Wen Car Title NFTs...? California DMV Thinks Soon
The California Department of Motor Vehicles is working with open-source blockchain Tezos and crypto-focused software development firm Oxhead Alpha to build a DMV-run blockchain that digitizes car titles for California drivers, according to Yahoo report.
- CA DMV finalizing a full replication of the state's title data on the blockchain within the next three months
- After that, the focus will be on consumer-facing applications like:
- Transferring car titles
- Adding designations for faulty or problematic cars [think OpenSea marking potentially stolen items for suspicious activity]
🖼️ The Big Picture
There is a lot of common sense in digitizing car titles as it is an incredibly manual and paper-based process, and no doubt an industry ripe for disruption. It's not a completely new concept, as a startup in Cleveland called CHAMPtitles launched in 2019 and raised $5 million to digitize vehicle titles with blockchain technology. But for an entity like the California DMV to see a use case - and allocate resources to act on it - is a perfect example of how future applications of the blockchain can simplify our day-to-day lives in the real world.