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A major step toward modernizing real estate management is underway in Bergen County, New Jersey. In a first-of-its-kind move, local officials have partnered with blockchain company Balcony to tokenize 370,000 property deeds—a deal representing $240 billion in real estate value. It’s being called the largest blockchain deed initiative in U.S. history.
Why Bergen County?
Bergen County isn’t just any region. It’s the most populous county in New Jersey, with nearly one million residents and 70 individual municipalities. Located just across the Hudson River from Manhattan, the county handles about $500 million in property tax revenue each year. With such a large and complex system, efficient recordkeeping is critical.
The existing infrastructure, however, has been falling short. To solve this, Balcony’s blockchain solution—built on Avalanche via AvaCloud—will digitize and secure these records in a way that’s both faster and more reliable. The initiative has gained strong support, including backing from Blizzard, a fund dedicated to Avalanche-based projects.
Faster Processing, Lower Risks
The shift to blockchain is expected to deliver significant improvements in how property records are handled:
- Deed processing times could drop by more than 90%—from months to potentially just a day.
- The system’s tamper-proof design will help reduce fraud and administrative errors.
- A single, easily searchable chain of title will be created, improving access and transparency across all 70 towns.
These changes aim to simplify, secure, and speed up property transactions for both residents and government officials.
Fixing Old Problems with New Tech
Outdated systems aren’t just inefficient—they’re costly. For instance, in Orange County, incomplete records reportedly led to almost $1 million in lost municipal revenue. Cybersecurity is another major concern: 23 towns in New Jersey experienced cyberattacks last year, with some facing steep recovery costs. By leveraging blockchain’s decentralized nature, counties hope to prevent data loss and improve security.
Expanding Beyond Bergen
Bergen County is only the beginning. Balcony has already begun work in other areas, including Camden, Orange, and Cliffside Park. As a result, New Jersey now has close to 460,000 tokenized property deeds, representing about $290 billion in value. Balcony’s CEO, Dan Silverman, described the initiative as a turning point for public infrastructure, highlighting how distributed systems can deliver meaningful results for governments and communities.
Part of a Global Trend
This project also reflects a larger global shift toward the tokenization of real-world assets (RWAs)—a trend gaining serious momentum. According to a joint report by Boston Consulting Group and Ripple, the tokenized assets market could grow to nearly $19 trillion by 2033, with real estate playing a major role.
Bergen County follows the lead of cities like Dubai, which recently launched its own real estate tokenization platform valued at $16 billion. Experts, including Ava Labs’ Luigi D’Onorio DeMeo, believe Avalanche is well-suited to support large-scale public data operations, reinforcing Bergen’s move as a model for others to follow.
A Sign of What’s to Come
Bergen County’s bold step signals a broader shift in how governments manage essential records. With more counties in New Jersey joining the initiative and plans for expansion beyond state lines, blockchain may soon become the new standard in real estate infrastructure—not just in the U.S., but worldwide.
This article reflects the opinions of the publisher based on available information at the time of writing. It is not intended to provide financial advice, and it does not necessarily represent the views of the news site or its affiliates. Readers are encouraged to conduct further research or consult with a financial advisor before making any investment decisions.
