AVALANCHE TO POWER LARGEST REAL ESTATE TOKENIZATION PROJECT IN U.S. HISTORY

- Bergen County, New Jersey’s most populous county, plans to digitize its property records by tokenizing $240 billion worth of real estate deeds.

- The county signed a five-year deal with blockchain firm Balcony to digitize 370,000 property deeds on the @Avax blockchain. This marks the largest blockchain-based deed tokenization project in U.S. history.

- Located just across the Hudson River from New York City, Bergen County generates roughly $500 million in annual property tax revenue.

- The new system will make property records immutable, easily searchable, and accessible across its 70 municipalities.

- Balcony’s platform claims to reduce deed processing time by 90%, while minimizing fraud, disputes, and errors.

- In Orange County, New Jersey, Balcony reportedly uncovered nearly $1M in lost revenue from outdated records.

Tokenization Gaining Traction:

- A Boston Consulting Group and Ripple report projects the tokenized asset market could reach $18.9 trillion by 2033, with real estate as a key sector.

- Dubai recently launched a similar platform on the XRP Ledger to handle $16 billion worth of transactions.

- Backed by Avalanche-focused venture fund Blizzard, the recent project promises a tamper-proof, searchable chain of title for all Bergen County properties.

"[Avalanche's] infrastructure is built to handle large amounts of data quickly and securely, which is exactly what’s needed to modernize how property records are managed and transform how public institutions operate," Luigi D’Onorio DeMeo of Ava Labs stated.

- Balcony is expanding in New Jersey, working with other counties like Camden, Orange, and Cliffside Park.

- The total tokenized deeds in New Jersey now approach 460,000, signaling a move toward blockchain-based public record management.