Bergen County, New Jersey is returning to Avalanche
Network to place the entire record system of its ownership in Blockchain, which claims to be the largest tokenization project of property ownership in the US
Under a five-year agreement with the land record blockchain firm balcony, the proper county across the Hudson River from New York City has moved 370,000 works of property-representing nearly $ 240 billion worth of real estate-going to an unchanged, findchain ledger, according to a statement. The system, powered by the avalanche, will serve nearly one million residents throughout 70 municipalities.
“This initiative is about improving the lives of our residents,” said John Hogan, Bergen’s county clerk. “By illustrating the records, we make the process simpler, faster, and safer for those with home, business, and next generation.”
The move is aligned with a wider trend of using blockchain metals for moving and recording ownership of property such as bonds, funds and real estate-a process also known as tokenization of real-world assets (RWA). Tokenized Market Market can reach $ 18.9 trillion by 2033, with real estate worth a significant portion, a Recent report By Boston Consulting Group and Ripple projected. Most recently -But, the Dubai Land Department has dedicated a real estate tokenization platform developed in XRP Ledger
The network is part of its approach to bring 7% of all real estate transactions, which costs nearly $ 16 billion, on blockchain metals.
The balcony, which has already introduced similar systems to some counties across the New Jersey, claims that the blockchain-based platform can cut 90% processing time while addressing risks such as fraud and record variations. It can boost municipality’s revenue, the platform has seen nearly $ 1 million in the lost municipality in the orange, NJ, which was previously hidden due to incomplete or outdated records of ownership, the company said.
“The blockchain continues to solve complexity, real-world problems,” said Luigi D’Ating “(Avalanche’s) Infrastructure is developed to handle large amounts of data quickly and safely, which is exactly what it takes to modernize how to manage and change the records on how public institutions work.”
Last year, California’s Motor Vehicles (DMV) department (DMV) Digitized 42 million of Avalanche car titles to modernize the state’s title transfer process with software development firm Oxhead Alpha.
Read more: Dubai opens a real estate tokenization platform on XRP Ledger in the middle of $ 16B initiative
