January 29, 2023
Blockchain technology is a revolutionary form of an advanced database mechanism that has allowed greater transparency, increased efficiency and most importantly, enhanced security. Recently, the Department of Motor Vehicles in California plans to use blockchain technology for record keeping, including the issuance of car ownership and simplifying transfers of such ownership.
- The DMV has tapped a private fork of the Tezos blockchain, an open-source blockchain that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts.
- The move is part of a collaboration between the California DMV, Tezos and blockchain software firm Oxhead Alpha, which announced the successful completion of a proof-of-concept blockchain-based vehicle titling solution on January 25, 2023.
- The chief digital officer at the California DMV also stated that the agency also aims to build consumer-facing applications, including digital wallets that hold car title NFTs.
Overall, Blockchain technology is extremely innovative because of how versatile it can be. This form of technology can be introduced in different sectors such as smart contracts, healthcare, and insurance. Since decentralized blockchain data is irreversible, it gives security a whole different meaning. If the California DMV is successful in using blockchain technology, it will allow a much faster and efficient way of issuing car ownership and much more.
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