Ava Labs and the California DMV will offer digitized 42M automobile titles on the Avalanche blockchain, improving security.
Ava Labs and the California Department of Motor Vehicles (DMV) have made a significant stride in the fight against fraud and the optimization of processes by utilizing blockchain technology to digitize 42 million car titles.
This initiative is the first in the United States and was jointly implemented with Oxhead Alpha within the Ava Labs’ Avalanche blockchain framework.
Ava Labs, California Department of Motor Vehicles Launches a blockchain-based car title system
Ava Labs and the California Department of Motor Vehicles (DMV) have recently completed the digitization process, which involved the migration of 42 million vehicle titles onto the Avalanche blockchain. This is intended to facilitate the transmission of ownership documents and prevent fraudulent activities related to vehicle ownership.
The DMV ensures the integrity of records by utilizing the unalterable ledger of blockchain technology. This ensures that records are unchangeable once they are issued, thereby enhancing the credibility of vehicle registration.
John Wu, the president of Ava Labs, provided additional information regarding 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 Commencing in 2025
Consequently, California residents can anticipate the ability to acquire their digital car titles via a mobile application in early 2025. This application will guarantee that the transfer of vehicle titles is conducted highly conveniently, eliminating the necessity for physical copies and visits to the DMV.
The application will also facilitate the updating and transferring of title ownership, which is particularly beneficial in a state with a population exceeding 39 million.
Therefore, utilizing digital titles through a mobile application will significantly enhance the convenience of vehicle proprietors in terms of vehicle management, which is in line with the prevailing trends of digitalization and the emphasis on mobile solutions in public services.
Additionally, the Ava Labs partnership is anticipated to reduce the frequency of residents visiting the DMV in person. This is consistent with other initiatives to provide digital government services to the public to improve efficiency.
Avalanche’s Novel Perpetual Contracts
HashKey Global concurrently disclosed a substantial expansion of its derivatives offerings, including introducing new perpetual contracts for Avalanche (AVAX) and two additional cryptocurrencies.
This expansion will provide users with new opportunities and meet the requirements of cryptocurrency investors. The perpetual contracts that have been recently introduced have several shared characteristics: All of them are USDT-based and have a maximal leverage ratio of 10x, which enables traders to increase their profits (and losses) in equal measure.
Avalanche (AVAX) has been adverse in the last 24 hours despite the Ava Labs partnership and this development. AVAX was trading at $26.63 at the time of publication, a 3.05% decrease from the 24-hour high of $27.51.
This bear rally is because AVAX faces a critical resistance level at $32.60, as per a Coingape price analysis. Depending on market conditions, it may reach $35 or even $40 by the end of August if it can overcome this barrier. As a result, AVAX may experience a correction toward the $25-$24 support zone, as it has been unable to surpass the $32.60 resistance.
