The California Department of Motor Vehicles (DMV) in the United States has finally been convinced of the many advantages of blockchain technology.
For this reason, it started a special project, which consists of digitizing all its securities and entering them in the Tezos blockchain.
This project is supported by Oxhead Alpha, a company specializing in cryptocurrency development, and aims to allow users to transfer securities such as NFT in the future.
This activity is part of an initiative in which the Department of Motor Vehicles (DMV) is committed to decentralizing its functions.
According to Ajay Gupta, the DMV’s chief digital officer in the state, the institution is in the process of moving all of its registered titles to the blockchain and is expected to be completed in the next three months.
This project began in 2020 and will feature a “shadow ledger” of all vehicle titles in the state, as a way to modernize their registration and operations.
By having a permanent, digitized registry, vehicles sold with significant defects will continue to be registered as such, a measure that will protect future buyers.
This isN’T possible under the current system, which allows cars registered in other states to be sold without this damage designation.
Finally, one of the most significant applications projected with the implementation of this project is to allow customers to transfer securities as non-fungible tokens (NFT’s) through a consumer App managed by the DMV, only if users meet the requirements.