Bergen County, New Jersey turns to avalanche
Network to place its entire property record system on blockchain and claim to be the largest real estate act -tokenization project in the US
According to a five-year agreement with Land Record Blockchain company Balcony, the well-developed county of the Hudson River from the New York City Migrates 370,000 property is representing about $ 240 billion worth of real estate-on an unchanging, searchable blockchain headbok, according to a press release. The system, run by Avalanche, will serve almost a million inhabitants in 70 municipalities.
“This initiative is about improving our residents’ lives,” said John Hogan, county office in Bergen. “By digitizing real estate registers, we make the process simpler, faster and more secure for homeowners, businesses and future generations.”
The move is in line with a broader tendency to use blockchain rails to relocate and record ownership of assets such as bonds, foundations and real estate-a-process also known as the tokenization of assets in the real world (RWA). The tokenized asset market could reach $ 18.9 trillion by 2033, with real estate on a significant share, a recent Boston Consulting Group report and Ripple projected. Most recently, Dubai Land Department debuted a real estate tokenization platform that was built on the XRP headbox
Network as part of its strategy to bring 7% of all real estate transactions worth approx. $ 16 billion for blockchain rails.
Balcony, which has already introduced similar systems in multiple counties across New Jersey, claims that its blockchain-based platform can cut down for treatment time by 90%while addressing risks such as fraud and registration of discrepancies. It can also increase municipal revenue: The platform discovered almost $ 1 million in lost municipal revenue in Orange, NJ, previously hidden due to incomplete or outdated real estate registers, the company says.
“Blockchain continues to solve complex problems in the real world,” said Luigi d’Onigi Demeo, Chief Strategy Officer for Ecosystem Development Organization Ava Labs. “[Avalanche’s] Infrastructure is built to handle large amounts of data quickly and securely, which is exactly what is needed to modernize, how real estate registers are controlled and transforms how public institutions work. “
Last year, California Department of Motor Vehicles (DMV) digitized 42 million car titles on Avalanche to modernize the state’s title transfer process with software development company Oxhead Alpha.
Read more: Dubai reveals real estate tokenization platform on XRP -Hovedbok in the middle of $ 16b initiative
