Bergen County Tokenizes $240 Billion in Property Deeds Using Avalanche Blockchain

Bergen County, the most populous region in New Jersey, has embarked on a groundbreaking initiative to tokenize 370,000 property deeds, representing an estimated $240 billion in real estate value. This project, the largest of its kind in U.S. history, involves the use of the Avalanche blockchain and is part of a five-year agreement with blockchain land records firm Balcony.
The primary goal of this initiative is to streamline deed processing and address long-standing issues in land record management. By leveraging blockchain technology, Bergen County aims to create a tamper-proof, searchable chain of title across all 70 of its municipalities. This digital ledger is expected to reduce processing times by over 90% and significantly lower the risks of fraud, title disputes, and clerical errors.
Balcony CEO Dan Silverman highlighted the transformative potential of this project, stating, "This is a turning point for how government systems handle real estate. We’re demonstrating how secure, distributed systems can replace outdated infrastructure and deliver real-world value for both governments and the public."
The initiative is backed by Blizzard, a venture capital fund focused on the growth of the Avalanche ecosystem. This support underscores the broader interest and investment in blockchain technology within the real estate sector.
Bergen County, which generates roughly $500 million in annual property tax revenue, is not the only region in New Jersey benefiting from this technology. Balcony is already collaborating with other counties, including Camden,
, and Cliffside Park. In , officials estimate that nearly $1 million in municipal revenue was lost due to outdated and incomplete property records—a problem that blockchain technology aims to resolve.With the Bergen County project, the total number of tokenized property deeds in New Jersey is expected to reach around 460,000. Balcony has confirmed plans to expand the program nationally, indicating a potential broader transformation in how U.S. counties manage and protect land ownership data.
The global value of tokenized illiquid assets is projected to reach significant heights in the coming years. A report by the Global Financial Markets Association and Boston Consulting Group estimates that this value could reach $16 trillion by 2030. Even more conservative estimates from
suggest that $4 trillion to $5 trillion worth of tokenized digital securities could be minted by 2030.Recognizing this potential, major companies are making significant moves in the tokenization space. For instance, Goldman Sachs plans to launch three new tokenization products later this year, driven by growing client interest. Protocols like Toucan, KlimaDAO, and Propy have also played a significant role in driving growth in the tokenization market, particularly in terms of active users.
This initiative by Bergen County represents a significant step forward in the adoption of blockchain technology in the real estate sector. By tokenizing property deeds, the county aims to enhance efficiency, transparency, and security in land record management, setting a precedent for other regions to follow.
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