David Burt, the Premier of Bermuda, announced the intention of the government to transition the country’s system of ownership to the blockchain. Their outdated system of ownership and asset tracking could benefit from a system as decentralized and permanent as the one driving Bitcoin. Their implementation might thus soon hold all marriage certificates, deeds, vehicle registrations, and more. He added:
“Clearly it needs to be transparent so people know what’s there and be secure, and that way we know who owns what at any point in time”
Mr. Burt said Bermuda is famous for its high degree of regulation, AML and KYC practices, and compliance with financial institutions so this transition could easily put them on top of the blockchain roster. In November of 2017. the Government of Bermuda hinted at increasing its presence in the cryptocurrency world and blockchain technology in order to attract investors, developers, and experts into its working groups.
One such group is the Ambika Group whose chairman, Aron Dutta, noted that the group is responsible for building platforms to make exchanges, trading, civil services and more possible on the blockchain, and that the Group was actively collaborating with the government.
“The banks have had a lot of time and warning to deal with this for years. If I’m Western Union, or Swift and the other people who are intermediaries, I would be a little bit scared unless I have plan to really embrace this stuff,” he said.
He also pointed out that, because he considers it revolutionary technology that’s about to heavily influence people’s lives, everyone should start reading and learning about the blockchain.
The Government of Bermuda is also collaborating with the Bermuda Business Development Agency on the front of blockchain implementations.
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