Bergen County's Historic Initiative to Tokenize $240 Billion Property using Blockchain Technology

Bergen County's Blockchain Transformation

In a groundbreaking move set to reshape real estate management in the United States, Bergen County, New Jersey, has signed a five-year agreement with Balcony, a leader in blockchain solutions for land record management. This partnership aims to digitize 370,000 property deeds, representing approximately $240 billion in real estate. As a notable initiative, it stands as the largest blockchain-based deed tokenization project in the country's history.

The Scale and Impact of the Project

Located in the heart of New Jersey, Bergen County is the most populous county in the state, with nearly one million residents and contributing around $500 million annually in property tax revenue. By leveraging Balcony's blockchain platform, powered by Avalanche technology, this initiative promises not only to streamline property record operations but also to significantly reduce fraudulent activities commonly associated with property transactions.

The use of blockchain enables a tamper-proof, fully digitized, and searchable chain of title across each of Bergen County's 70 municipalities. Officials anticipate that the processing time for deeds will be slashed by over 90%. This is a significant leap toward modernizing how local governments manage property records, making them faster, more reliable, and accessible for homeowners and businesses.

A Step Toward Modernization

This agreement is part of a larger strategy by Balcony to modernize real estate management systems across New Jersey. Besides Bergen County, the firm is collaborating with cities such as Camden and Orange to enhance property record accuracy. In fact, in Orange, Balcony's platform identified nearly $1 million in municipal revenue that had been previously lost due to outdated records.

Dan Silverman, CEO of Balcony, emphasized that this initiative represents a significant turning point for the real estate sector and public record systems. “By working with the Bergen County Clerk's Office to bring all property records on-chain, we're demonstrating how secure, distributed systems can replace outdated infrastructure and deliver real-world value for both governments and the public,” he noted.