PetroBlock: A Blockchain-Based Payment Mechanism for Fueling Smart Vehicles

Abstract

Current developments in information technology and increased inclination towards smart cities have led to the initiation of a plethora of features by technology-oriented companies (i.e., car manufacturers) to improve users’ privacy and comfort. The invention of smart vehicle technology paved the way for the excessive use of machine-to-machine technologies. Moreover, third-party sharing of financial services are also introduced that support machine-to-machine (M2M) communication. These monetary systems’ prime focus is on improving reliability and security; however, they overlook aspects like behaviors and users’ need. For instance, people often hand over their bank cards or share their credentials with their colleagues to withdraw money on their behalf. Such behaviors may originate issues about privacy and security that can have severe losses for the card owner. This paper presents a novel blockchain-based strategy for payment of fueling of smart cars without any human interaction while maintaining transparency, privacy, and trust. The proposed system is capable of data sharing among the users of the system while securing sensitive information. Moreover, we also provide a blockchain-based secure privacy-preserving strategy for payment of fueling among the fuel seller and buyer without human intervention. Furthermore, we have also analytically evaluated several experiments to determine the proposed blockchain platform’s usability and efficiency. Lastly, we harness Hyperledger Caliper to assess the proposed system’s performance in terms of transaction latency, transactions per second, and resource consumption.