Blockchain is disrupting this $1 Trillion industry & nobody’s talking bout it

🚗💥 Blockchain is transforming the automotive industry! California is digitizing 42 million car titles on the Avalanche blockchain! 🚀

Blockchain holds the potential to revolutionize countless industries, from finance to artificial intelligence to gaming. The possibilities are nearly infinite. However, there's a certain one trillion dollar industry that's ripe for disruption, and we just saw a major announcement about this past week. Surprisingly, nobody's talking about it. If you've been plugged into blockchain or crypto in any way over the last decade, then I bet you didn't see this coming. In this video, I will explain exactly what this is and why you need to pay attention.

As a blockchain developer who works with this technology daily and has been observing this space every single day for the past seven years, I have some insights to share. If you're new here, hey, I'm Gregory, and on this channel, I aim to turn you into a blockchain master. If that interests you, smash that like button down below and subscribe. To take advantage of all the opportunities in this growing industry, the best way is to increase your income by becoming a blockchain developer. I can show you how to do that step-by-step from start to finish over at dappuniversity.com boot camp.

So, let's talk about the industry that's getting disrupted by blockchain technology: the automotive industry. The North American automotive industry is well north of a trillion dollars, with the US alone having a market size of approximately 1.5 trillion in revenue from road vehicle and parts retail trade as of 2024. There are many different use cases for blockchain technology in this market. One way that's starting to see actual use cases is with car titles. Just this past week, we saw a massive announcement that the state of California is digitizing 42 million car titles on the Avalanche blockchain. Yes, you heard that right—a US state government is actually taking action to incorporate blockchain technology to solve a real problem. This can model and facilitate the transfer of ownership of vehicles on the blockchain.

Now, this is a massive deal. I will explain how this is going to work and what the implications are for the future. Let's start with the basics of a car title. A car title is basically like a birth certificate for a car. It's a legal document that proves you own the vehicle. Whenever you buy a car, the title is transferred to your name, showing that you're the new owner. It includes important details like the car's make, model, year, and vehicle identification number (VIN), like you'd see on Carfax. If you sell the car, you can sign it over to a new owner who would then register the car in their name.

So, why is blockchain the perfect use case for this? Blockchains, by nature, are public ledgers that are purpose-built to track ownership and transfer value. Just like a cryptocurrency, a physical car is a valuable item. You can prove its ownership is real and move it around digitally with blockchains, which is exactly what they're made for.

🚗✨ California's DMV is going digital with blockchain for car titles, making DMV trips a thing of the past! 🙌📲

California has successfully digitized 42 million car titles as part of an ongoing effort to modernize the title transfer process for California drivers and DMV representatives. They have partnered with three entities to build a DMV-run blockchain aimed at streamlining the vehicle title transfer experience for California's 39 million plus residents. Notably, California is the fifth-largest economy in the world for the seventh consecutive year, boasting a nominal GDP of nearly $3.9 trillion in 2023 and an annual growth rate of 6.1%.

Soon, digital titles will be claimable by vehicle owners through the DMV Cure Mobile Wallet app within minutes using a verifiable credential. Essentially, car titles will be stored on the blockchain, allowing owners to claim and manage their titles digitally. The escr Avalanche blockchain smart contracts will mediate the title transfer, enabling consumers to track and manage their pink slip vehicle titles digitally, significantly reducing trips to the DMV and the post office. This innovation also provides an early warning system for lien fraud, leveraging the blockchain's core function as an immutable ledger that bad actors cannot manipulate.

This initiative stems from consumer demand for more automated processes and the ability to transact online, which blockchain technology facilitates. This is a notable use case for blockchain that does not involve cryptocurrency. While DeFi and finance are often seen as the primary use cases for cryptocurrency, this project demonstrates the technology's potential beyond financial speculation.

One of the main reasons this is a positive development is that it addresses a real-world problem. Blockchain has often been criticized as a solution in search of a problem, but this project counters that narrative effectively. People generally dislike going to the DMV, which has become almost a meme due to its long lines and slow service. By automating the title transfer process, this initiative saves time for vehicle owners and reduces the headcount needed to facilitate these transfers.

