The island nation, Bermuda, receives interest from financial giants, boosting potential operations and investment. R3, a tech company, wanted to hit home how important distributed ledger technology could be to island operations and business.
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R3, a tech company which leads a consortium of 70 of the world’s biggest financial institutions in research and development of blockchain technology usage, recently announced its intention to fund and research work on the small island of Bermuda. R3 wanted to hit home how important distributed ledger technology could be to island operations and business.
Tim Grant, the CEO of R3 Lab and Research center, and Todd Bault, spoke at the ILS Bermuda Convergence conference. They also provided real-time demonstrations of their blockchain and ledger technology; screens were devoted to examples of a broker, underwriter, and trustee so attendees could see tailored changed to each ledge in real-time. Each action had a corresponding change in the ledger, and this resounded with people.
So, why Bermuda? Re-insurance companies are showing genuine interest in joining the Bermuda market together in order to stay at the forefront of blockchain technology. R3 has faced problems in the States, first when Goldman Sachs left the consortium, followed closely by Morgan Stanley.
New blockschain technology to small isolated nations like Bermuda, not only link them to global finances but also provide security for local and international transactions.