From The Street:
New Jersey just put $240 billion worth of real estate on the blockchain
New Jersey’s most populous county, Bergen County, is home to approximately 1 million.
Part of the prosperous New York City metropolitan area that is worth a gross metropolitan product of $2.6 trillion, the county has recently entered into a new deal that could push the frontiers of its highly developed real estate industry.
Bergen County has entered into a 5-year partnership with the real estate infrastructure firm Balcony to tokenize its entire real estate deeds worth $240 billion on the Avalanche blockchain network.
Tokenization of real-world assets (RWAs) refers to the process of turning RWAs such as real estate, art, etc., into on-chain, digital tokens on a blockchain for easier and faster trades, settlements, and transfers.
Over 370,000 property deeds across all 70 municipalities in Bergen County will soon migrate on-chain in what Avalanche claims is the “largest blockchain deed tokenization project in U.S. history.”
The initiative is expected to reduce deed settlement time from 90 days to only 1 day.
Several NJ municipalities paid up to $1 million per breach in 2023 alone to restore core infrastructure hit by ransomware, the statement said. The digitization aims to make records searchable, tamper-proof, and secure against such frauds.
While Bergen County has signed the deal, other NJ municipalities such as Camden, Orange, Morristown, and Fort Lee are also holding talks with Balcony regarding the tokenization of real estate deeds worth an estimated $290 billion.
“By digitizing property records, we are making the process simpler, faster, and more secure for homeowners, businesses, and future generations,” Bergen County clerk John Hogan said. “Our plan is to use this forward-thinking approach to enhance transparency, reduce delays, and protect against hacks ensuring that Bergen County remains a leader in innovation and service to our community.”
OBX seems like an outright bargain compared to the Jersey shore.
For more accessible for mere mortals.
The only reason it takes 90 days to record a deed is because it is New Jersey.
Grim: And then there is the Hamptons.
Speaking of the blockchain that Bergen County is using. So the county is going to get rid of the paper records for good? I wonder what they $$$ spent on this deed tokenization for only 370,000 records?
…Avalanche L1 private blockchain managed by AvaCloud hosted in AWS contract won by a Hoboken startup Balcony Tech software.
More on Balcony Tech the Hoboken Startup behind it.
https://www.roi-nj.com/2025/01/03/tech/how-balcony-is-using-blockchain-technology-to-streamline-government-processes/
What happens when these companies go under and their private L1 Blockchain is turned off for non-payment? Sure Hackers and Ransomware is a risk but so is not having good backup plans. It would be cheaper for them to run an open chain software stack standalone ledger on one or two clusters with real-time transaction processing, and just have good backups. This is something the state should be doing for records digitization and processing and allowing the rest of the government agencies to use a single system instead of allowing them all to choose various disparate systems and solutions.
You really would not drive to OBX every weekend from May thru September…Also the Bennies and Shoobies won’t don’t drive from the Brooklyn and Staten Island to OBX to rent a bungalow for $5000 a week. They would rather load up the car and day trip, many will wait until the lifeguards and the people checking for beach badges are gone for the day.
I live close enough to the beach and the Bay and the Navesink River. Boating, Fishing, swimming you name it ..I was in Belmar and Spring lake last weekend…It was nice but we don’t really go often maybe a few times a year. I would rather enjoy watching a game on my outdoor TV or listening to tunes while floating in my pool at my home oasis. No sand involved and no shlepping chairs and umbrellas for a few hours….. If I wasn’t so cheap I would join a Sea Bright beach club like some of my neighbors get drunk every weekend and uber home…
I see the ocean water temp in OBX is 70F…It’s about 60F here in Joisey..that is cold shock and hypothermia if you stay in too long…
We won’t hit 70F ocean water temps until about July 4th…..
My pool last week was 60F….but not for long, burned some 20 bills and heated it up to 75 F…Not this weekend too rainy and cold. Water temp is back down…again….. We might see the temps rise next weekend..
Went to OBX once with the whole extended family, huge house, slept like 20 on the beach with a pool. Drove eight hours and immediately wondered why.
Upper 80’s middle of the week. I’ve already been instructed to turn the pool heater on before I leave.
I can get to Point, Belmar or Manasquan beaches in maybe 15 minutes via back roads. Haven’t been to the beach in at least 5 years. Daughter and friends went to Squan today. Actually jumped in the ocean. Teenagers.
Yeah but no soundbar can accurately reproduce the sound of people screaming as they are being stabbed on the boardwalk. The smell of salt air, blood, and cotton candy as the wind changes direction towards you. The rumble of the floor boards beneath you from people running away and cops chasing.
You are missing all of the excitement of the greatest country in the world!
Juice Box says:
June 1, 2025 at 10:04 am
I would rather enjoy watching a game on my outdoor TV or listening to tunes while floating in my pool at my home oasis.
All of this over a monkey branchin’ broad.
A gunman opened fire at a small-town high school party, leaving one dead and 11 others injured in North Carolina.
Authorities were called to a home near Hickory – about 50 miles outside of Charlotte – around 12.45am Sunday over reports of multiple people shot.
