Balcony, the land record blockchain firm leading the project, claims its platform can reduce deed processing times by over 90%, while also mitigating risks such as fraud and administrative errors.

Dan Silverman, CEO of Balcony, described this project as a transformative moment for government record systems and real estate, highlighting the importance of secure, distributed systems.

This ambitious project aims to tokenize 370,000 property deeds, making it the largest blockchain-based deed tokenization effort in U.S. history, and will increase the total number of tokenized property deeds in New Jersey to approximately 460,000.

Residents will benefit from quicker title transfers, enhanced fraud prevention, and improved access to property records, which could lead to new revenue streams and operational efficiencies for the county.

Bergen County, New Jersey, is embarking on a groundbreaking initiative to tokenize $240 billion in property records using the Avalanche blockchain network, marking a significant advancement in the U.S. real estate sector.

The five-year agreement aims to digitize property records across all 70 municipalities in Bergen County, serving nearly one million residents with a more secure and efficient system.

Luigi D’Onorio DeMeo from Ava Labs emphasized that the Avalanche blockchain is designed to securely manage large data volumes, which is essential for modernizing property record management.

Bergen County's initiative is expected to serve as a model for other U.S. counties considering blockchain for public services, potentially leading to increased partnerships for Avalanche in the real-world asset (RWA) space.

The Avalanche blockchain has previously been utilized in other tokenization efforts, including the digitization of 42 million vehicle titles for the California DMV, showcasing its effectiveness in streamlining ownership transfers.

Following the announcement of this significant project, the price of Avalanche's AVAX token experienced a slight increase, reaching highs of $23.75.

This project is part of a broader trend towards the tokenization of real-world assets, which could reach a market value of $18.9 trillion by 2033, with real estate playing a major role.

As the most populous county in New Jersey, Bergen County has nearly one million residents and an annual property tax revenue of approximately $500 million, making this initiative particularly impactful.