A deal has been signed between a New Jersey county and Balcony, a blockchain-backed firm, to tokenize $240 billion worth of property deeds. The Bergen County Clerk’s Office will tokenize 370,000 deeds on the Avalanche blockchain, marking the largest blockchain-based deed tokenization project in US history. Bergen County, with nearly 1 million residents, aims to streamline its property tax revenue of around $500 million annually. The project, supported by Blizzard, an Avalanche-focused venture capital fund, will provide a tamper-proof chain of title across all 70 municipalities, reducing processing times by over 90% and minimizing the risk of fraud and errors. Balcony plans to work with other New Jersey counties to modernize real estate management records. The tokenization of 370,000 property deeds in Bergen County is a significant step towards digitizing property records in the state, with plans for future expansion beyond New Jersey. Read more AI-generated news on: https://app.chaingpt.org/news

#AVAX