New Jersey
New Jersey county to tokenize $240B property deeds
A New Jersey county is set to tokenize $240 billion worth of property deeds after signing a deal with the blockchain-backed land record management firm Balcony.
Balcony said on May 28 that it signed a five-year deal with the Bergen County Clerk’s Office to tokenize 370,000 deeds on the Avalanche blockchain, adding that this was “the largest blockchain-based deed tokenization project in US history.”
Bergen County is New Jersey’s most populous county and is located northwest of Manhattan in New York City across the Hudson River. Bergen County has nearly 1 million residents, producing around $500 million in annual property tax revenue.
$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
The deal was backed by Blizzard, an Avalanche-focused venture capital fund.
Balcony said the project will allow Bergen County to obtain a tamper-proof, searchable chain of title across all of its 70 municipalities.
Balcony expects the integration will cut deed processing times by over 90% while reducing the risk of fraud, title disputes and administrative errors.
Balcony CEO Dan Silverman said the project was a “turning point” for government record systems and real estate.
“We’re demonstrating how secure, distributed systems can replace outdated infrastructure and deliver real-world value for both governments and the public.”
Balcony plans expansion in New Jersey and beyond
Balcony said it is working with several other counties in New Jersey — including Camden, Orange and Cliffside Park — to modernize their real estate management records.
It said that Orange County lost nearly $1 million in municipal revenue due to incomplete and outdated records under the current management system, highlighting the need for a more effective solution.
The tokenization of 370,000 property deeds in Bergen County brings the total number of tokenized deeds in New Jersey to approximately 460,000.
Balcony said it intends to expand beyond New Jersey in the future.
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A woman was fatally struck by a train in Ramsey on the morning of March 8.
The unidentified woman was hit by the train at 10:49 a.m., just west of the Main Street crossing near the main Ramsey station, said John Chartier, director of media relations for NJ Transit.
Rail service was suspended in both directions between Allendale and Port Jervis but has since resumed, with delays of up to 30 minutes.
The train came from Port Jervis and was heading to Hoboken, and 150 people were on board at the time, Chartier said.
NJ Transit police are leading the investigation. No additional information about the circumstances of the death was available.
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Out with the old, in with the new. E-ZPass is getting an upgrade.
New Jersey Turnpike may be saying bye-bye to the E-Z Pass device as they assess some new technology for the electronic toll paying service.
According to News12, the agency is testing a new sticker with a digital chip on their own vehicles that would replace the white plastic transponder mounted to windshields.
“We are planning to put the stickers in Turnpike Authority fleet vehicles for an informal test run. That will happen pretty soon,” said Tom Feeney, an authority spokesperson. “If there aren’t any issues, we plan to make them available to NJ E-ZPass customers.”
Officials say the stickers could be rolled out to drivers by the end of the year if the test run is successful.
This new method would potentially save the authority millions of dollars since the sticker tags don’t require batteries.
So far Massachusetts is the most recent state to change. On March 1 drivers received a small E-ZPass sticker to put on their windshield.
The new sticker transponder has an RFID chip embedded in them that’s read by the overhead toll gantries.
The current transponders, which MassDOT gives out to new customers for free, costs the state $6.70 each while the new stickers cost 55 cents, Massachusetts Department of Transportation Administrator Jonathan Gulliver told WBUR.
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