New Jersey's Largest County Tokenizes 370,000 Property Registrations in a $240 Billion Transaction

Bergen County, the most populous county in the U.S. state of New Jersey, is embarking on a large-scale project to record 370,000 real estate registrations worth approximately $240 billion (approximately 35 trillion yen) on the blockchain.
According to Cointelegraph, on the 28th (local time), Balcony, a blockchain-based land registry management specialist, launched the Bergen County Land Registry on the same day.
The company announced that it has signed a five-year partnership agreement with the registry office and plans to use the Avalanche blockchain to tokenize all registry records in the region on-chain.
Balcony described the project as “the largest blockchain-based registry tokenization project in the history of the United States.”
Bergen County is located on the northwest side of Manhattan, New York, across the Hudson River, and is a New York County district with a population of about 1 million.
It is the largest county in Jersey and generates approximately $500 million in property tax revenue annually. The project was led by venture capital firm Avalanche, which invests in the Avalanche ecosystem.
This project is being carried out with the support of Blizzard. Through this project, Balcony aims to provide unalterable real estate ownership information for 70 boroughs in Bergen County.
This will reduce registration processing time by more than 90% compared to the conventional system, and will also greatly reduce the risks of fraud, ownership disputes, and administrative errors.
"This project marks a significant shift in the way government records systems and property management are managed," Balcony CEO Dan Silverman said.
"This will be an example of how a decentralized security-rich system can provide real value."