00a0Businesses across various industries are trying to experiment and leverage the potential of Blockchain on different applications. To understand how Blockchain can be used in something other than a monetary transaction, here\u2019s an interesting use case.<\/span><\/p>\n<h2><b>Blockchain for Vehicle Registration<\/b><\/h2>\n<p><span style=\"font-weight: 400\">The process of vehicle registration has always been cumbersome. It is a time taking process where multiple parties are involved and also poses a risk of information manipulation, data duplication and various errors. <\/span><\/p>\n<p><span style=\"font-weight: 400\">In such a scenario, critical information can get highly vulnerable to frauds and data tampering or even become non-traceable. <\/span><\/p>\n<p>By bringing Blockchain into the picture and moving the entire vehicle registration process on to Blockchain, a lot of these issues can easily be taken care of. \u00a0Blockchain comes to the rescue by reducing the average turnaround time. Blockchain will enable parties to push data as a <a title=\"Smart contract\" href=\"http:\/\/www.tothenew.com\/blog\/3-key-concept-of-blockchain-technology\/\">smart contract<\/a> that eventually becomes a single source of immutable data to all parties. Not only this, Blockchain in vehicle registration ecosystem,<span style=\"font-weight: 400\">\u00a0will help reduce the risk of frauds and attacks, as data updates are only possible by authorized personnel using a private key. In fact, any tampering of data can also be easily tracked on Blockchain. The best part is, Blockchain will provide a single and easy view of the vehicle lifecycle which is not available today.<\/span><\/p>\n<p><span style=\"font-weight: 400\">To further explain this, let&#8217;s first understand the roles of various stakeholders involved in the vehicle registration process. We would also look at some basic workflows and understand how they are being simplified using Blockchain.<\/span><\/p>\n<h3><b>Vehicle \u00a0Registration Lifecycle<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400\"><b>Manufacturer<\/b><span style=\"font-weight: 400\">: Pushes the vehicle to BlockChain, by adding basic details like make, model, variant, chassis number, engine number etc and executes the sale of the vehicle.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Dealer<\/b><span style=\"font-weight: 400\">: Executes the sale of the vehicle to the end customer.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Insurance Agency<\/b><span style=\"font-weight: 400\">: \u00a0Validates the customer and vehicle data and provides insurance.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Registration Authority:<\/b><span style=\"font-weight: 400\"> RTO will be responsible for approving registrations and providing the registration number, performing vehicle transfers and vehicle resale.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Police<\/b><span style=\"font-weight: 400\">: \u00a0Provides clearance for sale and transfer of vehicle as well as issues challans for traffic violations.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Service Center<\/b><span style=\"font-weight: 400\">: Adds service details like job cards and part replacements.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Customer\/ Car owners<\/b><span style=\"font-weight: 400\">: Approve sensitive information exchange like PII<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft wp-image-52879 size-full\" title=\"vehicle-registration-lifecycle\" src=\"\/blog\/wp-ttn-blog\/uploads\/2018\/04\/lifecycle.jpg\" alt=\"vehicle-registration-lifecycle\" width=\"739\" height=\"363\" srcset=\"\/blog\/wp-ttn-blog\/uploads\/2018\/04\/lifecycle.jpg 739w, \/blog\/wp-ttn-blog\/uploads\/2018\/04\/lifecycle-300x147.jpg 300w, \/blog\/wp-ttn-blog\/uploads\/2018\/04\/lifecycle-624x306.jpg 624w\" sizes=\"(max-width: 739px) 100vw, 739px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3><b>Manufacturer-Dealer Workflow:<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The manufacturer adds new vehicles to the blockchain network as a smart contract by adding basic details like make, model, variant, chassis number, engine number etc.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Executes the sale of the vehicle to the dealer on the smart contract, a smart contract can then automatically transfer ownership to the dealer.<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft wp-image-52881 size-full\" title=\"ManufacturerDealer-Workflow\" src=\"\/blog\/wp-ttn-blog\/uploads\/2018\/04\/ManufacturerDealer-Workflow.jpg\" alt=\"ManufacturerDealer-Workflow\" width=\"915\" height=\"430\" srcset=\"\/blog\/wp-ttn-blog\/uploads\/2018\/04\/ManufacturerDealer-Workflow.jpg 915w, \/blog\/wp-ttn-blog\/uploads\/2018\/04\/ManufacturerDealer-Workflow-300x140.jpg 300w, \/blog\/wp-ttn-blog\/uploads\/2018\/04\/ManufacturerDealer-Workflow-624x293.jpg 624w\" sizes=\"(max-width: 915px) 100vw, 915px\" \/><\/p>\n<h3><b>Vehicle Sale\/ Registration Workflow:<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The Dealer can initiate vehicle sale contract.