Bermuda plans emigrate its property deeds system to the blockchain. As quoted by The Royal Gazette, Premier David Burt remarked throughout a look at the world financial discussion board in Davos that the Bermuda was aiming to shift far from its vintage school system of recording deed data.
The Royal Gazette quoted David Burt as noting:
“Bermuda has an old school deeds-based assets system. What we’re going to do is switch our registry to the blockchain. Actually it wishes to be obvious so people know what’s there and be secure, and that way we know who owns what at any point in time”
David Burt reportedly remarked that a few segments of Bermuda’s commercial enterprise environment might not be supportive of the move. That stated, in line with David Burt, the aspect is to make more efficiencies inside of our economic system. The development displays Bermuda’s persisted engagement with the blockchain and digital currencies.
In November, the British overseas territory set up a venture force seeking to each create the correct regulatory surroundings and to assist trade using these technologies within the hopes of attracting new business and jobs. The authorities is likewise operating with companies including Ambika group and the Bermuda commercial enterprise development agency on possible uses of the technology.