Bergen County, New Jersey, has partnered with blockchain firm Balcony to tokenize 370,000 property deeds, representing $240 billion in real estate, on the Avalanche (AVAX) blockchain. This five-year initiative, announced on May 28, 2025, is the largest blockchain-based deed tokenization project in U.S. history. It aims to digitize records across 70 municipalities, serving nearly one million residents.
The project, supported by Avalanche’s AvaCloud and backed by the Blizzard Fund, reduces deed processing times from 90 days to one, enhances security against fraud and cyberattacks, and improves transparency. Balcony’s platform has already uncovered nearly $1 million in lost revenue in Orange, NJ, due to outdated records. The initiative is part of a broader effort across New Jersey, with over 460,000 deeds tokenized, totaling $290 billion in value, including municipalities like Camden and Morristown. This move aligns with a growing trend of real-world asset (RWA) tokenization, projected to reach $18.9 trillion by 2033, with real estate as a key sector.
The tokenization of $240 billion in property deeds on the Avalanche (AVAX) blockchain in Bergen County, New Jersey, has significant implications, both positive and challenging, and highlights a growing divide in technology adoption, economic access, and societal impact. Tokenizing property deeds reduces processing times from 90 days to one day, cutting bureaucratic delays and administrative costs for municipalities and residents. This could set a precedent for other counties and states to adopt blockchain for public records.
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As seen in Orange, NJ, where Balcony’s platform identified nearly $1 million in lost revenue, tokenization can uncover financial discrepancies, improving fiscal accountability. Blockchain’s immutable ledger enhances security against deed fraud and cyberattacks, protecting property owners from title disputes or unauthorized changes. Transparent, digitized records allow easier access for residents, auditors, and regulators, fostering trust in local governance.
This project is part of a broader trend where real estate, valued at $240 billion in this case, is tokenized, contributing to a projected $18.9 trillion RWA market by 2033. Tokenization could unlock liquidity by enabling fractional ownership, attracting investors to real estate markets. The initiative may draw blockchain-related businesses and jobs to New Jersey, positioning it as a hub for innovation. As the largest U.S. deed tokenization project, Bergen County’s success could inspire other regions to adopt blockchain, potentially modernizing property records nationwide.
This aligns with global trends in countries like the UAE and Singapore, where blockchain is used for land registries, suggesting a shift toward decentralized systems in governance. Tokenization requires digital infrastructure, including reliable internet and technical literacy. Rural or low-income areas in Bergen County or beyond may lack the resources to engage with blockchain-based systems, potentially excluding residents from benefiting.
Understanding blockchain and tokenized deeds requires technical knowledge. Without adequate education or outreach, some residents—particularly older or less tech-savvy populations—may struggle to navigate the system. Tokenization could enable fractional ownership, but access to investment opportunities may favor wealthier individuals or institutions with the capital and knowledge to participate, potentially widening wealth gaps.
While the project reduces long-term costs, initial implementation (training, infrastructure, and maintenance) may strain municipal budgets, disproportionately affecting underfunded areas. Blockchain-based deeds may face inconsistent legal recognition across states or countries, creating friction for property transactions involving non-tokenized jurisdictions. While blockchain enhances transparency, it raises questions about data privacy. Residents in marginalized communities may distrust systems that expose property data, fearing misuse or discrimination.
While Bergen County and others like Camden and Morristown are early adopters, smaller or less progressive municipalities may lag, creating uneven access to modernized systems across New Jersey. Traditional stakeholders (e.g., title companies, real estate firms) may resist blockchain adoption due to disruption of their business models, slowing broader implementation.
The tokenization of $240 billion in property deeds on AVAX is a landmark step toward modernizing real estate records, offering efficiency, security, and economic potential. However, it risks deepening digital, economic, and regulatory divides unless proactive measures ensure inclusivity. By addressing these challenges, New Jersey could model how blockchain can transform governance equitably, setting a global standard.