One of the largest counties in the United States is to give the blockchain an important new job: to keep track of the property.
The county of Bergen, NJ – which is part of the New York metropolitan region – signed a five -year agreement with the balcony to use the great decentralized digital book.
The project “will digitize and bring 370,000 real estate acts in chain”, according to a press release from the company, which focuses on the management of land files based on blockchain.
This represents around $ 240 billion in value, said Balcony, these properties representing $ 500 million in annual property taxes. The project includes 70 municipalities.
The effort, via a platform powered by avalanche, will possibly reduce the treatment time for acts of at least 90%, depending on the company, while reducing the chances of fraud and disputes.
“This is a turning point for real estate systems and public records,” said Dan Silverman, CEO of Balcony, in the press release. “By working with the Bergen County clerk office to provide all chain property files, we demonstrate how secure the systems are can replace obsolete infrastructure and offer real value for governments and the public.”
Balcony says that its technology recently discovered nearly a million dollars in lost municipal income, previously hidden due to incomplete or outdated files “, in Orange, NJ
This data point highlights the potential attraction of this type of blockchain tool for local and regional governments.
Meanwhile, through the Hudson river of the county of Bergen, New York officials strive to make the big apple a hive of the activity of the blockchain supported by the government.
Mayor Eric Adams, recently speaking at the first summit of city cryptography – Blockchain serving as a basis for digital money, of course – announced an “advisory advice on digital assets” and declared that the city would consider using blockchain for vital files and would seek to attract more blockchain innovators to the city.
The blockchain also had real estate -centered tests in places such as Vermont and Cook County, Illinois, which includes Chicago.
The call is quite simple, at least according to a report earlier this year of McNes Wallace & Nurick LLC, an active law firm in real estate, confidentiality and data security and government services.
The blockchain promises more transparency in property transfers, indicates the report, as well as fewer human errors during real estate transactions.
“Automation accompanied by smart blockchain contracts could also eliminate delays from the registration process and facilitate the search for recorded documents,” said the law firm. “There would no longer be a need to manually follow a big book and compare a book and a page reference to the next.”
These messages resonate with managers, including those of the county of Bergen.
“By digitizing the property files, we make the process simpler, faster and safer for owners, businesses and future generations,” said John Hogan, County clerk, in the Balcony press release. “Our plan is to use this avant-garde approach to improve transparency, reduce delays and protect against hacks, ensuring that Bergen County remains a leader in innovation and service to our community.”
