Bermuda strives to become heart of blockchain

On the heels of the launch of the Bermuda government’s new blockchain task force, the island sets out its stool

Bermuda is set on positioning itself as the “blockchain laboratory of the world”, according to some of the island’s key influencers.

Speaking during a panel session at the Montgomery Summit held in California this week, Conyers partner Chris Garrod stated that the island could feel confident positioning itself as the “blockchain laboratory of the world”, highlighting its proven success within (re)insurance as a market that innovates and delivers solutions to global industry challenges.

Garrod, who is also member of the government’s Blockchain Legal and Regulatory Working Group, said: “If we are to make this blockchain business successful in Bermuda, all we need to do is continue to do what we do best. There’s no reason why our world-class market can’t do that.”

The panel was moderated by Bermuda Business Development Agency (BDA) consultant for Emerging Technologies John Narraway, and also included National Security Minister the Hon Wayne Caines, and Aron Dutta, founder and chief executive of Bermuda-based blockchain accelerator Vaphr.

The views expressed were in line with assertions made by the Bermuda Premier at last year’s Global Reinsurance Innovation & InsurTech Bermuda event that the island would establish a technology hub.

He said: “Bermuda understands, and the Bermuda government understands, what lies ahead for the future, and the future is in InsurTech.”

Originally published by Newsdesk 9 March 2018. It has been republished here for the membership of Reinsurance Under 40s.