Bergen County, New Jersey, is resorting to the avalanche
Network to put your entire property record system in Blockchain, claiming to be the largest property writing tokenization project in the United States
Under a five-year agreement with the Blockchain’s signature of Balcony Land Registration, Wetwo-To-Do County through the Hudson River of New York City will migrate 370,000 made of property, which represents around $ 240 billion in real estate, in an immutable blockchain Ledger and searching, according to a press release. The system, promoted by Avalanche, will serve almost a million residents in 70 municipalities.
“This initiative is about improving the lives of our residents,” said John Hogan, secretary of Bergen County. “By digitizing property records, we are making the process faster, faster and safer for future owners, companies and generations.”
The movement is aligned with a broader tendency to use Blockchain rails to move and record assets such as bonds, funds and real estate, a process also known as real world asset tokenization (RWA). The tokenized asset market could reach $ 18.9 billion by 2033, and real estate equals a significant participation, a recent Boston Consulting Group and Ripple projected report. More recently, the Dubai Land Department debuted a real estate tokenization platform built in the Book Mayor XRP
Network as part of its strategy to carry 7% of all real estate transactions, with a value of approximately $ 16 billion, to Blockchain Rails.
Balcony, who has already introduced similar systems in several counties in New Jersey, states that its blockchain -based platform can reduce the writing processing time by 90% while adding risks such as fraud and record discrepancies. It can also boost municipal income: the platform detected almost $ 1 million in municipal income lost in Orange, NJ, previously hidden due to records of incomplete or obsolete properties, said the company.
“Blockchain continues to solve complex problems and real world,” said Luigi D’Anorio Demeo, strategy director of the Ava Labs Ecosystems Development Organization. “[Avalanche’s] The infrastructure is built to handle large amounts of data quickly and safely, which is exactly what is needed to modernize how properties records are administered and transform how public institutions operate. “
Last year, the California Motorized Vehicle Department (DMV) digitized 42 million car titles in Avalanche to modernize the state title transfer process with the Software Development firm Oxhead Alpha.
Read more: Dubai presents the real estate tokenization platform in the Book Mayor XRP in the middle of a $ 16B initiative
