Champ Titles, Inc. (“CHAMP”) sponsors New to The Street’s “The Business of Blockchain” segment. From the Nasdaq MarketSite Studio, CHAMP’s CEO/Co-Founder Shane Bigelow talks with show’s TV Host Jane King about the Company being the largest deployer of blockchain technology for the US Government. CHAMP creates blockchain ecosystem solutions that address vehicle titling for Department of Motor Vehicles (DMV) divisions. Many consumers become frustrated when dealing with DMV processes; most of the time, it is not the fault of DMV representatives but that many DMVs are still paper-based systems. These inefficiencies in DMV applications cost individuals, insurance companies, car dealerships, lenders, and others time and money when securitizing vehicles. Shane gives an example of how long it takes for banks and insurance companies to place asset lines on a vehicle. CHAMP has successfully integrated its blockchain title ecosystem, enabling DMVs, car dealers, fleet operators, insurance carriers, lenders, and consumers to execute transactions swiftly and efficiently. The Company’s “Digital Vehicle Titling and Registration Suite” allows an immediate transaction on a blockchain, a verifiable record without long and messy paperwork. Consumers and insurance agencies spend millions of dollars annually when dealing with DMV paperwork, and CHAMP overhauls the process with a technologically advanced digital title blockchain ecosystem. Shane believes insurance companies will pass savings onto insurance policy owners as blockchain efficiencies become more apparent when dealing with DMVs. With an AI platform integrated into the blockchain, DMV systems provide immediate efficiency. CHAMP sees opportunities with its ecosystem when deployed for taxation purposes as it applies to Electric Vehicles (EV). Shane explains that fewer gas taxes become available for state infrastructure project budgets as more EVs hit the roadways. States will use a mileage tax as an alternative, but concerns remain about the fairness of the correct amount of mileage taxed. Consumers and governmental agencies need an immutable audited record. Blockchain cryptography makes for fairness so consumers and agencies can have reliable, secure, and protected data. The on-screen QR code is available during the show to download more info or visit Champ Titles, Inc. (“CHAMP”) – https://www.champtitles.com/.
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