California DMV joins the world of Blockchain! - Scratching the Surface with Soosh

What is Scratching the Surface with Soosh? Its a new mini project of mine to provide some context to the world of crypto, finance etc in bite sized written format. As the name suggests, everything here is at surface level (i.e. no deep dives or extremely details/heavy datasets), just enough to get your curiosity to tingle~ so you can learn!

Today's topic: California DMV joins the world of Blockchain

Yesterday State of California via the DMV (Department of Motor Vehicles) announced that they have digitized car titles (i.e. car ownership papers) for 42 MILLION CARS onto blockchain, that is powered by Avalanche.

This is a great move: solves 2 major problems that are currently present when it comes to dealing with the DMV and dealing with fraud. Each car owner will soon claim their title on an App without needing to know how blockchain works and will allow through this, transfer of titles will become effortless at the time of sale. Transactions will get rejected when an owner tries to sell a car without a title thus significantly lower the fraud incentive.

Second major thing that solves is that you no longer need to wait in lines at the DMV when you buy a new or used car for getting the respective car title to transfer to your name. All can be done on the blockchain in a matter of minutes!

Article by Reuters here: https://www.reuters.com/technology/california-dmv-puts-42-million-car-titles-blockchain-fight-fraud-2024-07-30/

Article by CoinTrust here: https://www.cointrust.com/market-news/california-dmv-adopts-blockchain-to-digitize-42-million-car-titles

This means governments; local and federal are seeing the true value of the distributed ledger and more innovation acceptance in on its way!

Until next time on the next scratching the surface with soosh!

*this article is for curiosity only and nothing stated within should be taken as tax and financial advice. DYOR!