Systems and methods for maintaining transferability of title via blockchain

A system for ensuring transferability of title for a vehicle, the vehicle corresponding to a Vehicle Identification Number (VIN) record tracked by a blockchain maintained by a plurality of participants, the system comprising:

• a network interface configured to interface with one or more hardware processors;
• a memory configured to store non-transitory computer executable instructions and configured to interface with the one or more hardware processors;
• and
• the one or more hardware processors configured to interface with the memory, wherein the one or more hardware processors are configured to execute the non-transitory computer executable instructions to cause the system to:
• receive a mileage report, the mileage report indicating an odometer reading for the vehicle and the VIN corresponding to the vehicle, wherein the mileage report is included in a transaction that is signed by a hardware component of the vehicle using a private key stored at the hardware component the vehicle, wherein the hardware component of the vehicle signs transactions without transmitting the private key to other components of the vehicle;
• access the blockchain using the VIN;
• verify the signature included in the transaction by applying a public key associated with the vehicle to decrypt the signature;
• in response to the verification, update a block stored at the memory to associate the VIN record for the vehicle with the odometer reading;
• generate a solution to a cryptographic puzzle involving the block;
• and
• transmit the block and the solution to the cryptographic puzzle to at least one other participant.

A computer-implemented method for ensuring transferability of title for a vehicle, the vehicle corresponding to a Vehicle Identification Number (VIN) record tracked by a blockchain maintained by a plurality of participants, the method comprising:

• receiving, at one or more hardware processors coupled with a network interface, a mileage report, the mileage report indicating an odometer reading for the vehicle and the VIN corresponding to the vehicle, wherein the mileage report is included in a transaction that is signed by a hardware component of the vehicle using a private key stored at the hardware component the vehicle, wherein the hardware component of the vehicle signs transactions without transmitting the private key to other components of the vehicle;
• accessing, at a memory coupled with the one or more hardware processors, the blockchain using the VIN;
• verifying, by the one or more hardware processors, the signature included in the transaction by applying a public key associated with the vehicle to decrypt the signature;
• in response to the verification, updating, at the memory, a block stored at the memory to associate the VIN record for the vehicle with the odometer reading;
• generating, at the one or more hardware processors, a solution to a cryptographic puzzle involving the block;
• and
• transmitting, via the one or more hardware processors coupled with the network interface, the block and the solution to the cryptographic puzzle to at least one other participant.