Ava Labs and California’s Department of Motor Vehicles (DMV) have taken a major step in combating fraud and streamlining processes by digitizing 42 million car titles through blockchain technology.

This initiative was jointly implemented with Oxhead Alpha within the framework of Ava Labs’ Avalanche blockchain; it is the first one of this kind in the United States.

Ava Labs & California DMV Launch Blockchain Car Title

The Californian Department of Motor Vehicles (DMV) and Ava Labs recently concluded their digitization process, migrating 42 million car titles onto the Avalanche blockchain. This is in a bid to check on fraud activities concerning vehicle ownership and simplify the transfer of ownership documents.

Through the use of blockchain’s unalterable ledger, the DMV guarantees the integrity of records in such a way that once issued, they cannot be changed hence increasing the credibility of vehicle registration.

John Wu, the president of Ava Labs, shed more light on the project,

“This deployment on the Avalanche blockchain is a significant shift towards a more secure and efficient system for managing vehicle titles in California.” Blockchain technology is crucial in eliminating fraud as it creates a transparent and secure system.”

Mobile Access to Vehicle Titles Starting 2025

California residents can, therefore, expect to obtain their digital car titles through a mobile app from early 2025. This application will ensure that transferring of vehicle titles is done in a very convenient way, without the need for the use of hard copies and visiting the DMV.

The app will also make it easier to update and transfer ownership of titles, which is very useful in a state with a population of over 39 million.

.@Avax just announced California DMV is launching its own chain on Avalanche and has already digitized 42M car titles onchain

That’s…a pretty huge deal.

These are the type of real world use cases that crypto needs to have to easily onboard millions of people.

I (like many…

— Jacquelyn Melinek (@jacqmelinek) July 30, 2024

Therefore, the use of digital titles via a mobile application is expected to greatly improve the convenience of car owners with regards to the management of their vehicles, in accordance with the general tendencies of digitalization and the focus on mobile solutions in public services. 

Furthermore, the Ava Labs partnership is projected to cut down on the number of times that residents will need to physically visit the DMV. This is in line with other measures being taken to offer digital government services to the public in a bid to enhance efficiency.

Avalanche’s New Perpetual Contracts

Concurrently, HashKey Global announced a major expansion of its derivatives offerings, which includes the launch of new perpetual contracts for Avalanche (AVAX) and two other cryptocurrencies. 

This expansion will open new opportunities for users and satisfy the needs of investors in cryptocurrencies. The newly introduced perpetual contracts share several common features: All of them are USDT-based, and they have a maximum leverage ratio of 10x, which helps traders increase their profit (and losses) in equal measure.

Despite this development and Ava labs partnership, Avalanche (AVAX) has been bearish in the last 24 hours. At press time, AVAX was trading at $26.63, a 3.05% decline from the 24-hour high of $27.51

According to a Coingape price analysis of AVAX, this bear rally is attributable to confronting a critical resistance level at $32.60. If it can break through this barrier, it could rise to $35 and possibly even $40 by the end of August, depending on market conditions. Consequently, with AVAX having failed to surpass the $32.60 resistance, it might see a correction toward the $25-$24 support zone.

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The post Ava Labs to Provide 42M Digital Car Titles via Mobile App by 2025 appeared first on CoinGape.

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Filed under: News - @ July 30, 2024 7:24 pm