When it comes to embedding new trends and ideas, California is the place to start. It recently came to light that California DMV or Department of Motor Vehicles, plans to collaborate with Crypto and Software firm Oxhead Alpha to replicate its database on the private open source blockchain Tezos. This could mean a lot of exciting things, including possible NFT car deeds and titles. Let’s learn all about this exciting prospect.
A lot of major companies and public institutions are taking the Web3 leap! Remember when Renault replicated its warehouses in the Metaverse and saved a fortune?! That was a very clever move indeed.
Now, the California DMV is doing something of the sort. In detail, three months from now, we can expect the department to launch consumer-facing applications tied to the blockchain.
Consequently, the Department of Motor Vehicles will dedicate a blockchain system to allow for implementing NFT car deeds, titles, and other vehicle-related information on a blockchain.
NFT Car Deeds Pull Up On The Blockchain
According to Ajay Gupta, the chief digital officer at the California DMV: “The DMV’s perception of lagging behind should definitely change,” He added that the project began years ago but stalled due to the COVID-19 pandemic.
NFT car deeds and such will replace the title itself in a digital wallet. So, ultimately, selling or buying a car would mean transferring the NFT from one digital wallet to another.
The blockchain will record every single transaction, which guarantees the fidelity and security of data records. And everything will be clear and transparent!
In a statement to Coindesk, Andrew Smith, president of crypto infrastructure company Oxhead Alpha, said: “The administration out there is actually very forward thinking and we should have systems in production this first quarter,” he said.
Production, he explained, means “a shadow ledger, which will be our first step in the path to full deployment.” Basically, the ledger will display all the current California driver database and all NFT car deeds.
“The DMV is not removed from the transaction process,” Smith said. “While the end users are able to initiate transfers, the DMV still has oversight because the implementation is a lot like an escrow contract.”
He said that they still have a lot of things to do with the vehicle title “in order to effect a real transfer,”. But with the blockchain-based protocol it can be done “digitally and asynchronously.”
NFT car deeds and titles are one step. So, what will the future hold for the public companies looking to go digital?
As always, stay tuned for more!