New Jersey county to tokenize $240B property deeds
Bergen County, New Jersey, will tokenize $240 billion worth of property deeds through a five-year agreement with Balcony, a blockchain-backed land record management firm. This initiative involves tokenizing 370,000 deeds on the Avalanche blockchain, marking it as the largest blockchain-based deed tokenization project in U.S. history. The project aims to create a tamper-proof, searchable chain of title across Bergen County's 70 municipalities, significantly reducing deed processing times by over 90% and minimizing risks of fraud and administrative errors. Balcony is also collaborating with other New Jersey counties, including Camden and Orange, to modernize real estate records. The total number of tokenized deeds in New Jersey will reach approximately 460,000 with this project. Balcony plans to expand its services beyond New Jersey in the future.