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">A smart contract can then automatically send out requests for registration and insurance.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The RTO and insurance agency can validate required data about vehicle and customer from Blockchain and provide registration and insurance respectively.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">On successful processing of the above step, the vehicle ownership can be automatically transferred to the customer by the smart contract.<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft wp-image-52882 size-full\" title=\"VehicleSaleRegistration-Workflow\" src=\"\/blog\/wp-ttn-blog\/uploads\/2018\/04\/VehicleSaleRegistration-Workflow.jpg\" alt=\"VehicleSaleRegistration-Workflow\" width=\"840\" height=\"332\" srcset=\"\/blog\/wp-ttn-blog\/uploads\/2018\/04\/VehicleSaleRegistration-Workflow.jpg 840w, \/blog\/wp-ttn-blog\/uploads\/2018\/04\/VehicleSaleRegistration-Workflow-300x118.jpg 300w, \/blog\/wp-ttn-blog\/uploads\/2018\/04\/VehicleSaleRegistration-Workflow-624x246.jpg 624w\" sizes=\"(max-width: 840px) 100vw, 840px\" \/><\/p>\n<p><b>Vehicle Transfer Workflow:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The vehicle owner can request for NOC via smart contract.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Smart contract sends a request to concerned authorities to NOC and clearance<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">After successful validation of information from Blockchain, the concerned authorities can provide clearance and NOC, which can be used to obtain a new registration.<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft wp-image-52883 size-full\" title=\"VehicleTransfer-Workflow\" src=\"\/blog\/wp-ttn-blog\/uploads\/2018\/04\/VehicleTransfer-Workflow.jpg\" alt=\"VehicleTransfer-Workflow\" width=\"835\" height=\"364\" srcset=\"\/blog\/wp-ttn-blog\/uploads\/2018\/04\/VehicleTransfer-Workflow.jpg 835w, \/blog\/wp-ttn-blog\/uploads\/2018\/04\/VehicleTransfer-Workflow-300x130.jpg 300w, \/blog\/wp-ttn-blog\/uploads\/2018\/04\/VehicleTransfer-Workflow-624x272.jpg 624w\" sizes=\"(max-width: 835px) 100vw, 835px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h3><b>Vehicle Resale Workflow<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Vehicle Owner executes the smart contract for resale of a vehicle.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Smart contract sends a request to concerned authorities to NOC and clearances.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">After successful clearance, a smart contract can execute itself to transfer ownership to a new owner.<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft wp-image-52884 size-full\" title=\"VehicleResale-Workflow\" src=\"\/blog\/wp-ttn-blog\/uploads\/2018\/04\/VehicleResale-Workflow.jpg\" alt=\"VehicleResale-Workflow\" width=\"931\" height=\"401\" srcset=\"\/blog\/wp-ttn-blog\/uploads\/2018\/04\/VehicleResale-Workflow.jpg 931w, \/blog\/wp-ttn-blog\/uploads\/2018\/04\/VehicleResale-Workflow-300x129.jpg 300w, \/blog\/wp-ttn-blog\/uploads\/2018\/04\/VehicleResale-Workflow-624x268.jpg 624w\" sizes=\"(max-width: 931px) 100vw, 931px\" \/><\/p>\n<h2><b>Conclusion<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Vehicles are a widely used asset across the world with a high associated value. Adopting technology such as Blockchain to increase transparency of vehicle ownership will make the entire process more trustworthy. Further, this will alleviate manufacturers, customers, authorities and all other involved parties of time-consuming, manual, and repetitive tasks.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As we all know, Blockchain has literally enabled the technology ecosystem to take a significant leap of innovation. Along the years, as Bitcoin has managed to take prominence and grabbed attention from all over the world (and rightly so), people took to studying all about cryptocurrency and Blockchain- the very platform that enabled crypto transactions [&hellip;]<\/p>\n","protected":false},"author":1118,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":68},"categories":[4112,3917,1994,1],"tags":[4866,4784,4783,3588,2591],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.tothenew.com\/blog\/wp-json\/wp\/v2\/posts\/52877"}],"collection":[{"href":"https:\/\/www.tothenew.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tothenew.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tothenew.com\/blog\/wp-json\/wp\/v2\/users\/1118"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tothenew.com\/blog\/wp-json\/wp\/v2\/comments?post=52877"}],"version-history":[{"count":3,"href":"https:\/\/www.tothenew.com\/blog\/wp-json\/wp\/v2\/posts\/52877\/revisions"}],"predecessor-version":[{"id":52888,"href":"https:\/\/www.tothenew.com\/blog\/wp-json\/wp\/v2\/posts\/52877\/revisions\/52888"}],"wp:attachment":[{"href":"https:\/\/www.tothenew.com\/blog\/wp-json\/wp\/v2\/media?parent=52877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tothenew.com\/blog\/wp-json\/wp\/v2\/categories?post=52877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tothenew.com\/blog\/wp-json\/wp\/v2\/tags?post=52877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}