Bergen County becomes the first country to team up with Balcony for America’s biggest blockchain property deed system. It will change the way all real estate records are dealt with in New Jersey.

Key Takeaways:

• The county has joined forces with Balcony to add 370,000 property deeds valued at $240 billion to the Avalanche blockchain. This results in America’s largest blockchain-based system for documenting property.
• Lenders will cut processing times by over 90% and also lower the risks of fraud and various errors. All information about real estate sales is secure and able to be searched forever.
• A number of New Jersey counties are working on introducing blockchain to their system of handling property. Nearly $1 million was lost in Orange County because of old record systems.
• Plans are in place for a nationwide rollout for Balcony after its blockchain technology was shown to work with government records in New Jersey. If successful, this pilot could make handling property records much easier across the nation.

Historic Partnership Launches Revolutionary System

Bergen County authorities have entered into a five-year partnership with Balcony to put property records onto a blockchain system. The team is working to transfer 370,000 property deeds worth $240 billion onto the Avalanche blockchain network. It is the first time in US history that a project of this scale has involved blockchain deed tokenization.

Within an area northwest of Manhattan, Bergen County is home to close to one million residents in 70 municipalities. Every year, the county collects about $500 million from its large collection of property tax. In addition, digital transformation is meant to modernize the way local governments record and manage their old data.

Avalanche Blockchain Powers Massive Digitization Effort

All tokenized property deeds will be hosted on the Avalanche network as a result of this project. Blizzard Ventures, which specializes in Avalanche, backed the project. At the same time, Balcony’s technology generates secure digital records that are not able to be changed or hurt by passing time.

Using traditional systems can make it easy for documents to be lost which frustrates people who own property. Because of blockchain, every transaction leaves a clear, trackable record that can be accessed by the right users. Also, the system makes everything clear and accessible while protecting important data on properties.

Dramatic Efficiency Improvements Expected

Once the system becomes active, deck processing times will be cut by over 90 percent. Most current methods for transferring properties can be slow, taking from weeks to months to finish. Instead, when we talk about blockchain technology, the same transactions can be completed in hours or days.

The new approach will greatly minimize the fraud issues seen in standard property records. In many cases, title disputes happen when the original documents are now damaged, gone or altered. Additionally, taxpayer losses caused by administrative errors each year will likely be prevented under the new system.

CEO Highlights Government Innovation Potential

Dan Silverman, the CEO of Balcony, called the project a “breakthrough” for the way records are managed in government. He pointed out that high-level technology can now replace the old infrastructure and be proven valuable. Government agencies across the nation are tracking this pilot to judge how blockchain can be applied.

Silverman says the agreement illustrates what blockchain can do aside from allowing cryptocurrency speculation. Property record software shows that GIS plays a practical role in assisting city government with real issues. Afterward, several states might try out similar systems if Bergen County’s experiment is effective.

Expansion Plans Target Multiple New Jersey Counties

Balcony is assisting additional counties in New Jersey to upgrade their property management systems. Similarly, officials from Camden, Orange and Cliffside Park want to use blockchain for their municipal records. Almost $1 million in revenues from Orange County were missing because of inadequate property records.

Approximately 460,000 deeds in different New Jersey counties will be tokenized by the company. By connecting all property records, this expansion will make it easier for different municipalities to transfer assets from one another. Soon, Balcony expects to broaden its services to cover several other states around the nation.

Conclusion

Government blockchain use in New Jersey means property owners enjoy faster activities, lower fees, and greater protection. Making property deeds into tokens indicates that the market for digital real estate operates like digital payments.