Bergen County has teamed up with Blockchain Startup Balcony in a five -year agreement at
Scan and secure 370,000 real estate acts, totaling around $ 240 billion in real estate value.
The project, which uses the infrastructure of the avalanche blockchain, is the greatest initiative to tokenization of acts in the history of the United States and aims to modernize public documents in the 70 municipalities of the most populated county in New Jersey. County clerk, John Hogan, who sat on the Blockchain Working Group of Governor Murphy, said the system will allow residents to search for home ownership files, reduce fraud and improve accessibility.
The digitization process is expected to reduce the processing time of acts by more than 90% while protecting against ransomware attacks, which are increasingly targeting the governments of states and premises. The Balcony platform offers an immutable title chain, rationalizing property transfers and allowing the use of smarter public data.
The CEO of Balcon, Dan Silverman, called “a turning point” for real estate and government infrastructure, with similar partnerships in progress in Camden, Orange, Morristown and Fort Lee. The wider deployment of Balcony will bring more than 460,000 properties on the channel in New Jersey, while the country’s jurisdictions are starting to explore blockchain to improve transparency, efficiency and public confidence.
