The Department of Motor Vehicles (DMV) for the most populous state in the US is placing its vast and complex vehicle registration system on the blockchain.
According to a new announcement from Ava Labs, the development firm behind Avalanche (AVAX) the State of California is using the chain to update its title transfer system.
“What else can an Avalanche L1 do?
The California DMV is launching its own chain on Avalanche to modernize the vehicle title transfer experience for CA’s 39M+ residents.”
In an accompanying post, Ava Labs says the new system will allow the title transfer process to take minutes instead of weeks.
“Trusted transfers is one of the main challenges for any e-titling solution to succeed. Bringing these titles onto an Avalanche L1 brings full transparency and added security, and will allow vehicle owners to track and manage their pink slip titles digitally.”
Reuters reports that the move places 42 million car titles onto the Avalanche blockchain. It is a collaboration between the State of California and Oxhead Alpha, a partnership that will allow drivers to access their digital car titles through an app, the first of its kind in the United States.
According to Ava Labs President John Wu, the titles have already been added to the blockchain. As for the app, California says it could roll out as early as next year.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/klyaksun
The post California DMV Puts Vehicle Registration System on Avalanche (AVAX) to Prevent Fraud: Report appeared first on The Daily Hodl.
