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Officials in Bergen County, New Jersey, have entered into a five-year contract with Balcony to transfer property ownership documents, totaling $240 billion, onto a blockchain network.
Balcony, a blockchain firm based in the U.S. that focuses on real estate tokenization, has collaborated with Bergen County, recognized as the most densely populated county in New Jersey. Under the terms of the agreement, the involved parties aim to digitize and transfer property ownership documents from 70 municipalities onto a distributed ledger technology (DLT) network.
In total, more than 370,000 documents confirming real estate ownership, valued at approximately $240 billion, will be tokenized and recorded on the Avalanche blockchain network.
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Dan Silverman, CEO of Balcony, indicated that this initiative is projected to decrease property transaction processing times in the county by 90%, while also reducing the risks of fraud and documentation inaccuracies. He emphasized that blockchain technology will guarantee the permanence and accessibility of records. John Hogan, County Clerk of Bergen County, remarked that distributed ledger technology will enhance property data management within the county and improve the overall record-keeping system, making it more efficient, transparent, and secure.
Previously, Balcony aided the authorities in Orange, Texas, in identifying and resolving a significant problem in the local real estate market. The tokenization of property titles uncovered that 63% of sold properties in the city were missing valid certificates of occupancy. This process enabled the city to recover $1 million in municipal revenue.
Gregg Lester, President of Balcony, mentioned that the Bergen County project is designed to act as a benchmark for how blockchain can revolutionize real estate record management. He expressed optimism that the favorable outcomes observed in the county will motivate other areas to enhance efficiency and trust within the real estate industry.
The largest real estate tokenization project to date was undertaken by Blocksquare and Vera Capital, which agreed to tokenize $1 billion worth of commercial and multifamily real estate on a DLT network. As reported by Deloitte, the global real estate tokenization market could potentially expand to $4 trillion by 2035.
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