New Jersey’s Bergen County, an upscale suburb of New York City, has announced a five-year agreement with blockchain software firm Balcony that will digitize all its property deeds on the Avalanche network.
CoinDesk reports this endeavor will impact the property record management for 370,000 property deeds representing roughly $240 billion worth of real estate in 70 municipalities.
Balcony, which has similar systems in several counties across New Jersey, said that its blockchain-based platform can cut deed processing time by 90% while addressing risks like fraud and record discrepancies. The company stated that its platform detected nearly $1 million in lost municipal revenue in Orange, New Jersey, that previously unreported because of incomplete or outdated property records.
“This initiative is about improving the lives of our residents,” said John Hogan, county clerk of Bergen County. “By digitizing property records, we are making the process simpler, faster, and more secure for homeowners, businesses, and future generations.”
