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In a significant step towards mainstream adoption of cryptocurrency technology in the U.S., the Department of Motor Vehicles in California has digitized a whopping 42 million car titles using the Avalanche (CRYPTO: AVAX) blockchain.
What Happened: The California DMV, in collaboration with software development firm Oxhead Alpha, has successfully digitized car titles on the Avalanche network, CoinDesk reported Tuesday. The initiative will enable users to claim, track, and manage their digital titles through the DMV’s application, thereby eliminating the need for physical office visits.
The digitization process has drastically cut down the time required for transferring vehicle titles. With blockchain technology, the process that traditionally took two weeks can now be completed in just a few minutes, as stated by a DMV spokesperson.
Why It Matters: The digitization of car titles is a significant move towards modernizing bureaucratic processes using blockchain technology.
Mark Cuban, a billionaire business magnate hailed the development as an “amazing” step forward for the cryptocurrency industry.
Cuban, who is also a big critic of SEC Chair Gary Gensler, took a cheeky dig at the official, wondering if he would take legal action against California for its “efforts” to boost the value of the underlying token of the technology in use.
For the curious, the jab was in reference to the SEC’s lawsuit against Ripple Labs, accusing the company of selling payment-focused cryptocurrency, XRP (CRYPTO: XRP), as a security.
Price Action: At the time of writing, AVAX, the native coin of the Avalanche network, is exchanging hands at $25.90, down 4.9% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors
