New Jersey county to tokenize $240B property deeds

Published on Thursday, May 29, 2025 by Cointelegraph | Found on Glideslope.ai

A New Jersey county is set to tokenize $240 billion worth of property deeds after signing a deal with the blockchain-backed land record management firm Balcony.Balcony said on May 28 that it signed a five-year deal with the Bergen County Clerk’s Office to tokenize 370,000 deeds on the Avalanche blockchain, adding that this was “the largest blockchain-based deed tokenization project in US history.”Bergen County is New Jersey’s most populous county and is located northwest of Manhattan in New York City across the Hudson River. Bergen County has nearly 1 million residents, producing around $500 million in annual property tax revenue.$240B in real estate is coming on-chain.@balconytech is working with Bergen County and multiple other NJ municipalities to digitize property records, and it’s powered by Avalanche.This is the largest blockchain deed initiative in U.S. history. pic.twitter.com/aeI0t5nffp— Avalanche🔺 (@avax) May 28, 2025The deal was backed by Blizzard, an Avalanche-focused venture capital fund.Balcony said the project will allow Bergen County to obtain a tamper-proof, searchable chain of title across all of its 70 municipalities.Source: BalconyBalcony expects the integration will cut deed processing times by over 90% while reducing the risk of fraud, title disputes and administrative errors. Balcony CEO Dan Silverman said the project was a “turning point” for government record systems and real estate.“We’re demonstrating how secure, distributed systems can replace outdated infrastructure and deliver real-world value for both governments and the public.”Balcony plans expansion in New Jersey and beyondBalcony said it is working with several other counties in New Jersey — including Camden, Orange and Cliffside Park — to modernize their real estate management records.Related: Crypto leaders are wrong about tokenized propertyIt said that Orange County lost nearly $1 million in municipal revenue due to incomplete and outdated records under the current management system, highlighting the need for a more effective solution.The tokenization of 370,000 property deeds in Bergen County brings the total number of tokenized deeds in New Jersey to approximately 460,000.Balcony said it intends to expand beyond New Jersey in the future.Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story