Bergen County, New Jersey, is embracing the Avalanche network to transition its full property record system to blockchain technology, claiming to undertake the largest property deed tokenization initiative in the United States.

Under a five-year partnership with the blockchain software company Balcony, the affluent county located across the Hudson River from New York City will transfer 370,000 property deeds, amounting to approximately $240 billion in real estate value, onto an immutable and easily searchable blockchain ledger. This system is designed to benefit nearly one million residents across 70 municipalities.

Key Details:

• Bergen County plans to digitize all property deeds on the Avalanche network, enhancing the management processes for property records.
• The initiative aims to facilitate secure and simplified management of property records for local residents.
• This move reflects a broader trend towards utilizing blockchain technology for various asset management and record-keeping operations.

“This initiative is about improving the lives of our residents,” said John Hogan, County Clerk of Bergen. “By digitizing property records, we are making the process simpler, faster, and more secure for homeowners, businesses, and future generations.”

The development echoes a growing trend in blockchain-led improvements in asset management, as tokenized asset markets may hit $18.9 trillion by 2033, with real estate constituting a substantial portion. A recent Boston Consulting Group and Ripple report confirmed these projections, noting other jurisdictions like Dubai are similarly adopting blockchain for real estate management.

Balcony, which has implemented related systems in various counties in New Jersey, asserts that their platform can reduce deed processing times by up to 90%, also mitigating risks like fraud and discrepancies in records. They reported recovering nearly $1 million in previously hidden municipal revenue in Orange, NJ, due to outdated property records.

“Blockchain is continuing to solve complex, real-world problems,” noted Luigi D’Onorio DeMeo, Chief Strategy Officer at Ava Labs. “Avalanche’s infrastructure is designed to manage large amounts of data rapidly and securely, which is crucial for updating property record management and revamping public institutions.”

This aligns with previous trends, such as the digitization of 42 million car titles by California’s DMV through the Avalanche network.