Exploring blockchain technologies with an innovative multi-layered ontology design tool and eMudra – a novel peer to peer currency exchange application

Recent years have witnessed significant interest in shared economy applications and consequently a proliferation of such applications have emerged where people are monetizing their things. This thesis focuses on solving the problem of leftover foreign currency exchange as a shared economy application. Existing shared economy applications such as Ola, Uber or Airbnb are not deployed as decentralized applications (Dapps) leveraging blockchain and the Internet of Things (IoT), which are relatively recent technologies leading to more efficient applications that do not require the intervention of trusted third parties. Blockchain technology can be merged with IoT infrastructure to provide an immutable ledger of all the transactions related to shared economy applications; an immutable ledger is critical to the elimination of trusted third parties, making the system trustless. When blockchain and IoT are combined they can give rise to a plethora of useful shared economy applications — automatic payment mechanisms, digital rights management are some instances and in the case of this thesis a unique solution for the leftover foreign currency exchange problem. This thesis demonstrates the implementation of a novel permissioned consortium blockchain-based leftover foreign currency exchange platform that has been designed using a multi-layered blockchain ontology created with an innovative ontology design tool. The leftover foreign currency exchange problem arises because every year millions of travellers undertake international tours and need to perform currency exchange. However, there is a deficit of suitable currency exchange applications that would help travellers exchange money profitably and conveniently, especially small amounts of cash. This thesis proposes a novel peer to peer currency exchange application – e-Mudra, exploiting blockchain technology that would allow users to choose or quote their preferred exchange rates and exchange currencies including cash money with peer travellers without any middleman deciding the rates. The research work described focuses on an in-depth study of blockchain technology and a new multi-layered blockchain ontology is created with an innovative ontology design tool that facilitates generation of simple and complex ontologies enabling the design of blockchain (and other) applications using these ontologies. The novel ontology design tool created in this research work following a new Ontology Development Life Cycle and an ontology design methodology was used to design a blockchain ontology and a wallet ontology as examples of use, where the currency exchange application design (e-Mudra) is an instance of the blockchain ontology.