Bergen County, the most populous county in New Jersey, has announced plans to tokenize 370,000 property deeds worth $240 billion in partnership with Balcony.
Signing an Agreement with Balcony
On May 28, Balcony announced the signing of a five-year agreement with the Bergen County Clerk’s Office to tokenize 370,000 deeds on the Avalanche blockchain. This project has become the largest blockchain-based deed tokenization initiative in U.S. history.
Benefits of Tokenization
Balcony anticipates that tokenization will enhance property record management by providing a secure and searchable chain of title. The integration is expected to reduce deed processing times by over 90%, lowering the risks of fraud and administrative errors. Balcony's CEO, Dan Silverman, remarked that the project is a 'turning point' for government record systems.
Project Expansion
Balcony is also working with several other counties in New Jersey, including Camden and Orange, to modernize their real estate management records. Data indicates that Orange County lost nearly $1 million in municipal revenue due to outdated records, highlighting the need for more effective solutions.
The tokenization of 370,000 deeds in Bergen County will bring the total number of tokenized deeds in New Jersey to approximately 460,000, with Balcony planning to expand its presence beyond the state.
