California DMV will use Blockchain Technology to Record Keeping
California’s Department of Motor Vehicles plans to use blockchain technology to keep track of everything, including the issuance of cars and the facilitation of transfers.
According to a recent report, the DMV has selected a private fork from the Tezos Blockchain, which is an open-source, peer-to-peer blockchain that can be used as a platform for smart contract deployment and execution. Report Fortune
This collaboration involves Tezos, the California DMV and Oxhead Alpha, a blockchain software company. Announcement The successful completion of a proofof-concept blockchain-based vehicle title solution.
Ajay Gupta is the chief digital officer of the California DMV. He said that he hopes that the plans to create a title database using blockchain technology will come to fruition within the next three months. The agency plans to develop consumer-facing apps, including digital wallets that store car title NFTs.
Gupta said that “The DMV’s perception that it is lagging behind should change.”
There are many applications for blockchains that keep a secure and decentralized record of data. One possible application is car titles. Startup based in Cleveland raised $5 million to digitize car titles in 2020, and California published a Report The DMV was also identified as a possible pilot for blockchain in the same year.
Gupta said that the team had originally started work on the project in 2020 but were forced to stop due to the pandemic. He said that plans to use digital ledgers to generate and transfer car titles are an opportunity for the agency’s modernization.
Andrew Smith, president of Oxhead Alpha, mentioned that using blockchain technology could address issues such as transaction fraud and trace the cars’ movements.
Blockchain is a shared and immutable ledger that allows for the recording of transactions and tracking assets within a business network. Blockchain’s greatest advantage is its ability to guarantee data integrity and security.
According to reports, US Congressman French Hill stated that he will promote a progressive regulatory framework to digital assets to ensure “America is the place to innovate in fintech and Blockchain.”
The World Economic Forum (WEF), in a report released earlier this month, stated that blockchain technology will remain an integral part of the modern economy. The WEF highlighted the many applications of blockchain technology and cryptography, while pointing out their widespread use in the financial sector.
“Indeed,” Watch what the large banks and mature financial service firms do instead of what they say to test the endurance of digital assets and blockchains at financial services’ core (and other areas) and how well they can be sustained.