Beyond Cash and Cards: Exploring the Potential of Blockchain for Electronic Payments in the Internet of Vehicles

Pp: 34-70 (37)

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Abstract

Blockchain technology has emerged as a promising solution for secure and decentralized electronic payments. The emergence of the Internet of Things (IoT) and the Internet of Vehicles (IoV) has opened up new possibilities for the adoption of electronic payment systems based on blockchain technology. This book chapter examines the possibilities of blockchain technology for online transactions. We talk about the difficulties and restrictions faced by blockchain-based payment systems in the IoV, such as scalability, interoperability, and legal compliance. We also discuss likely solutions to address these challenges, such as new consensus mechanisms and off-chain transactions. Additionally, we explore emerging technologies and their potential impact on electronic payments in the IoV, including AI and IoT. Finally, we discuss opportunities for future research and advancement in the sphere of electronic payments in the IoV, and how we can enable a more seamless, secure, and innovative payment ecosystem in the IoV.

Keywords: IoT, IoV, Blockchain, Electronic payments.

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