Bermuda plans to launch blockchain land registration system

nBankruptcy Commentary: Bermuda Times Media reported that Prime Minister David Burt announced at the World Economic Forum in Davos, Switzerland, the transfer of property registration system to the blockchain. Because it is transparent and safe, it can also improve economic efficiency. Although some people object to cryptocurrencies, the local government continues to support the development and implementation of related technologies in order to attract new industries and increase employment.n
nTranslation: Annie_Xun
The Bermudasan Prime Minister said it plans to move the real estate registration system to the blockchain.n
The Royal Gazette reports that Prime Minister David Burt told the Davos World Economic Forum in Switzerland that the country will abandon the “traditional system” of recording property information.n
Bulletin reports Burt’s words:n
n”Bermuda has a traditional real estate registration system and all we have to do is move the registration system down to the blockchain.Obviously it needs to be transparent so that people know what’s there, know it’s safe, let’s know who has what “.n
nIt is reported that Burt said that some sectors of Bermudian business ecology, that is, the legal field, may not fully support this move. However, “this is done to increase the efficiency of our economy.”n
This move reflects that Bermuda will continue to participate in the blockchain and cryptocurrencies.n
In November, a mission group was set up in the British Overseas Territory to create the right regulatory environment to support the commercialization of these technologies, hoping to attract new industries and jobs. The government is also working with agencies such as the Ambika Group and the Bermuda Business Development Agency, a nonprofit based in Hamilton, to look for possible technology applications.n

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