An agreement signed between a blockchain company and one of the most densely populated counties in the country will cause Digitization of 370,000 real estate acts worth 240 billion dollars In real estate value, marking what entities call the largest tokenization project based on blockchain in the history of the United States.
The balcony, using the avalanche blockchain, will create a large entirely digitized book of titles in the county of Bergen, the 70 municipalities of New Jersey, in a five -year partnership aimed at reducing fraud, title disputes and administrative errors.
“For generations, the acts and property registers at your home were stored in fragile and disparate databases, vulnerable to falsification, ransomware and fraud that is no longer acceptable,” said Balcon CEO Dan Silverman during a press event on Wednesday morning.
“Many systems used today to manage property files have been built before my birth. They were not designed for threats to today’s world,” said Silverman. “Sophisticated cybercriminals target state systems with ransomware attacks that cost taxpayers tens of millions of dollars a year, and now, with the increase in generative AI, fraudulent documents can be manufactured in seconds, completely indistinguishable from reality.”
This is where blockchain technology comes into play, by moving all the information to an unchanging and consulted processing time and by reducing the processing time of 90%acts, said Silverman.
John Hogan, who has been a Bergen County Registrar since 2012, said in a prepared statement that the initiative was to improve the lives of Bergen residents by simplifying and securing the process of holding files.
“We cannot be afraid of new technologies. I somehow think that those who were here before me were afraid of new technologies, because when I came here, there were post-it notes, there were miméographer stuff … I think the place was stuck in time,” said Hogan on Wednesday morning. “It’s an excellent step forward for our office and for our county and for the people we serve.”
When the Balcony digital asset register is finished, Hogan said that any resident could find the history of his property from the start of the register.
Blockchain technology must revolutionize “any process that is based on confidence, transparency and secure registers”, far beyond the acts, according to the Director of the Onorio Demeo strategy in Ava Labs, the creator of the avalanche blockchain.
“We note a major potential in areas such as identity verification, supply chains, licenses and financial regulations. These systems are often exceeded, partitioned or based on paper. Blockchain brings a source of shared and infiltrated truth that can considerably reduce fraud, delays and administrative costs, “he said in a declaration sent by email to the banking dive.
The contribution of active active people on the chain is a step towards a more effective economy, he wrote, allowing programmability, fractional property and global liquidity through things such as property, basic products or financial instruments.
“This means that more people can access and interact with markets that were previously closed – unlocking new commercial models and financial inclusion on a global scale,” Demeo said.
Apart from the county of Bergen, Balcony works with several other municipalities in New Jersey and beyond to modernize government real estate systems, according to the press release. In Orange, New York, the balcony discovered nearly a million dollars in lost municipal income, according to a press release seen by Banking Dive. Income was previously hidden due to “incomplete or obsolete recordings”.
