Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • VPN Friendly Casinos
    • New Crypto Casinos
    • Offshore Online Casinos
    • Best Crypto Casinos Reddit
    • Bitcoin Poker
    • Bitcoin Betting Sites
    • Bitcoin Bingo
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • VPN Friendly Casinos
    • New Crypto Casinos
    • Offshore Online Casinos
    • Best Crypto Casinos Reddit
    • Bitcoin Poker
    • Bitcoin Betting Sites
    • Bitcoin Bingo
No Result
View All Result
CoinTrust
No Result
View All Result

Home » California Chooses Tezos Blockchain to Record Vehicle Titles

California Chooses Tezos Blockchain to Record Vehicle Titles

Kelly Cromley by Kelly Cromley
Jan 28, 2023
in Market News, News
Reading Time: 3 mins read
0

The California Department of Motor Vehicles does not want to be seen as a technical relic, which is why it is unveiling its native, state-of-the-art NFT initiative to digitize car titles. Ajay Gupta, chief digital officer of the California Department of Motor Vehicles, believes that putting documents on a private Tezos blockchain would boost productivity and transparency while cutting costs. In a discussion with Fortune, Gupta stated that the agency planned to copy the DMV’s property record onto its blockchain within three months, followed by consumer-facing apps. A database prototype has already been evaluated.

Gupta said that the DMV views NFT automobile titles as a method to update its procedures. It intends to utilize its own Tezos chain to facilitate title transfers between persons and jurisdictions once it is completely developed and mobile applications are created to serve as wallets for holding NFT titles.
Gupta said that the DMV’s attitude of trailing behind must alter.

RelatedPosts

Uzbekistan Launches HUMO Token Backed by Sovereign Bonds

Brave Wallet Integrates Cardano, Boosting Web3 Access

MicroAlgo Unveils Blockchain-Powered IP Protection Algorithm

0xmd Expands to Brazil in AI Healthtech Deal with SENAI CIMATEC

Oxhead Alpha’s media release announcing an effective proof-of-concept (poc) blockchain and the article contain no additional information about the project beyond the fact that it runs on a personal proof-of-stake Tezos example. The California DMV collaborated with Oxhead Alpha to create its private blockchain. There is much discussion of “public good,” “decreased burden,” and “institutional-level security,” but specifics are scant. The Register has attempted to get information from Oxhead Alpha, but they have not replied to our inquiries.

The California DMV responded, but only to confirm that preparations are in place to perform title transfers utilizing blockchain technology in stages over the upcoming months.
“On a private blockchain framework, Phase I/Foundational produces a production-ready, installed ghost ledger of ownership. When step III is finished, the peer-to-peer (p2p) title transfer procedure will be simplified and prepared for a public trial “We were informed by the California DMV, with no indication of what Phase II includes.

“The utilization of blockchain will enable a vehicle’s ownership to be a safe digital asset (a non-fungible token) that can be stored in a DMV digital wallet. This digital asset removes the requirement for a physical deed and offers irrefutable proof of ownership.”

How well the DMV’s blockchain network is being housed, how so many nodes it has, and who is conducting the verification are other crucial details that are absent. Andrew Smith, the president of Oxhead Alpha, stated that “the DMV chain is now operating and operating DMV validator nodes,” but this doesn’t tell us anything about who is managing the distributed database.

If the DMV operates the system fully internally, the need of a blockchain system becomes questionable. Couldn’t titles be monitored just as effectively – and with less possibility for, well, everything that occurs in the crypto realm – by using a centralized database?

If the nodes are not managed by the California Department of Motor Vehicles, the matter turns into one of security. Who is responsible for data validation, and how safe is the overall system? There is a great deal of crucial data in a car title database, yet blockchain technology is riddled with faults. Interstate ownership swaps are listed by the DMV and Oxhead Alpha as being one of the application cases. In California, defective vehicles designated as “lemons” have notations written on their titles, however they may be moved outside of the state, registered, and then returned to California to eliminate that classification.

This problem would likely be addressed with lasting digital ownership, but there is no requirement to use the blockchain: National Motor Vehicle Title Information System is a statewide title monitoring system already in existence. According to its homepage, the NMVTIS was created to “secure customers from theft and dangerous automobiles and prevent the resale of stolen vehicles,” similar to what California’s blockchain-based system will achieve. Moreover, since California is a trailblazer, there is no web of other blockchain title registries to link to, therefore it is still unknown how interstate transactions will operate.

