Bergen County, New Jersey to Tokenize $240 Billion in Property Deeds
Bergen County, New Jersey is implementing a blockchain-based property record system using the Avalanche network, marking it as the largest property deed tokenization project in the U.S.
- A five-year agreement with Balcony aims to migrate 370,000 property deeds worth approximately $240 billion onto a blockchain ledger.
- The system will benefit nearly a million residents across 70 municipalities.
- County Clerk John Hogan stated that digitizing records will simplify and secure processes for homeowners and businesses.
- This initiative reflects a broader trend in asset tokenization, projected to reach a market value of $18.9 trillion by 2033.
- Balcony claims its platform can reduce deed processing time by 90% and address issues like fraud and record discrepancies.
- The platform previously uncovered nearly $1 million in lost municipal revenue due to outdated property records.
- Luigi D’Onorio DeMeo from Ava Labs emphasized Avalanche's capability to manage large data volumes efficiently.
Last year, California's DMV digitized 42 million car titles on Avalanche to enhance the title transfer process.