Officials assert its to help fight fraud.
The project, in collaboration with tech company Oxhead Alpha on Avalanche blockchain, will allow California ’s more than 39 million residents to claim their vehicle titles through a mobile app, the first such move in the United States.
“So the first step was creating the 42 million titles associated as a token on the Avalanche blockchain, that’s what the State of California DMV has already done and now what they’re doing is they’re creating a wallet where you download on your phone,” said John Wu, president of Ava Labs. Efforts to deploy blockchain tech have mostly focused on financial services with big banks and asset managers putting traditional assets such as bonds, credit and funds on distributed ledgers pursuing speedier transactions, greater transparency and increased efficiency. This is also known as tokenization of real-world assets .
It is also disturbing to note this move is also part of Governor Gavin Newsom’s plans to even have more When my son retitled his car from IL to Colorado, he walked out of DMV with his plates and a Colorado title.Same here in KY. I sold a car and the buyer and I went to the DMV. Title was transferred to him and he had it the same day.There is no need for a “blockchain” to provide an unalterable record. All one needs to do is have people digitally sign their own titles, with or without a trusted timestamp.
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