In the realm of vehicle title management, traditional systems have long been plagued by inefficiencies and delays. CHAMPtitles, a pioneering SaaS company based in Ohio, has transformed title management into a seamless, secure, and efficient process by leveraging the power of blockchain technology.
CHAMPtitles stands at the forefront of digitizing title management through its utilization of blockchain technology. Its DMV modernization software digitizes vehicle titles and the process of acquiring vehicle registrations and liens, eliminating the need for cumbersome paperwork and manual processes. Previously, title turnaround times could take up to 45 days, causing inconvenience and delays for various stakeholders. With its innovative blockchain-based solution, CHAMPtitles has revolutionized the process, which now takes less than one day, reducing costs and errors for all parties involved.
"We feel very fortunate to be in a state that has leadership that is both pro-business and pro-technology, as evidenced by the influx of tech companies and robust tech talent making Ohio their home," said Shane Bigelow, CEO of CHAMPtitles. "We look forward to continuing to support the growth of northeast Ohio with our company as our title platform makes national impact."CHAMPtitles is headquartered in the vibrant city of Cleveland, Ohio, and has over 40 employees. As of June 2023, Coinbase has over 1 million users in Ohio.
CHAMPtitles was founded in Ohio, but its impact extends far beyond the Buckeye State. The company has successfully sold its software to numerous state governments, including West Virginia. Through collaboration with the state, it has facilitated the launch of its national Title Clearinghouse, a groundbreaking technology for car dealers, insurance carriers, fleet operators, and lenders, which facilitates interstate title transfers. This fully digital solution harnesses the power of blockchain to lower costs, increase efficiencies, and expedite the process to the benefit of these entities.
BLOCKY, a Montana-based company primarily funded by the National Science Foundation, has firsthand experience with the benefits of crypto. BLOCKY builds blockchain-based systems for data provenance and secure computing. BLOCKY’s CEO and founder, Taylor Heinecke, says between the strong community of entrepreneurs, innovators, and investors in Montana, and the Montana Utility Token Act passed in 2019, Montana has become an incredible place to start a crypto business.
According to Taylor, Montana has helped support their growing blockchain business with grants, which has empowered them to grow their local economy and job force. “We’ve also been very fortunate at BLOCKY to recruit several Montana State University graduates who embody a strong Montana work ethic and bring a can-do attitude to problem-solving.”
Taylor also recognizes that pro-crypto legislation at the state level doesn’t necessarily translate to the federal level, but he strongly believes that the US needs to embrace innovation. “Blockchain innovation is in early stages, and letting it flourish will lead to huge upsides for the US, as has been the case with other technology waves such as the internet... Letting Americans innovate is the surest path to the continued American leadership in tech.” He urges regulators and policymakers to fully understand the nuance of technology and set out clear guidelines between utility tokens and security tokens. In the meantime, Montana is proactively still pushing forward crypto legislation despite federal uncertainty.
Staying true to its mining roots, Montana doubled down recently and passed pro-crypto mining legislation in both the state House and Senate with The Right to Mine bill. This legislation aims to create legal certainty for individuals and businesses in Montana who mine cryptocurrency. Under its provisions, every citizen would have the right to mine cryptocurrency at home, and every company would be able to set up a commercial mining operation subject to certain exceptions. Moreover, it would prohibit the government from imposing unduly discriminatory utility rates on miners or restricting mining operations solely on the basis of zoning or environmental laws. Just another example of states filling the void left by federal policymakers and regulators.
More than half of the Fortune 100 have pursued crypto, blockchain, or web3 initiatives since the start of 2020.
Since 2017, Fortune 100 companies have made 109 private venture capital investments in 80 crypto blockchain startups, contributing to rounds worth over $8 billion.12
About two-thirds of surveyed Fortune 500 executives who are familiar with cryptocurrency or blockchain say that investing in these technologies is important for staying ahead of their competition.12
The US is at risk of losing out on 1 million developer jobs and 3 million related non-technical jobs over the next 7 years as web3 development increasingly moves overseas.13
The US's share of global web3 development has already dropped from 40% to 29% in the last 5 years fueled by uncertainty and a regulation-by-enforcement approach in the US.13
On average the US is losing almost 2% of the web3 developer share every year. That means high-quality, good-paying jobs are leaving the US to innovate in locations with better conditions like clear regulation or a commitment to technological leadership.13