Bermuda Premier David Burt said at the World Economic Forum in Davos that the country is aiming to make the government more efficient switching its property deed system to blockchain.
Bermuda has an old school, deeds-based property system. What we are going to do is transfer our registry to the blockchain. Clearly, it needs to be transparent, so people know what’s there and secure, and that way we know who owns what at any point in time.
The Premier of Bermuda
Burt also talked about the country’s “progressive” ambitions in the blockchain space. He said Bermuda is known for high-standard regulation, anti-money laundering, know-your-customer (KYC), and compliance.
The idea to migrate its property deeds system to the blockchain has been aired in the past month in Bermuda. Last month, Stan Stalnaker, founding director of Bermudian-headquartered Hub Culture, said digital assets such as property title deeds, marriage certificates, vehicle registration documents, and ownership contracts will end up on blockchain.
In November 2017 we have reported that the government of Bermuda founded a blockchain task group to promote cryptocurrency commerce in the British overseas territory. The task force is part of the government’s initiative to advance the island’s regulatory environment as destination for cryptocurrencies and initial coin offerings (ICO).