Blockchain technology changes the way property contracts are processed
Blockchain company Balcony has signed a five-year agreement with Bergen County, New Jersey, to tokenize 370,000 property contracts worth approximately $240 billion, becoming the largest blockchain contract tokenization project in the United States. These contracts will run on the Avalanche blockchain, providing a tamper-proof, searchable ownership chain.
This integration is expected to reduce contract processing time by over 90%, lowering the risk of fraud and disputes. The CEO emphasized that this is a turning point for government record systems, showcasing the value of secure systems. With the launch of this project, the total tokenized property contracts in New Jersey have reached approximately 460,000.
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