Notably, Tezos, the blockchain used for the initiative, is also not without criticism. Tezos was initially envisioned as a smart contract blockchain similar to Ethereum; however, when it released in 2017, its primary distinction was that it utilized proof-of-stake, which is significantly lower energy-consuming than the proof-of-work (pow) approach employed by Bitcoin and, till lately, Ethereum.

Having lost this selling feature, Tezos seems to be the second-best NFT blockchain to Ethereum. It has a difficult financial history, such as the loss of class-action litigation that required it to settle $25 million for marketing unlicensed securities during its initial coin sale.

As per Smith of Oxhead, the California DMV is now utilizing “paper-based technologies from the 18th century to combat 21st-century transactional crime.” In this instance, it is unclear if a blockchain is an answer; at minimum, not without additional data.

 

Previous Post

Cookie Company Oreo Enters Metaverse by Partnering with Meta and Martha Stewart

Next Post

Cardano Blockchain Sees a Surge in New Wallets

Related Posts

uzbekistan launches humo token backed by sovereign bonds

Uzbekistan Launches HUMO Token Backed by Sovereign Bonds

by Kelly Cromley
May 13, 2025
0

Uzbekistan is preparing to introduce HUMO, a blockchain-based digital token backed by government bonds, as part of a broader strategy...

brave wallet integrates cardano, boosting web3 access

Brave Wallet Integrates Cardano, Boosting Web3 Access

by Kelly Cromley
May 13, 2025
0

Brave, a privacy-centric Web3 browser, has officially integrated the Cardano blockchain into both its native and standalone wallet applications. This...

microalgo unveils blockchain-powered ip protection algorithm

MicroAlgo Unveils Blockchain-Powered IP Protection Algorithm

by Kelly Cromley
May 13, 2025
0

MicroAlgo Inc. has introduced a blockchain-based intellectual property (IP) protection algorithm designed to overcome long-standing challenges in digital copyright enforcement....

0xmd expands to brazil in ai healthtech deal with senai cimatec

0xmd Expands to Brazil in AI Healthtech Deal with SENAI CIMATEC

by Kelly Cromley
May 13, 2025
0

0xmd, a global startup focused on Generative Artificial Intelligence (AI) for healthcare applications, has officially launched its operations in Brazil...

fireblocks joins calastone to advance tokenized fund distribution

Fireblocks Joins Calastone to Advance Tokenized Fund Distribution

by Kelly Cromley
May 13, 2025
0

Fireblocks has announced its collaboration with Calastone, the global funds network, to enhance Web3 connectivity within Calastone’s Tokenized Distribution solution....

promptale ai and orbler unite to revolutionize web3 engagement

PrompTale AI and Orbler Unite to Revolutionize Web3 Engagement

by Kelly Cromley
May 13, 2025
0

PrompTale AI has officially disclosed its strategic partnership with Orbler through its verified account on X (formerly Twitter), outlining a...

Next Post
Cardano Blockchain Sees a Surge in New Wallets

Cardano Blockchain Sees a Surge in New Wallets

  • blackrock invests in colle web3

    COLLE: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025
  • XRP Ledger Embraces Precious Metal-Backed Stablecoins with Meld Gold Partnership

    by Kelly Cromley
    Oct 2, 2024

Recent News

uzbekistan launches humo token backed by sovereign bonds
Market News

Uzbekistan Launches HUMO Token Backed by Sovereign Bonds

by Kelly Cromley
May 13, 2025
brave wallet integrates cardano, boosting web3 access
Market News

Brave Wallet Integrates Cardano, Boosting Web3 Access

by Kelly Cromley
May 13, 2025
microalgo unveils blockchain-powered ip protection algorithm
Market News

MicroAlgo Unveils Blockchain-Powered IP Protection Algorithm

by Kelly Cromley
May 13, 2025
0xmd expands to brazil in ai healthtech deal with senai cimatec
Market News

0xmd Expands to Brazil in AI Healthtech Deal with SENAI CIMATEC

by Kelly Cromley
May 13, 2025
fireblocks joins calastone to advance tokenized fund distribution
Market News

Fireblocks Joins Calastone to Advance Tokenized Fund Distribution

by Kelly Cromley
May 13, 2025

Categories

  • Altcoin News
  • Analysis News
  • Bitcoin News
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market News
  • News
  • Ripple News
  • Solana News

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • VPN Friendly Casinos
    • New Crypto Casinos
    • Offshore Online Casinos
    • Best Crypto Casinos Reddit
    • Bitcoin Poker
    • Bitcoin Betting Sites
    • Bitcoin Bingo

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree