Bergen County, New Jersey, is embarking on a groundbreaking initiative to digitize its entire property record system using the Avalanche AVAX network. This ambitious move aims to tokenize 370,000 property deeds—valued at approximately $240 billion—making it the largest property deed tokenization project in the United States to date. The county, located just across the Hudson River from New York City, has signed a five-year agreement with land record blockchain firm Balcony to migrate these records onto a blockchain ledger, offering a more secure and efficient system for its nearly one million residents.
A New Era for Real Estate
The adoption of blockchain technology in Bergen County signifies a broader trend in the real estate industry toward the tokenization of real-world assets. This digital ledger will transform how property records are managed, making them immutable and easily searchable. “This initiative is about improving the lives of our residents,” remarked John Hogan, County Clerk of Bergen. “By digitizing property records, we are making the process simpler, faster, and more secure for homeowners, businesses, and future generations.”
The concept of tokenization, which involves creating digital representations of physical assets, is rapidly gaining traction. A recent report by Boston Consulting Group and Ripple suggests that the tokenized asset market might balloon to $18.9 trillion by 2033, with real estate expected to take a significant slice of the pie. In a similar vein, Dubai recently rolled out a real estate tokenization platform on the XRP Ledger, aiming to process about $16 billion worth of transactions through blockchain technology. This follows a pattern of large-scale tokenization efforts, such as the world’s largest $3B RWA tokenization deal involving MultiBank, MAG, and Mavryk.
Transformative Potential
Balcony has previously demonstrated the transformative potential of its blockchain-based platform in several other New Jersey counties. By significantly reducing the time required for deed processing—potentially by up to 90%—and minimizing risks such as fraud and record discrepancies, the platform offers substantial benefits. Moreover, the system has proven to be a revenue booster for municipalities. In Orange, NJ, the platform uncovered nearly $1 million in previously lost municipal revenue due to incomplete or outdated property records.
“Blockchain is continuing to solve complex, real-world problems,” said Luigi D’Onorio DeMeo, Chief Strategy Officer of Ava Labs, the organization responsible for developing the Avalanche ecosystem. “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.”
Avalanche’s credibility in handling large-scale data projects is well-established. Last year, the California Department of Motor Vehicles (DMV) digitized 42 million car titles on Avalanche, modernizing the state’s title transfer process in collaboration with software development firm Oxhead Alpha. This successful undertaking underscores the network’s capability and reliability, further cementing its reputation as a leader in the blockchain space. Similarly, Tether’s recent acquisition of a 70% stake in Adecoagro to secure its tokenization ambitions, as detailed in our coverage, highlights the growing interest in leveraging blockchain for asset management.
Looking Ahead
The tokenization of Bergen County’s real estate deeds is not just a local affair; it is part of a global shift towards leveraging blockchain for asset management. However, challenges remain. The technology’s scalability, regulatory hurdles, and public acceptance are yet to be fully addressed. As more counties and sectors explore blockchain’s potential, questions about the sustainability and scalability of these initiatives linger.
For now, Bergen County’s bold step offers a glimpse into a future where property records are not just lines in a ledger but dynamic, digital entities. It’s a future where transactions are not only faster and more secure but also open up new possibilities for how we perceive and engage with real estate. As this project unfolds, it will be closely watched by industry experts, policymakers, and local governments alike, all eager to see if this ambitious endeavor can fulfill its promise and pave the way for others to follow.
Source
This article is based on: New Jersey’s Bergen County to Tokenize $240B in Real Estate Deeds on Avalanche Network
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
