Bank of America (BAC) said in a research note on Thursday that California is leading the way as U.S. federal and state agencies consider blockchain applications.
The California Department of Motor Vehicles (DMV) tokenization project is one example of how companies, as well as U.S. state and federal agencies, are using blockchain-based solutions to improve efficiency and reduce costs. 10,000 vehicles will be tokenized, and its vehicle property rights and transfer management system will be completely reformed.
It will issue vehicle titles in the form of NFTs, with ownership recorded on a private version of the Tezos blockchain. The bank noted that other federal and state agencies are also working on blockchain-based solutions. These include the Federal Emergency Management Agency (FEMA), the Department of Homeland Security and the California Department of Food and Agriculture.