Bergen County Converts Real Estate to Blockchain
Bergen County, New Jersey, is undertaking a major project with blockchain company Balcony to move 370,000 property certificates to the Avalanche Blockchain. The estimated value of these real estate properties is up to $240 billion.
Project Goals
This project is considered the largest real estate tokenization program in the United States, covering 70 cities and a population of approximately 1 million people. The goal is to create a searchable and immutable registration system, enhancing transparency and efficiency.
Expected Benefits
The new system will improve the efficiency of the certificate processing process, reducing processing time by up to 90%. Additionally, this will help reduce fraud, increase tax revenue, and support the trend of asset tokenization.
Future of Asset Conversion
This project not only pioneers the optimization of real estate management but also promotes cryptocurrency acceptance in this field, paving the way for a fully on-chain asset conversion future.
