Purchasing a Vehicle

Situation: Purchasing a new automobile with 3 entities involved.

These are: the car dealer, the finance broker, and the finance lender.

Sales person collects some information about the buyer. If the buyer wants to take a car for a test drive, the sales person makes a copy of the buyers drivers license.

Once the buyer decides to purchase a car, they normally need a loan and the dealer has the buyer meet with their finance broker. The finance broker collects personal information about the buyer in order to submit a loan application.

The finance broker sends the information they collected about the buyer to the lenders they work with to provide the buyer more than one loan option. These are presented to the buyer and then the buyer chooses a lender.

Target: Use a blockchain to simplify the steps described above for purchasing a new automobile. This is an individual assignment. Specific questions to answer are on the next page.

Use complete sentences for your answers to all of the questions below.

1a. Identify and list the transactions that could be placed on a Blockchain to improve the process for purchasing an automobile.

1b. Record any contract logic that may be necessary before adding a transaction to the Blockchain.

1c. Describe the reasons for the logic you recorded in question 2.

1d. Can the information on the Blockchain be completely transparent? What information needs to be transparent and what information needs to be private