New Jersey county to tokenize $240B property deeds

A New Jersey county is set to tokenize $240 billion worth of property deeds after signing a deal with the blockchain-backed land record management firm Balcony.

Balconysaidon May 28 that it signed a five-year deal with the Bergen County Clerk’s Office to tokenize 370,000 deeds on theAvalanche blockchain, adding that this was “the largest blockchain-based deed tokenization project in US history.”

Bergen County is New Jersey’s most populous county and is locatednorthwest of Manhattanin New York City across the Hudson River. Bergen County has nearly 1 million residents, producing around $500 million in annual property tax revenue.

The deal wasbackedby Blizzard, an Avalanche-focused venture capital fund.

Balcony said the project will allow Bergen County to obtain a tamper-proof, searchable chain of title across all of its 70 municipalities.

Balcony expects the integration willcut deed processing timesby over 90% while reducing the risk of fraud, title disputes and administrative errors.

Balcony CEO Dan Silverman said the project was a “turning point” for government record systems andreal estate.

Balcony plans expansion in New Jersey and beyond

Balcony said it is working with several other counties in New Jersey — including Camden, Orange and Cliffside Park — to modernize their real estate management records.

Related:Crypto leaders are wrong about tokenized property

It said that Orange County lost nearly $1 million in municipal revenue due to incomplete and outdated records under the current management system, highlighting the need for a more effective solution.

The tokenization of 370,000 property deeds in Bergen County brings the total number oftokenized deedsin New Jersey to approximately 460,000.

Balcony said it intends to expand beyond New Jersey in the future.

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