New Jersey county to tokenize $240B property deeds
Blockchain land record management firm Balcony has signed a five-year deal with officials in New Jersey’s Bergen County to tokenize 370,000 property deeds onchain.
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.
