Key Takeaways:
Bergen County is set to tokenize $240 billion in property deeds, leveraging the Avalanche blockchain technology.
The initiative aims to expedite deed processing times by more than 90% while addressing issues of fraud.
Balcony plans to expand its services nationally in response to a projected $16 trillion tokenization market.
Bergen County, the most populous area in New Jersey, has entered into a significant five-year partnership with Balcony, a blockchain land records firm, to tokenize approximately 370,000 property deeds using the Avalanche blockchain. This ambitious project is estimated to represent around $240 billion in real estate value, marking the largest deed tokenization initiative in U.S. history, as stated in Balcony’s announcement on May 28.
This groundbreaking effort is supported by Blizzard, a venture capital fund dedicated to fostering growth within the Avalanche ecosystem.
Bergen County Generates $500 Million Annually in Property Taxes
Situated just northwest of Manhattan and home to nearly a million residents, Bergen County generates an annual property tax revenue of about $500 million.
The adoption of blockchain technology aims to enhance the process of managing property deeds and tackle long-standing challenges associated with land record systems.
According to Balcony, the implementation of a digital ledger will create a secure and searchable chain of title across all 70 municipalities within the county.
This transition is anticipated to reduce processing times by over 90% and mitigate risks related to fraud, title disputes, and clerical mistakes.
“This is a transformative moment for the way government systems manage real estate,” said Dan Silverman, CEO of Balcony. “We are showcasing how secure, decentralized systems can modernize outdated infrastructures, ultimately delivering tangible benefits for governments and the public alike.”
$240B in real estate is coming on-chain.@balconytech is working with Bergen County and multiple other NJ municipalities to digitize property records, and it’s powered by Avalanche.
This is the largest blockchain deed initiative in U.S. history. pic.twitter.com/aeI0t5nffp
— Avalanche (@avax) May 28, 2025
The Bergen County initiative increases the total number of tokenized property deeds in New Jersey to approximately 460,000.
Balcony is also collaborating with other counties, including Camden, Orange, and Cliffside Park. In Orange County, officials estimate that nearly $1 million in municipal revenue was lost due to outdated and incomplete property records, a gap that blockchain technology could help to bridge.
Although the initial focus lies in New Jersey, Balcony has confirmed plans for national expansion, suggesting a potential shift in how U.S. counties manage and safeguard land ownership information.
Tokenization Market Could Reach $16 Trillion by 2030
A report from the Global Financial Markets Association (GFMA) and Boston Consulting Group forecasts that the global value of tokenized illiquid assets may reach $16 trillion by 2030.
More conservative projections from Citigroup indicate that between $4 to $5 trillion worth of tokenized digital securities could be created by the same year.
Understanding this potential, significant companies are taking strides in the tokenization sector. For example, Goldman Sachs plans to introduce three new tokenization products later this year, fueled by increasing demand from clients.
Several protocols are driving this evolution, particularly in terms of active user engagement.
Platforms in the digital carbon market, such as Toucan and KlimaDAO, along with the real estate tokenization protocol Propy, have seen substantial increases in user activity.
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