- Avalanche agreement with California DMV to digitize 42 million car titles with blockchain, boosting efficiency and security.
- Billionaire investor Mark Cuban explains that this partnership could significantly boost AVAX's growth and adoption.
- On-chain data indicates AVAX's development activity is rising, signaling increased blockchain usage and engagement.
DeFi token Avalanche (AVAX) is trading at $26.46 on Wednesday, as its partnership with the California DMV to digitize 42 million car titles with blockchain is expected to enhance efficiency and security. Billionaire investor Mark Cuban suggests this could significantly boost AVAX's growth and adoption while rising development activity and increased blockchain usage of on-chain data hint at potential rallies for AVAX in the coming days.
Avalanche partnership with California DMV to digitize 42 million car titles
Avalanche announced on X on Wednesday that it has partnered with California's Department of Motor Vehicles (DMV) to streamline essential services.
The service will digitize 42 million car titles using blockchain technology to detect fraud and streamline title transfers. Avalanche's collaboration with Oxhead Alpha on this project showcases its potential to revolutionize industries by preventing fraud and enhancing transparency. California's 39 million residents will soon be able to claim their vehicle titles through a mobile app, marking the first such initiative in the US. Blockchain's transparent and immutable records will help identify lien fraud and prevent fraudulent activities.
Additionally, the project's collaboration with other crypto platforms, such as Algorand and Solana, showcases its commitment to driving new narratives and advancing the blockchain ecosystem.
The CA DMV chose to launch on Avalanche for the scalability of the network, customizability of their on-chain environment, and planning for the future with built-in interoperability as this expands with more entities across multiple states. https://t.co/Tjk2I1RxXF
— Avalanche (@avax) July 30, 2024
Moreover, billionaire investor Mark Cuban explained in his tweet that this move is huge for crypto and could significantly boost AVAX's growth and adoption.
He said, "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 for normies.
That is huge. Particularly if the wallets can be used for other applications!."
The reason why this is HUGE for crypto is because the people holding the tokens will have an app with a Avalanche wallet.
— Mark Cuban (@mcuban) July 31, 2024
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… https://t.co/5Xx6FseGXl
Santiment's Development Activity Index shows project development activity over time based on several pure development-related events in the project's public GitHub repository.
In AVAX's case, the index sharply rose from 179 on July 22 to 214 on July 31. This trend has been rising since July 16 and implies that the Avalanche price-developing activity is high, which adds further credence to the bullish outlook.
%20[18.39.34,%2031%20Jul,%202024]-638580315257681186.png)
AVAX Development Activity chart
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