- Bergen County collaborated with Balcony to tokenize $240 billion in property through Avalanche Blockchain.
- Balcony further revealed its plan to spread its wings beyond New Jersey in the future.
A New Jersey county is ready to tokenize $240 billion worth of property after making a deal with the real estate blockchain software platform, Balcony. On May 28, the real estate platform revealed that it signed a five-year deal with the Bergen County Clerk’s Office.
The deal included the tokenization of 370,000 deeds on the Avalanche blockchain, and the platform adds that this was the biggest blockchain-based deed tokenization project in the history of the United States.
Around 1 million people reside in Bergen County, through which nearly $500 million in annual property tax revenue is generated. The latest deal was supported by an Avalanche-aimed venture capital fund, Blizzard.
Balcony also mentioned that the project will permit the mentioned county to have a tamper-proof, searchable chain of title over all of its 70 municipalities. Balcony anticipates that the collaboration will help in reducing processing times by more than 90%, along with cutting the risk of fraud, title disputes, and administrative errors.
What Did The CEO Say?
The Chief Executive Officer of Balcony, Dan Silverman, revealed that the project was a milestone for government record systems and real estate. He also added that we are showing how secure, distributed systems can replace outdated infrastructure and provide real-world value for governments as well as the public.
Balcony also revealed that it is working with various other counties from New Jersey, such as Camden, Orange, and Cliffside Park, to streamline their real estate management records. The city of Orange in Essex County recorded a net loss of around $1 million in municipal revenue.
The main reason for this loss is said to be the incomplete and outdated records of the current management system, and it highly pushes the need to establish a more effective solution.
After the tokenization of 370,000 property deeds in Bergen County, the total number of tokenized deeds in New Jersey will stand at about 460,000. Balcony further revealed its plan to spread its wings beyond New Jersey in the future.
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