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California DMV Puts 42M Car Titles on the Avalanche Network in Digitization Push
Developed by Oxhead Alpha, the system will let users transfer vehicle titles in minutes and without going to an office versus the two week time frame in the traditional system.
California's Department of Motor Vehicles (DMV) digitized 42 million of car titles on the Avalanche network as part of development to modernize the state's title transfer process with software development firm Oxhead Alpha.
Users will soon be able to claim their digital titles via the DMV's application, track and manage them without getting to the office, according to an Avalanche blog post. The time to transfer vehicle titles drops to a few minutes using blockchain rails in the backend from two weeks via the traditional process, a DMV spokesperson said in an email.
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Efforts to deploy blockchain tech have mostly focused on financial services with big banks and asset managers putting traditional assets such as bonds, credit and funds on distributed ledgers pursuing speedier transactions, greater transparency and increased efficiency. This is also known as tokenization of real-world assets (RWA).
DMV's implementation serves as an example that blockchain rails could also bring similar benefits for bureaucratic processes and managing large databases in the public service sector.
Read more: The Benefits of Assets Tokenization
"Blockchains are the most advanced tool any organization can leverage to maximize efficiency, maintain compliance and protect consumer data – vital components for a government serving its constituents," said John Wu, president of Ava Labs, an Avalanche ecosystem development organization.
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
Що варто знати:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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