Blockchain Based Share Economy Trust Point: Case Study Based Validation

Abstract

Blockchain is attracting attention from academia and Industry as well due to its amalgamation of various characteristics; cryptography, public key infrastructure, and economic modeling, that is applied to peer-to-peer networking and decentralized consensus to achieve distributed database synchronization. Among other applications of Blockchain, secure and decentralized way of sharing economy is one of the most emergent ones. In this paper, we have proposed a Blockchain based share economy model. Blockchain Share Economy Trust point (SE-TP) mechanism is at the core of the idea for the lender and renter communication. Using SE_TP, the sharing economy communication environment provide effective data management along with data security and reliability. Also, the detail of every shared item can be accessed ubiquitously. A case study to validate the proposed idea is also presented.