One of the largest counties in the United States is assigning blockchain an important new role: managing property records. Bergen County, N. J. —part of the New York City metropolitan area—has entered a five-year agreement with Balcony to utilize the decentralized digital ledger technology. According to the company, which specializes in blockchain-based land record management, the initiative will “digitize and bring 370, 000 property deeds on-chain. ” Balcony noted that these properties represent approximately $240 billion in value and generate about $500 million annually in property taxes. The project spans 70 municipalities. Powered by the Avalanche platform, the effort aims to reduce deed processing time by at least 90 percent, while also decreasing risks of fraud and disputes over titles, the company said. “This marks a turning point for real estate and public record systems, ” Dan Silverman, CEO of Balcony, stated. “Through our collaboration with the Bergen County Clerk’s Office to bring all property records on-chain, we are showing how secure, distributed systems can replace outdated infrastructure and create tangible benefits for governments and the public. ” Balcony reported that its technology recently “uncovered nearly $1 million in lost municipal revenue, previously hidden due to incomplete or outdated records, ” in Orange, N. J. This example highlights the attractive potential of blockchain tools for local and regional governments. Meanwhile, just across the Hudson River from Bergen County, New York City officials are actively promoting government-supported blockchain initiatives. At the city’s inaugural crypto summit, Mayor Eric Adams announced the creation of a “digital asset advisory council, ” mentioned exploring blockchain usage for vital records, and expressed a desire to attract more blockchain innovators to the city. Blockchain has also been tested in real estate applications in other areas such as Vermont and Cook County, Ill. , which includes Chicago. The appeal of blockchain is straightforward, according to a report earlier this year from McNees Wallace & Nurick LLC, a law firm involved in real estate, privacy, data security, and government services. The report stated that blockchain offers greater transparency in ownership transfers and reduces human errors during real estate transactions. “The automation enabled by smart contracts on the blockchain could also eliminate delays in the recording process and simplify searching for recorded documents, ” the law firm explained.

“There would no longer be a need to manually track a ledger or cross-reference book and page numbers. ” Such advantages are resonating with officials, including those in Bergen County. “In digitizing property records, we are making the process simpler, faster, and more secure for homeowners, businesses, and future generations, ” said John Hogan, the county clerk, in the Balcony statement. “Our goal is to use this innovative approach to increase transparency, cut delays, and safeguard against hacks, ensuring Bergen County remains a leader in innovation and community service. ”