Bermuda Government confirms interest in blockchain

27-02-2018

The Government of Bermuda has announced that it is moving forwards in its plans for the future of the Island as it looks at the legal and regulatory requirements of blockchain.

In a statement Wayne Caines, Bermuda’s Minister of national security, said that: “The public can be assured that this Government is working collaboratively with key stakeholders in the financial services sector, both locally and abroad. We have a disciplined, systematic and comprehensive approach to our entry into the market.”

Caines said that the Government has to look at growth in new ways, and is being innovative in its vision. One of the possibilities that he highlighted for blockchain included healthcare/medical records. He said: “This would be a blockchain where things such as patient medical and hospital records, and insurance claims and data information could be safely kept and securely shared with both healthcare providers — for example, your GP — but also with hospitals in and outside Bermuda, as well as health insurers. The storage and sharing of this data would save a huge amount of effort and hassle when having, for instance, to file claims or to move from one GP to another.”

He added that other possibilities for blockchain usage on Bermuda include tracking goods being transported or shipped to or from the Island and increased use of data storage via the cloud.

The Minister concluded his statement by saying that: “This is a new age of technology, and we cannot turn back or look away from it. We must embrace it. The possibilities of technological revolutions can create new opportunities for job creation in areas and fields we have never seen before. This has the potential of transforming our economy by creating entirely new industries. Our goal is to see Bermuda take a leading role in advancing blockchain technology, and this Government is moving swiftly, but very carefully in this space.”

 

Bermuda, Government, Caines, national security, blockchain, technology

Bermuda Re