Bergen County, located in New Jersey, one of the richest regions in the U.S., is transitioning to the Avalanche (AVAX) network to digitize its $240 billion real estate deed records using blockchain technology.
This move has been recorded as the largest property tokenization project in the United States.
Under the five-year agreement signed between Bergen County and the blockchain-based title registry company Balcony, 370,000 title records will be maintained on the Avalanche network in an immutable and searchable manner. This system will serve a population of approximately 1 million spread across 70 municipalities directly across from New York.
“This initiative is related to improving the lives of our people,” said Bergen County Clerk John Hogan, “By digitizing the property records, we are making transactions simpler, faster, and more secure for homeowners, businesses, and future generations.”
The “tokenization of real-world assets” referring to the digitization of physical assets like real estate is becoming increasingly common. According to a joint report by Boston Consulting Group and Ripple, the tokenized asset market is expected to reach $18.9 trillion by 2033. Real estate will hold a significant share of this size. Similarly, the Dubai Land Department recently launched a tokenization platform on the XRP Ledger.
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