Abstract
Summary: A decentralized application runs on the blockchain network without the intervention of a central authority. Transparency in transactions and security in vehicular networks are the issues for central systems. The proposed system uses blockchain-based smart contracts, which eliminate the requirement for any third-party verification. Additionally, with signature verification and reduced overhead, smart contracts also help in a fast and secure transaction. This study suggests a trust-based system paradigm where certificate authority (CA) is employed for vehicle registration. We also propose a blockchain-based system that provides efficient two-way authentication and key agreement through encryption and digital signatures. The analysis of the proposed model reveals that it is an efficient way of establishing distributed trust management, which helps in preserving vehicle privacy. The proposed scheme is tested in Automated Validation of Internet Security-sensitive Protocols (AVISPA), and security parameters verification in Network Simulator 2(NS2) also shows that the proposed scheme is more effective in comparison with existing schemes in terms of authentication cost, storage cost, and overhead.