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.
Ava Labs, the company behind the Avalanche blockchain, has partnered with the California Department of Motor Vehicles (DMV) to digitize 42 million car titles on the Avalanche blockchain.
This initiative, which is the first of its kind in the United States, aims to combat fraud and streamline processes related to vehicle ownership and title transfer.
The DMV will leverage blockchain’s immutable ledger to ensure the integrity of records, such that once issued, they cannot be altered, thereby enhancing the credibility of vehicle registration.
According to John Wu, president of Ava Labs, “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.”
California residents can expect to access their digital car titles via a mobile app starting early 2025. The application will facilitate the convenient transfer of vehicle titles, eliminating the need for hard copies and visits to the DMV, especially relevant in a state with a population exceeding 39 million.
The app will also streamline updates and transfers of ownership titles, catering to the state’s vast population and their car ownership needs.
Moreover, digital titles accessible through a mobile application will greatly enhance convenience for car owners in line with broader trends towards digitalization and emphasis on mobile solutions in public services.
The partnership with Ava Labs is also expected to reduce the frequency of physical visits to the DMV by residents, complementing other efforts to provide digital government services to the public for enhanced efficiency.
In other news, HashKey Global has announced a major expansion of its derivatives offerings with the launch of new perpetual contracts for Avalanche (AVAX) and two other cryptocurrencies.
This addition will provide new opportunities for users and cater to the increasing demand from investors in cryptocurrencies.
The newly introduced perpetual contracts share several commonalities: They are all based on USDT and have a maximum leverage ratio of 10x, enabling traders to multiply their profits (and losses) to a significant extent.
However, despite this development and the partnership with Ava Labs, Avalanche (AVAX) has experienced a bearish trend in the last 24 hours. At the time of writing, AVAX was trading at $26.63, down 3.05% from the 24-hour high of $27.51.
Based on a Coingape price analysis of AVAX, the bear rally can be attributed to encountering a critical resistance level at $32.60. If it manages to break through this barrier, it could rise to $35 and potentially even $40 by the end of August, depending on market conditions.
On the other hand, with AVAX failing to cross the $32.60 resistance, it might see a correction towards the $25-$24 support zone.
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