Bergen County, New Jersey, is turning to avalanches
avax$23.07
Networks that place the entire property record system on the blockchain claim to be the largest property certificate tokenization project in the United States
Under a five-year agreement with land record blockchain company Balcony, the wealthy county across the Hudson River in New York City will move to an immutable, searchable blockchain ledger representing 370,000 properties worth approximately $240 billion, according to a press release. The avalanche-equipped system serves almost one million residents of 70 municipalities.
“This initiative is to improve the lives of our residents,” said Bergen County Clerk John Hogan. “By digitizing property records, we are making the process simpler, faster and safer for homeowners, businesses and future generations.”
This move coincides with the broader trend of using blockchain rails to move and record ownership of assets such as bonds, funds, and real estate. This is a process also known as tokenization of real world assets (RWAs). The tokenized asset market could reach $18.9 trillion by 2033, with real estate worth a significant share, with recent reports from Boston Consulting Group and Ripple predicted. Most recently, the Dubai Land Division debuted a real estate tokenization platform built on XRP ledgers
XRP$2.27
Network as part of a strategy to bring 7% of all real estate transactions to blockchain rails worth around $16 billion.
Balconies, which already have similar systems in several New Jersey counties, claim that blockchain-based platforms can reduce action processing times by 90% while addressing risks such as fraud and record inconsistencies. It can also increase local government revenue. The platform detected nearly $1 million in losses in local government revenues in Orange, New Jersey, previously hidden due to incomplete or outdated real estate records.
“Blockchain continues to solve complex, real-world problems,” says Luigi D’N’Onorio Demeo, Chief Strategy Officer of ecosystem development organization AVA Labs. “The (avallows) infrastructure is built to quickly and securely process large amounts of data, which is necessary to modernize the way real estate records are managed and transform the way public institutions operate.”
Last year, California’s Department of Automobiles (DMV) digitized 42 million car titles on the avalanche to modernize the state’s title transfer process with software development company Oxhead Alpha.
Read more: Dubai announces real estate tokenization platform with XRP ledger amid $1.6 billion initiative