- The California Department of Motor Vehicles (DMV) is testing the Tezos network to digitize automobile titles as NFTs.
- The DMV is currently employing Tezos to run a private testnet version of the project.
- Because California is a national center of innovation, a state agency adopting technology is a watershed moment for the country.
The Tezos network is being tested by the California Department of Motor Vehicles (DMV) to digitize vehicle titles as NFTs. The DMV, Tezos, and crypto software development firm Oxhead Alpha joined up to create the project. The DMC is a state organization in charge of driving license issuance as well as the registration of automobiles and boats.
It will try to streamline title transfers between owners in addition to digitizing vehicle titles. The DMV is currently running a private testnet version of the project using Tezos.
Ajay Gupta, the chief digital officer of the California DMV, stated that the organization aimed to complete its “shadow ledger.” This would recreate the state’s title database in its entirety. This is what it plans to accomplish over the following three months, with consumer-facing applications coming next. Digital wallets would be included in this.
A state agency adopting technology is a milestone for the country because California is a national center of innovation. Authorities in the state, however, are not afraid to address problems they perceive to exist in the nation.
The price of Tezos was not significantly affected by the statement (XTZ). Since Wednesday, January 18, the price of Tezos has had a startling technical uptrend, rising by more than 20% after hitting the R1 resistance floor at $0.9385.
The Relative Strength Index (RSI) dropping out of the overbought range coincided with that pure technical break. Despite potential impending problems, bulls continue to outpace bears after being decisively rejected against $1.1936.
The California Department of Financial Protection and Innovation (DFPI) recently declared that Nexo and it had reached a settlement agreement. The inquiry conducted by various state agencies came to a close with the $22.5 million settlement. This investigation of Nexo’s Earn Interest Product program was conducted under the direction of the North American Securities Administrators Association (NASAA) working committee.
The American government appears to be open to employing blockchain technology for a variety of objectives. They have, however, expressed a growing level of resentment toward high-yield items. As a result, organizations like the SEC have increased their efforts.