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Blockchain firm, NJ county ink deal to digitize $240B of deeds on-chain
Blockchain firm, NJ county ink deal to digitize $240B of deeds on-chain

Yahoo

time28-05-2025

  • Business
  • Yahoo

Blockchain firm, NJ county ink deal to digitize $240B of deeds on-chain

This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. A deal inked between a blockchain firm and one of the nation's most densely populated counties will result in the digitization of 370,000 property deeds worth $240 billion in real estate value, marking what the entities call the largest blockchain-based deed tokenization project in U.S. history. Balcony, utilizing the Avalanche blockchain, will create a fully digitized ledger of titles across Bergen County, New Jersey's 70 municipalities, in a five-year partnership aimed at reducing fraud, title disputes and administrative errors. 'For generations, the deed and property records to your home have been stored in fragile and disparate databases, vulnerable to tampering, ransomware and fraud that is no longer acceptable,' said Balcony CEO Dan Silverman at a press event Wednesday morning. 'Many of the systems used today to manage property records were built before I was born. They weren't designed for the threats of today's world,' Silverman said. 'Sophisticated cyber criminals target state systems with ransomware attacks that cost taxpayers tens of millions of dollars annually, and now, with the rise in generative AI, fraudulent documents can be fabricated in seconds, completely indistinguishable from the real thing.' That's where blockchain technology comes in, moving all of the information to an immutable, searchable ledger and cutting deed processing time by 90%, Silverman said. John Hogan, who has served as Bergen County clerk since 2012, said in a prepared statement that the initiative is about improving the lives of Bergen's residents by simplifying and securing the recordkeeping process. 'We can't be afraid of new technology. I kind of think that those who were here before me were afraid of new technology, because when I came here, there was Post-It notes, there was mimeograph stuff …I think the place was stuck in time,' Hogan said Wednesday morning. 'This is a great step forward for our office and for our county and for the people we serve.' When Balcony's digital asset registry is completed, Hogan said any resident will be able to trace the history of their property from beginning to current on the registry. Blockchain technology stands to revolutionize 'any process that relies on trust, transparency, and secure recordkeeping,' well beyond deeds, according to Chief Strategy Officer Luigi D'Onorio DeMeo at Ava Labs, the creator of the Avalanche blockchain. 'We're seeing major potential in areas like identity verification, supply chains, licensing, and financial settlement. These systems are often outdated, siloed, or paper-based. Blockchain brings a shared, tamper-proof source of truth that can drastically reduce fraud, delays, and administrative costs,' he said in an emailed statement to Banking Dive. Bringing real-world assets on-chain is a step toward a more efficient economy, he wrote, allowing programmability, fractional ownership, and global liquidity across things like property, commodities, or financial instruments. 'That means more people can access and interact with markets that were previously gated – unlocking new business models and financial inclusion at a global scale,' DeMeo said. Outside of Bergen County, Balcony is working with several other municipalities in New Jersey and beyond to modernize government real estate systems, according to the press release. In Orange, New York, Balcony uncovered nearly $1 million in lost municipal revenue, according to a press release seen by Banking Dive. The revenue was previously hidden due to 'incomplete or outdated records.' Sign in to access your portfolio

New Jersey's Bergen County to Tokenize $240B in Real Estate Deeds on Avalanche Network
New Jersey's Bergen County to Tokenize $240B in Real Estate Deeds on Avalanche Network

Yahoo

time28-05-2025

  • Business
  • Yahoo

New Jersey's Bergen County to Tokenize $240B in Real Estate Deeds on Avalanche Network

Bergen County, New Jersey is turning to the Avalanche AVAX network to put its entire property record system on blockchain, claiming to be the largest property deed tokenization project in the U.S. Under a five-year agreement with land record blockchain firm Balcony, the well-to-do county across the Hudson River from New York city will migrate 370,000 property deeds — representing about $240 billion worth of real estate — onto an immutable, searchable blockchain ledger, according to a press release. The system, powered by Avalanche, will serve nearly a million residents across 70 municipalities. "This initiative is about improving the lives of our residents," said John Hogan, County Clerk of Bergen. "By digitizing property records, we are making the process simpler, faster, and more secure for homeowners, businesses, and future generations." The move aligns with a broader trend of using blockchain rails for moving and recording ownership of assets like bonds, funds and real estate — a process also known as tokenization of real-world assets (RWA). The tokenized asset market could reach $18.9 trillion by 2033, with real estate amounting to a significant share, a recent report by Boston Consulting Group and Ripple projected. Most recently, the Dubai Land Department debuted a real estate tokenization platform built on the XRP Ledger XRP network as part of its strategy to bring 7% of all real estate transactions, worth roughly $16 billion, to blockchain rails. Balcony, which has already introduced similar systems in several counties across New Jersey, claims that its blockchain-based platform can cut deed processing time by 90% while addressing risks like fraud and record discrepancies. It can boost municipal revenue, too: the platform detected almost $1 million in lost municipal revenue in Orange, NJ, previously hidden due to incomplete or outdated property records, the company said. "Blockchain is continuing to solve complex, real-world problems," said Luigi D'Onorio DeMeo, chief strategy officer of ecosystem development organization Ava Labs. "[Avalanche's] infrastructure is built to handle large amounts of data quickly and securely, which is exactly what's needed to modernize how property records are managed and transform how public institutions operate." Last year, California's Department of Motor Vehicles (DMV) digitized 42 million of car titles on Avalanche to modernize the state's title transfer process with software development firm Oxhead Alpha.

