RESEARCH & INNOVATION
Block Solution Tracking vehicle history can often lead to road blocks and detours. In this regard, blockchain technology has been proposed as a solution to the challenges related to vehicle management in the Caribbean.
A team from The
research team from The UWI, St. Augustine Campus that has centred their study on the indisputability of blockchain technology defined as a “shared immutable ledger that facilities the process of recording transactions and tracking assets in a business network.” He, along with the Head of the Department of Computer and Information Technology, Dr. Wayne Goodridge , Lecturer in Computer Science, Dr. Koffka Khan ; and master’s student Kumar Sookram presented their research findings during the CIBC FirstCaribbean International Bank Research in Banking and Finance Business Forum held virtually on 9 March 2023. The forum, held in collaboration with the Office of Business Development at The UWI, Cave Hill , promotes innovative research in the areas of data analytics, artificial intelligence, cybersecurity, big data analytics, cloud technology, and blockchain technology.
University of the West Indies has developed the Decentralised
Vehicle Asset Management System (DeVAM) in response to the perennial problem. For their research project, they defined vehicle asset management as a process in which licensing offices, banks, police, vehicle owners and interested buyers all require different information. But they said this process is often fraught with trust issues. In addition, instructor in Computer Science Kwasi Edwards said each party operates in their own silo, leading to inefficiencies and ineffectiveness. The technology proposes to eliminate this by allowing all parties access to required information. The data is protected by safeguards that ensure only authorised users can input data. Edwards was part of a four-member
Kwasi Edwards Instructor in Computer Science The UWI, St. Augustine Campus
Edwards conducted a demonstration of the DeVAM system, and later explained, “We know that the individual data for each entity can be represented throughout the system. For example, if I am a potential buyer looking to purchase a second-hand vehicle, I will be interested in knowing if this particular vehicle is frequently serviced, what’s its history and whether it has been in any accidents. Using the suite of applications that we have developed and verified records on the blockchain, I will be able to see all of those [relevant]
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