Vehicle Title Research
Some of our regular viewers may already know this, but we are a certified and licensed vehicle title research company. As part of our efforts, we’ve been doing this for about 20 years. We are a member of an organization called EART, which is a group of large companies that are working on getting vehicle titles to be more modern, to be digital.
The Outdated Paper System
Currently, vehicle titles in almost every state are a paper document. It looks like old school; this looks like something out of the 1700s. These titles are what proves ownership of a vehicle, liens on a vehicle, transfers of vehicles, and no other type of record is so outdated.
Collaboration with Major Companies
This group of companies, including companies like DocuSign, our company Car Titles, CarMax, Carvana, and many other large automotive and digital companies, are working on getting the different states to become more mainstream.
California’s Success Story
Well, here’s a success story. Today, July 30th, the California DMV just put 42 million car titles on the blockchain – digital car titles. This is a huge development.
Benefits for Consumers
How is this going to help consumers? Well, it’s going to make the process of getting title transfers smoother. It’s also going to prevent fraud, and it’s going to help you with lien releases. So, if you pay off a vehicle, you have a car that you want to get cleared in your name, it’ll make that process much easier.
DMV’s Outdated Bureaucracy
Vehicle titles are very outdated, and even government agencies like the Department of Motor Vehicles (which, by the way, is often used as a punchline of jokes) are part of the problem. How many times have you seen the Department of Motor Vehicles used as a punching bag on a sitcom or in a movie? The DMV is often portrayed as the most ridiculous place you could go.
Moving into the Digital Age
The reason is that it’s part of a bureaucracy. The more we can get that bureaucracy into the modern era using digital technology, the easier it’s going to be for you to deal with it and not get the runaround. For example, digitizing car titles will reduce the need for in-person DMV visits. How great will that be to not have to go to the DMV?
Blockchain Titles in California
42 million titles associated with the blockchain have already been digitized, and creating a wallet you can download on your phone will allow you to access your car title right on your phone. This is tremendous – this is what we’ve all been working toward with EART for the last year.
