Bermuda is going to modernize its property deed management system by switching to blockchain technology. Bermuda’s premier, David Burt, made the announcement at the World Economic Forum in Davos, Switzerland. (Royal Gazette)
The key facts: Tracking the transfers of properties is a natural fit for blockchain technology. And it’s not the only thing Bermuda is considering blockchain technology for.
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. (Royal Gazette)
The smart take: Smaller countries like Bermuda are going to be early adopters of blockchain technology — especially for governmental use. Using blockchain both modernizes their systems and makes them thought leaders in the blockchain space.