Bergen County, New Jersey turns to the avalanche
Branch$ 23.07
Network to place its entire real estate record system in blockchain, and claims to be the largest tokenization project of real estate in the US
According to a five-year agreement with the balcony of the land record blocking agency, the well-to-do province on the Hudson River from New York City will represent 370,000 deed of property, according to a press release, represent around $ 240 billion in real estate-an unchangeable blockchain wholesal. The system, powered by Avalanche, will serve nearly a million inhabitants in 70 municipalities.
“This initiative is about improving the lives of our residents,” said John Hogan, provincial clerk of Bergen. “By digitizing real estate records, we make the process easier, faster and safer for homeowners, companies and future generations.”
The relocation is in line with a broader trend of the use of blockchain rails for moving and recording ownership of assets such as bonds, funds and real estate trial that is also known as a tokenization of Real-World assets (RWA). The Tokenized ActivaMarkt could reach $ 18.9 trillion by real estate, with real estate for a significant share, a recent report from Boston Consulting Group and Ripple projected. The Dubai Land Department recently debuted a real estate tokenization platform built on the XRP whides
XRP$ 2.27
Network as part of its strategy to bring 7% of all real estate transactions, worth around $ 16 billion, to blockchain.
Balcony, which has already introduced similar systems in different provinces in New Jersey, claims that his blockchain-based platform can shorten the processing time of the deed by 90% and at the same time tackle risks such as fraud and record differences. It can also increase the municipal turnover: the platform has detected almost $ 1 million in lost municipal income in Orange, NJ, previously hidden due to incomplete or outdated real estate records, the company said.
“Blockchain continues to solve complex, real-world problems,” says Luigi d’Ororio Demeo, Chief Strategy Officer of Ecosystem Development Organization AVA Labs. “[Avalanche’s] Infrastructure is built to process large amounts of data quickly and safely, which is exactly what is needed to modernize how real estate records are managed and transform how public institutions work. “
Last year, the California Department of Motor Vehicles (DMV) digitized 42 million car titles on Avalanche to modernize the State title transfer process with software development company Oxhead Alpha.
Read more: Dubai reveals real estate tokenization platform on XRP whides in the midst of $ 16b initiative