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Tokenization of real estate certificates worth 35 trillion yen on Avalanche, the largest county in New Jersey, USA.
Bergen County, New Jersey, USA, will tokenize real estate certificates worth $240 billion (approximately 35 trillion yen) on the Avalanche (AVAX) blockchain. Balcony Corporation announced this on the 28th.
Balcony Inc., which provides blockchain land registration services, has entered into a five-year contract with the county.
This involves digitizing 370,000 real estate registration certificates and making them on-chain, and according to the company, it is the largest blockchain-based registration certificate tokenization project in U.S. history.
As a result, Bergen County will be able to establish a tamper-proof, fully digital, and searchable real estate ownership on-chain across all 70 municipalities.
It is expected that the registration processing time will be reduced by more than 90%, significantly lowering the risks of fraud, ownership disputes, and clerical errors.
In addition, municipal staff can manage data in a unified format, identify correlations between datasets, and pinpoint important patterns and inconsistencies.
John Hogan, the county clerk of Bargain County, commented that "the purpose of this initiative is to improve the lives of residents."
By digitizing real estate records, homeowners, businesses, and future generations will be able to carry out procedures more simply, quickly, and securely.
We will enhance transparency, reduce delays, defend against hacking, and enable Bergen County to take the lead in providing innovation and services to the community through this advanced method.
Balcony Inc. pointed out that in 2024, 72% of ransomware attacks targeting state governments and local municipalities in the United States demanded ransoms exceeding $1 million (approximately 140 million yen), emphasizing the need for enhanced security.
What is ransomware?
Malware that demands money in exchange for restoring the original state after launching a hack. It is also called "ransomware."
Additionally, Luigi Donorio DeMeo, Chief Strategy Officer of Ava Labs, stated that "the Avalanche blockchain provides the speed, reliability, and flexibility necessary to support projects of this scale."
Balcony Inc. has been providing on-chain record services to municipalities such as Camden, Orange, Morristown, Cliffside Park, and Fort Lee, in addition to Bergen County.
In Orange, by making records on-chain, approximately $1 million in lost revenue that had previously gone undetected due to incomplete or outdated records has been revealed.
This project is related to the management of real estate registration, but various countries have also begun attempts to tokenize real estate for transactions.
For example, the Dubai Land Department of the United Arab Emirates (UAE) announced on the 25th that it will launch the first real estate tokenization investment program in the Middle East and North Africa region based on the cryptocurrency XRP.