New Jersey County to Transfer Property Deeds to Blockchain in Major Tokenization Initiative

According to PANews, Bergen County in New Jersey plans to collaborate with blockchain company Balcony to transfer 370,000 property deeds, valued at approximately $240 billion, to the Avalanche blockchain over the next five years. This initiative represents the largest real estate tokenization project in the United States, encompassing 70 municipalities and about one million residents. The project aims to enhance efficiency, reduce fraud, increase tax revenue, and support the trend of asset digitization. It is expected to reduce deed processing time by 90%.