FlexiChain 3.0: Distributed Ledger Technology-Based Intelligent Transportation for Vehicular Digital Asset Exchange in Smart Cities

Due to the enormous amounts of data being generated between users, Intelligent Transportation Systems (ITS) are complex Cyber-Physical Systems that necessitate a reliable and safe infrastructure. Internet of Vehicles (IoV) is the term that describes the interconnection for every single node, device, sensor, and actuator that are Internet enabled, whether attached or unattached to vehicles. A single smart vehicle will generate a huge amount of data. Concurrently, it needs an instant response to avoid accidents since vehicles are fast-moving objects. In this work, we explore Distributed Ledger Technology (DLT) and collect data about consensus algorithms and their applicability to be used in the IoV as the backbone of ITS. Multiple distributed ledger networks are currently in operation. Some are used in finance or supply chains, and others are used for general decentralized applications. Despite the secure and decentralized nature of the blockchain, each of these networks has trade-offs and compromises. Based on the analysis of consensus algorithms, a conclusion has been made to design one that fits the requirements of ITS-IOV. FlexiChain 3.0 is proposed in this work to serve as a Layer0 network for different stakeholders in the IoV. A time analysis has been conducted and shows a capacity of 2.3 transactions per second, which is an acceptable speed to be used in IoV. Moreover, a security analysis was conducted as well and shows high security and high independence of the node number in terms of security level per the number of participants.