Dominic Kimani
The California Department of Motor Vehicles (DMV) has announced its new partnership with Tezos blockchain and software development firm ‘Oxhead Alpha’ to offer car titles as non-fungible tokens.
In a January 26 announcement, the California DMV confirmed integrating Tezos blockchain and Oxhead Alpha to digitize the issuance of motor vehicle titles. The California DMV plans to offer car titles as NFTs.
California DMV To Launch Car Title NFTs
According to the announcement, California DMV revealed that it began its NFT project back in 2020. Unfortunately, the agency paused due to Covid-19, which left many economies in massive losses.
Under the new integration, the Californian DMV anticipates launching a potential killer application that will allow Californian drivers to transfer their car ownership and trace their movements quickly.
In an exclusive interview with Fortune, Andrew Smith, the president of Oxhead Alpha, has related the current system to using 18th-century paper-based technology to solve 21st-century transaction fraud, which is impossible. He explained:
“If someone buys a “lemon,” or faulty car, in California, it will have a special designation on their title. If they then move out of state and back into California with the car, they can shirk the “lemon” branding and sell the car without the new buyer knowing.”
California DMV, Tezos, And Oxhead Alpha Integration
The California Department of Motor Vehicles will leverage Oxhead Alpha and Tezos blockchain functionalities to create a private chain application that will feature more security than a public blockchain.
According to Smith, the new network is operational and is already running DMV validator nodes. Meanwhile, blockchain will operate in the background, but the agency has announced plans to launch the consumer-based application soon.
In a short statement, Ajay Gupta, the chief digital officer at the California DMV, said that he hopes the agency will finalize its “shadow ledger” of the blockchain within the next three months. Later, the agency will build consumer-facing applications, including digital wallets that hold car title NFTs.
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This article was written for Business 2 Community by Dominic Kimani.
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