- Bergen County will digitize $240B in property deeds via Avalanche in a five-year partnership.
- New Jersey now has 460,000 tokenized property deeds, leading the nation in digital records.
- The blockchain system will reduce deed processing time by 90% and improve record accuracy.
Bergen County will digitize $240B in property deeds via Avalanche in a five-year partnership.
The blockchain system will reduce deed processing time by 90% and improve record accuracy.
New Jersey’s tokenized property deeds now total nearly 460,000 across multiple counties.
Bergen County is leading the way with the biggest real estate tokenization project in American history. The county plans to transfer $240 billion of property records to a blockchain system. By doing so, the government is implementing a new system for processing and utilizing public records.
Blockchain-based land record management firm Balcony and the county have agreed to collaborate for the next five years. The agreement means that 370,000 titles will be turned into digital tokens powered by the Avalanche network.
Bergen County Goes Digital with Blockchain Deeds
Bergen, located just across the Hudson River from New York City, is home to New Jersey’s largest population. Every year, it generates approximately $500 million in property taxes. With the new system, property records will be protected from alterations, searchable, and available in every one of the 70 municipalities.
Balcony reports that their platform could decrease the time needed to process deeds by up to 90%. According to the county’s plan, the use of digital records is expected to help prevent fraud, resolve ownership issues, and reduce costly mistakes. When Balcony examined the data in Orange County, they found that the city was losing nearly $1 million each year because of its outdated records.
Avalanche was picked because it can handle big volumes of data securely and efficiently. Ava Labs’ CEO, Luigi D’Onorio DeMeo, believes that Avalanche’s platform is well-suited for updating government services. It ensures both speed and reliability when handling sensitive public information.
The Rise of Tokenized Property Records
Interest in asset tokenization is increasing globally, prompting this project. According to a report by The Boston Consulting Group and Ripple, tokenized assets may reach a value of $18.9 trillion by 2033. It is anticipated that real estate will play a key role in achieving a more distributed economy. Furthermore, Dubai has also launched a real estate tokenization pilot program on the XRP Ledger, aiming to achieve $16 billion in transactions by 2033.
Residents across New Jersey, including those outside Bergen County, can access Balcony’s services. The company is partnering with several neighboring counties, including Camden, Orange, and Cliffside Park, to modernize their property records. As of now, there are approximately 460,000 tokenized deeds in the state.
The program will establish Bergen County as a leader in the innovative use of digital public records on a national scale. The county hopes that by adopting Avalanche, it will establish a standard for reliable, safe, and open property record handling in the United States.
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