Car Titles Finally Going Full Digital

Digitized Car Titles
We’ve covered this in some other videos before, but our membership and participation in eart, which is a coalition of major companies trying to get car titles to be digitized, along with companies like DocuSign, CarMax, and Carvana, is starting to pay off. Look at this news story—California DMV has put 42 million car titles on the blockchain. They’ve digitized vehicle titles. This is a great development and all part of the push to make vehicle titling more modern, where you don’t have to worry about paperwork, documents, and signing forms.

California Leads the Way
This is huge progress, and California, being the largest state in population, will lead the rest of the country. So, what does this mean for people with titles? By digitizing 42 million titles using blockchain technology, first of all, it’s going to prevent fraud. Most importantly, it will smooth the car title process, so it’s not going to be quite as bureaucratic. It’s not going to be quite as much of a nightmare to deal with the DMV.

The Convenience of Digital Titles
You’ll be able to get vehicle titles through a mobile app. Think about that—think about what you have to go through now to get a vehicle title. How much paperwork, hassle, and runaround do you have to deal with? How great would it be just to do it with an app?

Lean Releases and Transparency
The other part is going to be lean releases. First of all, it’ll block lean fraud, but it’ll also provide a transparent record of property ownership. When you pay off your car or pay off your lean, you won’t have to go chasing that lean holder to release your lean because it’ll be something you download on your phone. Your lean release is already right there.

Timeline and Opt-Out Option
It may take a little bit of time. They say that you’ll be able to access your digital car title starting early next year, so less than 12 months. It’ll also be something that you can opt out of. If you don’t want to have your title on your phone, you can still go paper if you want to.

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