The Expert Podcast

…So can you get an electronic or digital copy of your car title? Why can't you just download a car title or print one out on your phone? Many other types of documents now are going to mobile things like boarding passes passports. So why not a car title Well, part of it's because vehicle titling is done at the state level There's not one national car title. However there is some progress towards that goal in the state of California there DMV is starting To digitize car titles.

So that you'd no longer need a paper title You don't have to jump through hoops with the DMV. It may take them some time to do this but it does set the, The expectation that paper vehicle titles are thing of the past. You won't have to worry about filling out forms dealing with DMV bureaucracy You can do everything electronically right on your phone which will make. Vehicle titling much easier. And also proving your ownership easier Even if you have a lien on the vehicle, your ownership can be documented in evidence with some type of QR code or,

Electronic signature on your phone. Now the question is going to be, how do they migrate that over California is leading, The transition to this, a couple of other states. Are also working on it Virginia has one. you're going to see more progress with. states in the Northeast New Hampshire and Vermont And I both signed contracts with some companies to switch over the car title So how actually does an electronic car title work?

Or what happens is it's done using the blockchain So it's things. This the same thing that puts value behind cryptocurrency. We'll put the value behind vehicle titles So there'll be a blockchain signature. Code for that vehicle title it'll identify the vehicle the VIN number the owner. If there's a lien holder…and all the vehicle information the year make model history will all be stored in the cloud in a blockchain So the ownership record can follow.

that. Owner. And if there's a transfer that can also be done electronically, you're not going to have to get papers notarized signed. You can do it All right On your phone Do you connect with the other person, the buyer or the seller? You can do the transaction electronically with funds transfer and have that vehicle.

Switched over to your ownership instantly. Even…

dealerships can do this with customers to come in to buy a car. They can transfer the ownership instantly. So you don't have to wait 30, 45 days or two months to get the title and plates from your vehicle purchase And what'll happen is according to what California does. Is they will have digital wallets to hold and transfer token car titles with the DMV acting as a middleman to oversee the operations.

This is a game changer This will make vehicle titles and dealing with vehicle ownership much less bureaucratic. Look one of the problems with vehicle titles is. When you have your car title, it's not something that you use or update every year, your registration and your license plates That's a different story You update that every year you renew it every year, your driver's license, you keep it in your wallet because you have to show it for things on a regular basis. You renew it every couple of years, your car title. He get it You throw it in the drawer and it's, it's done.

The problem is now when you need it Five years later six years later when you want to sell your car, who the heck knows where it is because you haven't used it actively. Do you have to file for a lost title fill out form show your ID. Maybe you moved Your address is wrong. This creates problems with getting a title. This will also prevent title fraud where somebody hides prior salvage information or hides lien information from future buyers.

And this will keep. Titles from being washed from one state to another and locked down the record so that any future owner knows about liens knows about,

salvage And if the vehicles reported stolen that could be reported on the blockchain as well So look forward to this more simple way of getting a title. that can help you avoid the bureaucracy of dealing with the DMV and all the other agencies that make getting titles difficult

…