Another advantage is that this system is opt-in. It offers convenience without mandating all California residents to use digital titles on the blockchain. Initially, only tech-savvy individuals may adopt this system, but it has the potential for mass adoption as people become more accustomed to using blockchain technology in this way.

🚗🔗 Blockchain tech is revolutionizing car titles, paving the way for digital identities and real estate! Ready for a future where you buy a house with a click? 🌐🏠

Blockchains have a bad reputation for not being scalable, and that's somewhat true in their present state. We're working on improving this, but currently, blockchain technology can't handle mass adoption where everyone is settling every single credit card transaction, all stock trades, gaming transactions, and social media posts globally. However, you don't need that level of scale for this particular use case. Vehicles don't change hands very often, and you only need to process transactions when someone sells a car. The transaction frequency is relatively low, and we can handle it now.

There are, of course, some remaining questions about this implementation. For instance, what happens if someone claims the title to their car and then loses their private key? This is a common problem in the crypto space right now. Will there be some type of recovery mechanism for this, or is the title to the car just going to be bricked on-chain? If there is a recovery mechanism, does that present an opportunity for the government to seize ownership of the asset? If anyone has good answers to these questions, I'd love to hear from you in the comment section below.

That being said, there are potential problems, but there could also be good answers to these problems. Where could this technology go in the future? One thing I want to highlight from the articles is that, providing the technology works at scale, it enables other jurisdictions to implement similar approaches. Other jurisdictions—that's the key. The easiest win I see after this is with identity. We're already talking about the DMV working with blockchain and moving ownership of car titles around. What's to stop them from doing this with driver's licenses? People hate going to the DMV for that exact purpose. Sure, you can renew your license online in most places, but if they're already using blockchain as a value transfer for vehicle ownership, your identity is the most valuable thing you have.

Obviously, you're not going to transfer your identity, but you can use it with many advantages in ways that you can't right now. It opens up the door for using your digital identity online with things like zero-knowledge proofs. Zero-knowledge proofs allow you to use blockchain technology to prove that certain information is true without revealing the information itself. For example, you can prove your age online without telling a website your actual age. Similarly, you can prove that you live in a certain country, state, or zip code without revealing the specific information.

Digitizing identity offers easy wins, and if DMVs are already doing this with automotive titles, what's to stop them from doing it for digital identities for humans? Beyond the DMV, my mind instantly goes to real estate. We have title transfers in the real estate world, which are big, expensive assets that need to be taxed. Therefore, you need a piece of paper in a local jurisdiction to know who owns the property and who will pay taxes. If we can get this adopted with automotive titles in certain areas, we can probably start making progress in the direction of real estate.

This is a big win because real estate is trending to be a completely online process. People already do window shopping for real estate with Zillow, and many companies offer the ability to sell your home to online merchants. Imagine being able to look for a place to live online and then buy it with a click of a button. Blockchain could be the missing puzzle piece that facilitates this. The news about automotive transfers could be the next domino to fall, getting local jurisdictions on board to make this a reality.

So, that's the story on California digitizing auto titles on the blockchain. People start buying and selling on-chain, solving a problem that most people are aware of, and presenting blockchain as a solution. Let me know what you think in the comments section below. How soon will this get adopted? Are you excited about this? What are the pros and cons? I want to hear from you. After leaving your comment, make sure you smash that like button and subscribe.

If you're like me and see this type of technology taking off, recognizing it as a rapidly growing industry with tons of future upside potential, the best way to capitalize on that growth is to increase your technical skills and become a blockchain developer. This can increase your income, and I can show you how to do that step-by-step from start to finish over at Dapp University Bootcamp. You don't need any prior coding experience to get started today. I've helped people with zero coding experience become real-world blockchain developers in a matter of months. That's all I've got for now. Thanks for watching Dapp University.

Watch: youtube.com/watch?v=yfc83W955Zg