Ava Labs to Provide 42M Digital Car Titles via Mobile App by 2025

Kelvin Munene Murithi
July 31, 2024
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Avalanche Price Plummets 10%: What’s Driving the Sudden Drop?

Highlights

  • California DMV digitizes 42M car titles on Avalanche blockchain to fight fraud.
  • Ava Labs and California DMV roll out mobile access to digital car titles by 2025.
  • HashKey Global introduces new Avalanche perpetual contracts with up to 10x leverage.

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.

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.

Read Also: Terra Luna Classic To Raise LUNC Burn Tax To 1.5%?

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.