Bergen County, New Jersey, one of the richest counties in the United States, is switching to an Avalanche (Avax) network to use blockchain technology to digitize $240 billion worth of real estate certificates.
The move was recorded as the largest land registration tokenization project in the United States.
Under a five-year agreement between Bergen County and the balcony of a blockchain-based land registrar, 370,000 land records will be stored in an avalanche network, unchanging and searchable, serving a population of around 1 million, spread across 70 municipalities across New York City.
“This initiative is to improve the lives of our people,” said Bergen County Clerk John Hogan. “By digitizing deed records, we are making transactions simpler, faster and safer for homeowners, businesses and future generations.”
The “tokenization of real world assets” (RWA), which refers to the digitalization of physical assets such as real estate, is becoming more and more widespread. The tokenized asset market is expected to reach $18.9 trillion by 2033, according to a joint report by Boston Consulting Group and Ripple. Real estate has a significant share of this size. Similarly, the Dubai Lands Division recently launched its tokenization platform in its XRP ledger.
*This is not investment advice.
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