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California DMV Lists 42 Million Auto Titles on Avalanche Blockchain in Push for Digitization
California Department of Motor Vehicles (DMV) has digitized 42 million car titles on Avalanche (AVAX-A) network as part of the development to modernise the government securities transfer process with software development company Oxhead Alpha.
According to an Avalanche survey, consumers will soon be able to claim their digital titles through the DMV app, track them, and manage them without visiting the office. blog post. The time to transfer vehicle titles drops to minutes using blockchain binaries on the backend, compared to two weeks with the traditional process, a DMV spokesperson said in an email.
Efforts to implement blockchain technology have primarily focused on financial services, with large banks and asset managers putting traditional assets like bonds, loans, and funds on distributed ledgers, seeking faster transactions, greater transparency, and greater efficiency. This is also known as real-world asset (RWA) tokenization.
The DMV’s implementation is an example of how blockchain technology could bring similar benefits to bureaucratic processes and large database management in the utility sector.
“Blockchain is the most advanced tool any organization can leverage to maximize efficiency, maintain compliance, and protect consumer data—essential components of a government that serves its constituents,” said John Wu, president of Ava Labs, an Avalanche ecosystem development organization.