Abstract: The next-generation Internet of vehicles (IoVs) seamlessly connects humans, vehicles, roadside units (RSUs), and service platforms, to improve road safety, enhance transit efficiency, and deliver comfort while conserving the environment. Currently, numerous entities communicate in the IoVs environment via insecure public channels that are susceptible to a variety of security assaults and threats. To address these security challenges, we design an anonymous authenticated key exchange mechanism for the IoVs in smart transportation supported by blockchain, referred to as AAKE-BIVT. AAKE-BIVT securely transmits traffic information to a cluster head, before heading to a nearby RSU utilizing the established secret session keys via mutual authentication and key agreement. A cloud server (CS) then securely aggregates data from related RSUs and generates transactions. The CS combines the transactions into blocks in a peer-to-peer network of CSs, and the blocks are confirmed and added to the blockchain via a voting-based consensus method. By means of rigorous informal security studies and formal security analysis through the random oracle model, we reveal that the proposed AAKE-BIVT is resistant to a broad range of potential security assaults in the IoVs environment. Furthermore, a comparative study reveals that AAKE-BIVT outperforms existing state-of-the-art techniques, in terms of security and functionality while being more efficient in terms.