One of the Richest Regions in the US Has Announced That It Will Now Keep Its Property Records on This Altcoin Network

Bergen County, New Jersey, one of the wealthiest counties in the United States, is switching to the Avalanche (AVAX) network to digitize its $240 billion worth of real estate deeds using blockchain technology.

This move was recorded as the largest land registry tokenization project in the United States.

Under a five-year agreement between Bergen County and blockchain-based land registry firm Balcony, 370,000 land records will be stored on the Avalanche network, immutable and searchable, serving a population of about 1 million people spread across 70 municipalities just across New York City.

“This initiative is about improving the lives of our people,” said Bergen County Clerk John Hogan. “By digitizing deed records, we are making transactions simpler, faster and more secure for homeowners, businesses and future generations.”

The “tokenization of real-world assets” (RWA), which refers to the digitization of physical assets such as real estate, is becoming increasingly widespread. According to a joint report by Boston Consulting Group and Ripple, the tokenized asset market is expected to reach $18.9 trillion by 2033. Real estate will have a significant share of this size. Similarly, the Dubai Land Department recently launched a tokenization platform on XRP Ledger.

*This is not investment advice.