One of the twelve victims died, while another is in critical condition, according to the Catawba County Sheriff’s Office. The others remain hospitalized.
No arrests have been made and police have not released information on potential suspects.
What’s the nickname for NJ/NYC folks in OBX?
Bennies? Tourons?
Dark: According to Google outsiders are called Tourons or Dingbatters.
We’ve done OBX multiple times. It is significantly cheaper than the Jersey shore and much less crowded on the beach. Getting off the Island can be pure hell if you are far north or south on changeover day. It’s a long drive, but to go for a week once a Summer isn’t too bad and will save you thousands. The kids in that area return to school about a week or two before ours do, so many amazing late season deals can be had. Last time we were there, we rented a place that backed to the beach that slept 20 for what it would cost to rent a cape that slept five in LBI four blocks from the beach. We split it with another family and had a ball together. There were nine of us, so lots of empty beds.
“Poland now has the 2nd lowest unemployment rate in Europe, is seeking nuclear weapons, and will soon have a higher GDP per capita than Japan.
Poland will be the next European powerhouse, and we all know why.”
Zie Gestapo is coming for you. Zie new infrastructure you ask for vill be prizon and concentration camps. Everywhere else gets dilapadated bridges and roads with potholes.
Chaotic scenes unfolded in lower Manhattan as federal agents stormed Democratic Rep. Jerry Nadler’s office and handcuffed a female staffer in dramatic video footage.
The 77-year-old longtime congressman erupted in fury after Department of Homeland Security officers burst into his office Wednesday before accusing his staff of ‘harboring rioters’ in scenes captured on video.
‘President Trump and the Department of Homeland Security are sowing chaos in our communities, using intimidating tactics against both citizens and non-citizens in a reckless and dangerous manner,’ Nadler said in statement to Politico.
‘If this can happen in a Member of Congress’s office, it can happen to anyone – and it is happening.’
The video footage, obtained by Gothamist, shows the moment agents restrained a weeping aide while a woman in the video says ‘No she did not – that’s not what happened.’
Another employee can be seen desperately demanding a warrant while asking the cop to back up.
The female staffer was seen blocking a second officer from entering private areas of the congressional office, which is located in the same Varick Street building as the federal immigration court.
https://t.vrbo.io/sgZKxe2QQTb – Corolla OBX
https://t.vrbo.io/dP9mU6hRQTb – Surf City LBI
Extremely comparable.
That’s good use of blockchain. RE can use a lot more of such advances – like, it should not take $500 (not sure of the latest prices) for title verification during a RE transaction and having digitally verified should be close to zero.
That said, we see what’s happening with digital transactions – aka credit card fees, at every transaction. Sending a check to the DMV or other state agencies is free of transaction costs but paying by card or ACH involves a 3% transaction fee.
digital signatures may go down the same route.. I hope not.
I was grilling this morning for a large group this morning. We had 3 volunteers (including myself) and 2 grills, and about a hundred+ folks. The only problem is that the Vegan guy wanted to use the better grill and wouldn’t share the grill with the meats.. and only about 10 or 20% of the group cared for vegan stuff.
I think being liberal also means that meat eaters be allowed to eat meat, and this guy didn’t get the memo. After some negotiation and the guy seeing that there wasn’t a whole lot of demand for plant stuff, he gave in, and I got half of the grill back for the meats.
Just venting a bit about some of my liberal friends.
Rent re: “digitally verified should be close to zero..”
It is no where near zero. They gave out a five year 1/2 million dollar no bid contract to maintain the ledger that contains only 370,000 property records. No idea what kind of transaction fees are baked into the deal and what happens later after five years.
But I can say this is probably something like NFTs… “creating a digital asset on a blockchain”..
They want to fractionalize ownership outside of the traditional legal channels and traditional buying and selling practices, which involve full ownership of a given property. Lets bypass that (changing the laws) and take that token smart contract (representing a deed) and sell fractional and then start trading it too….before you know it you can sell your garage to your neighbor and your back yard to an investor all on the block chain.
https://www.facebook.com/watch/?v=1263959314107531
https://x.com/awfulannouncing/status/1928945117911454141?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1928945117911454141%7Ctwgr%5Eb89bab392b1edab28d302c6b4e788f62bf95b4aa%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fnypost.com%2F2025%2F05%2F31%2Fsports%2Fmets-keith-hernandez-had-no-idea-how-to-react-after-bluechew-ad-read%2F
Chi,
By far, the best announcers in baseball and perhaps any sport. I swear, I watch the games more to listen to those morons talk about where they ate dinner the previous night than for the game play.
4:08, that sucks big time. I am seeing a few startups do this, and are getting investor funding as well.
Meanwhile they reduced hours at the local brush drop off place because they can’t install a simple camera to avoid contractor dumpings.
This is the startup that received a $2.2M funding to fractionally sell RE
https://casashares.com/
If Ukraine keeps it up China may be able to waltz all the way to Moscow.
Way cool use of drones..
https://x.com/RaviRanjanIn/status/1929164135373164783
https://x.com/NOELreports/status/1929131109280829890