The transfer sees the DMV digitize 42 million on Avalanche (AVAX) to simplify title administration.
California’s Division of Motor Automobiles (DMV) is digitizing 42 million automotive titles with the intention to modernize the title switch course of.
The DMV is working alongside Oxhead Alpha and Avalanche to construct a blockchain-based automobile title resolution. The implementation will streamline title administration for California’s 39 million residents.
Oxhead introduced the implementation which is in-line with California’s blockchain government order that goals to “create a transparent and consistent business environment for companies operating in blockchain, including crypto assets and related financial technologies”.
The digital titles will probably be accessible for declare by automobile house owners by the DMV’s cell pockets app, and can permit for sensible contracts to mediate future title transfers, decreasing residents’ essential journeys to the DMV and put up workplace.
In January 2023, Oxhead initially introduced a proof-of-concept for the product on Tezos, and it’s unclear whether or not there’s nonetheless any growth on Tezos blockchain concerning California’s DMV titles.
Oxhead didn’t reply to requests for remark.
Mark Cuban tweeted that the event is “HUGE for crypto” as a result of “people holding the tokens will have an app with a(n) Avalanche wallet,” they’ll additionally use for different purposes.
