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California DMV Brings Car Titles onto the Avalanche Blockchain

Altszn.com by Altszn.com
August 1, 2024
in Blockchain, Crypto, DeFi, Web3
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California DMV Brings Car Titles onto the Avalanche Blockchain
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California DMV Brings Car Titles onto the Avalanche Blockchain

The move sees the DMV digitize 42 million on Avalanche (AVAX) to simplify title management.

California’s Department of Motor Vehicles (DMV) is digitizing 42 million car titles in order to modernize the title transfer process.

The DMV is working alongside Oxhead Alpha and Avalanche to build a blockchain-based vehicle title solution. The implementation will streamline title management for California’s 39 million residents.

Oxhead announced the implementation which is in-line with California’s blockchain executive order that aims to “create a transparent and consistent business environment for companies operating in blockchain, including crypto assets and related financial technologies”.

The digital titles will be available for claim by vehicle owners through the DMV’s mobile wallet app, and will allow for smart contracts to mediate future title transfers, reducing citizens’ necessary trips to the DMV and post office.

In January 2023, Oxhead originally announced a proof-of-concept for the product on Tezos, and it is unclear whether there is still any development on Tezos blockchain regarding California’s DMV titles.

Oxhead didn’t reply to requests for comment.

Mark Cuban tweeted that the development is “HUGE for crypto” because “people holding the tokens will have an app with a(n) Avalanche wallet,” they can also use for other applications.

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Read More: thedefiant.io

Tags: AvalancheBlockchainBringsCaliforniacarDeFiDMVtitles
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