Bergen County, New Jersey turns to the avalanche
Network to put all of its property recording system on blockchain, claiming to be the largest project to tokenize ownership in the United States
Under a five -year agreement with Balcony Blockchain, the Blockchain Land Blockchain, the wealthy county of the Hudson river from New York Migrate 370,000 ownership – representing around 240 billion dollars of real estate – on a large book of unchanging and available blockchain, according to a press release. The system, powered by Avalanche, will serve nearly a million residents in 70 municipalities.
“This initiative aims to improve the lives of our residents,” said John Hogan, clerk of the Bergen county. “By scanning real estate records, we make the process simpler, faster and safer for owners, businesses and future generations.”
This decision is aligned with a broader trend in the use of blockchain rails to move and register ownership of assets such as obligations, funds and real estate – a process also known as the tokenization of active world (RWA). The tokenized asset market could reach $ 18.9 billions by 2033, with real estate for a large part, a recent report by Boston Consulting Group and Ripple projected. More recently, the Dubai Land Department made its debut on a real estate tokenization platform built on the large XRP book
The network as part of its strategy to provide 7% of all real estate transactions, worth around 16 billion dollars, in Blockchain Rails.
Balcony, which has already introduced similar systems into several New Jersey counties, says that its blockchain-based platform can reduce the treatment time for 90% while responding to risks such as fraud and recording differences. It can also increase municipal income: the platform has detected nearly a million dollars in municipal income lost in Orange, previously hidden due to incomplete or obsolete real estate files, the company said.
“Blockchain continues to solve complex and real problems,” said Luigi d’Onorio Demeo, director of the Ava Labs ecosystem development organization. “”[Avalanche’s] The infrastructure is designed to manage large amounts of data quickly and safely, which is exactly what is necessary to modernize the management of property records and transform the operation of public institutions. “”
Last year, the California motor vehicle department (DMV) digitized 42 million car titles on Avalanche to modernize the state title transfer process with the Oxhead Alpha software development company.
Read more: Dubai unveils the real estate tokenization platform on XRP Ledger in the middle of $ 16b Initiative
