Decentralized Transactions in a Centralized Environment : A Blockchain Study Within the Transport Industry

Abstract: The blockchain technology constitutes a domain where significant research is done. The technology revolutionized the world through the cryptocurrency Bitcoin, and since then new applications of the technology have emerged. One of the applications is to represent real assets as digital assets on a blockchain, so called smart-property. In this thesis a smart-property solution is utilized to address creditworthiness issues within the transport industry. A Proof-of-Concept (PoC) is implemented using smart-property through colored coins on Bitcoin’s blockchain. To conclude the usefulness of the solution, two alternative solutions are proposed for comparisons. Requirements for a solution to the problem are specified, and the solutions are evaluated against them. Thus the thesis investigates and compares the solutions’ abilities to address the creditworthiness problem motivating the thesis. The evaluation aspects constitute of: confidentiality, integrity, availability, consistency, immutability, response time, cost, customer usefulness, trust and environmental issues. It is concluded that a smart-property solution is adequate for the problem. The solution however got inadequacies, mainly regarding confidentiality, but that is concluded not to affect the problem domain.