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California DMV Is Running A Private Testnet Version Of The Tezos Blockchain To Digitize Car Titles And Title Transfers
The California Department of Motor Vehicles (DMV) is the state agency that registers motor vehicles and boats and issues driver licenses in the U.S. state of California.
The California DMV is running a private testnet version of Tezos to explore the digitalization of car titles as NFTs.
By: Lee Evans
26 January 2023
Disclaimer
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
The California Department of Motor Vehicles (DMV) is the state agency that registers motor vehicles and boats and issues driver licenses in the U.S. state of California.
The DMV works with the superior courts of California to promptly record convictions against driver licenses and subsequently suspends or revokes licenses when a driver accumulates excessive convictions (as measured by a point-based system).
It issues California license plates and driver’s licenses. The DMV also issues identification cards to people who request one.
The California DMV has an annual budget of 1.1 billion USD and currently has close to 9,000 employees.
The California DMV is running a private testnet version of Tezos to explore the digitalization of car titles as NFTs.
This way the registration of car titles and the transfer of car titles between owners would become more efficient, secure and cost-effective.
This project is a collaboration between California’s DMV and open-source blockchain Tezos and Oxhead Alpha, a crypto-focused software development firm.
Ajay Gupta, the chief digital officer at the California DMV, said that the agency hopes to finalize its “shadow ledger,” or a full replication of the state’s title database on the blockchain, within the next three months before building consumer-facing applications, including digital wallets that hold car title NFTs.
“The DMV’s perception of lagging behind should definitely change,” Gupta told Fortune in an exclusive interview.
This operation is currently running as a simulation of the official database to test the waters and see if this application of blockchain technology can replace the current system.
This use of NFTs emphasizes the broad use-case of NFTs as digital immutable proof of ownership.
An NFT is basically a digital certificate that proves the information that is digitally stored is authentic, not tampered with, and owned by a specific person. Also, the history of ownership is immutably stored.
Transferring this digital proof of ownership on a blockchain smart contract is way more efficient, faster and cheaper, than the traditional way of transferring car titles.
Disclaimer
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
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