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California to Use Tezos Network for Automobile NFT Titling

NFT, crypto
Published 1 year ago
ID #2001
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California to Use Tezos Network for Automobile NFT Titling
NFT, crypto,
Published 1 year ago

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The California Department of Motor Vehicles DMV is testing the Tezos network for digitizing automobile titles as NFT.

The project is a collaboration between the DMV, Tezos, and crypto software development company Oxhead Alpha. The DMV is a state agency responsible for registering motor vehicles and boats, and issuing driver's licenses.

This move towards digitizing automobile titles comes as part of a larger trend of physical documents being migrated to NFTs. The DMV's goal is not only to digitize the titles but also to streamline the process of transferring titles between owners. Currently, the DMV is operating on a private testnet version of the effort on Tezos.

The DMV's digital director, Ajay Gupta, stated that the agency hopes to complete its shadow ledger in the next three months. This would fully replicate the state's database of titles. Following this, the agency plans to roll out consumer-facing applications, including digital wallets.

California is not the only state to be experimenting with NFTs for vehicle titles. Other states have also been exploring this possibility, with some even reaching agreements with companies like Nexo.

This push towards digitizing and NFT-ifying vehicle titles comes amid growing pressure for regulation in the crypto space, following the collapse of FTX. The $22.5 million agreement put an end to the investigation led by various state regulators. The North American Securities Administrators Association NASAA task force led this effort, examining Nexo's Earn Interest Product.

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    NFT, crypto
    California DMV Tezos NFT Digitization Automobile