DeFiTrustChain: A DeFi-Enabled NFT and Escrow Framework for Secure Automotive Supply Chains in Smart Cities

Area of Science:

• Computer Science
• Blockchain Technology
• Internet of Things (IoT)

Background:

• Smart cities increasingly rely on decentralized systems for secure asset exchange in automotive supply chains.
• Existing blockchain models on public chains face challenges with scalability, transaction fees, and real-time validation.

Purpose of the Study:

• To introduce DeFiTrustChain, a decentralized framework for secure and transparent asset exchange in automotive supply chains.
• To address limitations of existing blockchain models by integrating DeFi, NFTs, IoT, and Hyperledger Fabric.

Main Methods:

• Implemented a Hyperledger Fabric network incorporating a DeFi-enabled framework (DeFiTrustChain).
• Utilized free Non-Fungible Tokens (NFTs) to represent vehicles and capture manufacturing/ownership details.
• Integrated an escrow-based automation system with IoT verification for conditional payment release and real-time delivery validation.
• Employed Fabric Certificate Authority for authenticated access and identity management.

Main Results:

• Demonstrated coherent and dependable execution of NFT creation, escrow enforcement, and IoT-triggered validation.
• Achieved low local transaction processing times and consistent peer-to-peer behavior.
• Ensured authenticated access and prevented identity misuse through integrated security measures.

Conclusions:

• DeFiTrustChain provides a robust and efficient solution for managing asset exchange in automotive supply chains.
• The framework successfully combines NFTs, escrow automation, and IoT verification for enhanced security and transparency.
• The proposed system effectively addresses scalability and transaction challenges faced by previous blockchain models.