California's DMV digitizes car titles with blockchain, and Mark Cuban reveals why this is game-changer for cryptocurrency
The California Department of Motor Vehicles has made a big move by digitizing 42 million car titles using blockchain technology. The goal is to catch fraud and make the title transfer process more efficient, as reported by Reuters.had this to say about the news, pointing out how important this is for the blockchain industry. He said this is a big step forward for crypto, but with a bit of a joke about potential regulatory issues.
The reason why this is HUGE for crypto is because the people holding the tokens will have an app with a Avalanche wallet. Tens of millions of Californians having and using a crypto wallet over the next 5 years or however long it takes , normalizes the use of wallets and crypto…Cuban went on to say that while blockchain technology is at the heart of cryptocurrency, the widespread adoption of wallets would be a real game-changer. He said that the DMV's initiative could mean that tens of millions of Californians will be using a crypto wallet in the next few years.
He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
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