Decentralized application with blockchain technology

Abstract

Most of the online applications and services that we use in day-to-day life are provided by a Trusted Third Party (TTP). Users are increasingly suffering from the security threats such as privacy violations and service breakdown while using the services. These problems arise due to the nature of a TTP which owns and controls everything from users’ data to transaction fees.

Blockchain has become a popular technology in the past few years because of its decentralized nature. Besides, the fact that no one has full control over the blockchain, and the immutability nature of blockchain transactions, have made blockchain a new kind of trust system. One of the popular fields that could benefit from blockchain technology is the Peer-to-Peer (P2P) economy. More and more people are trying to deploy blockchain in P2P applications to omit the control of a centralized TTP.

The goal of this project is to look into the possibilities of realizing P2P transactions leveraging blockchain technology. This report demonstrates the design and implementation of a P2P rental web application without TTP as the intermediary, where users can perform all rental transactions including payment. By integrating web application with blockchain, with the use of Ethereum Smart Contracts, this project showcases a better and safer trusted system that could substitute the role of a TTP in the P2P economy.