Perth actor talks Aussie ‘fly epidemic' with Kelly Clarkson
Perth actor talks Aussie ‘fly epidemic' with Kelly Clarkson

Perth Now

time15-05-2025

  • Entertainment
  • Perth Now

Perth actor talks Aussie ‘fly epidemic' with Kelly Clarkson

Perth actor Jamie Ward has struck up an unusual bond with singer Kelly Clarkson over the pair's shared experiences in Western Australia. WAAPA graduate Ward stars in a new Romeo and Juliet musical movie set for release this year, where he plays Romeo, alongside Clara Rugaard as Juliet and Rebel Wilson as Lady Capulet. The Yokine-raised actor appeared as a guest on the Kelly Clarkson Show to talk about the upcoming romance film sold as 'the greatest love story of all time', where Clarkson asked: 'Where in Australia are you from?' 'I'm from the west coast, Perth,' Ward said. 'Oh, I've been there,' Clarkson replied. Ward appeared surprised upon hearing the American singer had even heard of Perth, let alone visited. 'You've been to Perth?' he said. Clarkson replied: 'Yes, I've toured Perth.' If you'd like to view this content, please adjust your . To find out more about how we use cookies, please see our Cookie Guide. The pair then shared their experiences, with Clarkson saying how 'the flies there are insane'. 'I'm not kidding, man, I've gone there several times and every time I feel like I'm there during some kind of fly epidemic,' she said. Ward then claimed the sticky flies were 'why I got out of there'. He mentioned Aussies had the iconic 'wide-brim hats with the cork', which Clarkson fully embraced when she was down under. 'I wore them. I was like, I'm jumping in, Crocodile Dundee it is,' she said. Apart from the nuisance fly situation, Clarkson said she loved Perth and Australia and that it was the first place she visited outside of the US. If you'd like to view this content, please adjust your . To find out more about how we use cookies, please see our Cookie Guide. The pair also discussed Ward's life before acting, including his previous life in a pop band called Balcony. The four-piece band supported Lewis Capaldi on tour in 2020, as well as Tones and I, and played over 20 festivals to critical acclaim. Ward admitted that being the frontman in the band, which was active up until 2020, said it was an amazing experience, but not where he saw his future career. 'I was bleaching my hair blonde, wearing different clothes, it made me realise what I actually wanted to do,' he said. However, Ward said that without his music career, he wouldn't have had the opportunity for the lead role in Romeo and Juliet. The film, directed by Timothy Scott Bogart, is an original pop musical based on the real story that inspired William Shakespeare's Romeo and Juliet. Ward graduated from WAAPA and moved to London in 2012 where he got his first big break in West End theatre as Marius in Les Miserables a year later. He has also starred in the final season of the TV adaptation of His Dark Materials and Stan series Invisible Boys.

REEF Luxury Development unveils groundbreaking sales gallery showcasing patented sunken balcony and winter garden
REEF Luxury Development unveils groundbreaking sales gallery showcasing patented sunken balcony and winter garden

Zawya

time02-04-2025

  • Business
  • Zawya

REEF Luxury Development unveils groundbreaking sales gallery showcasing patented sunken balcony and winter garden

Dubai, UAE: REEF Luxury Development has opened its innovative new sales gallery in prestigious Dubai's Jumeirah Third neighbourhood, offering a glimpse into the future of luxury living. This state-of-the-art space highlights the company's patented Sunken Balcony with Outdoor Cooling and Winter Garden, revolutionary features that redefine outdoor comfort by harmonising advanced technology with modern luxury. The patented Sunken Balcony is a global first and allows residents to enjoy outdoor spaces in comfort year-round, irrespective of weather conditions. This innovation exemplifies REEF's vision for elevating lifestyles through cutting-edge residential solutions. Alongside this, the Winter Garden merges indoor and outdoor living, offering an integrated experience of comfort and nature. Visitors to the gallery can immerse themselves in a meticulously designed show apartment, experiencing firsthand REEF's commitment to quality craftsmanship and innovative design. The gallery's integrated sales center offers mockups, visual aids, and tailored consultations, providing investors and customers with an in-depth understanding of the upcoming company's projects. Samer Ambar, CEO of REEF Luxury Development, commented: 'We are thrilled to invite customers and investors to experience our patented Sunken Balcony and Winter Garden firsthand. These groundbreaking innovations showcase how REEF Luxury Development is reshaping luxury living by blending cutting-edge technology with modern lifestyles.' The launch of the gallery marks a significant milestone in REEF's journey to redefine residential living in Dubai, setting a new benchmark for comfort, sustainability, and innovation.

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