R3 Demonstrates Blockchain Technology in Bermuda

R3 recently brought the results of its blockchain research to Bermuda , hoping to demonstrate how distributed systems can change the way Bermuda and its businesses operate. Taking the insurance industry as an example, the three screens in the conference presentation showed brokerage companies, insurers, and trustees. No matter what actions take place, they will be recorded on the distributed ledger, showing the real-time nature of the ledger. Some reinsurance companies at the conference were also interested in this, and they hope that they can join R3 to jointly promote the development of the insurance industry.

Translation: Nicole

R3 is bringing its blockchain research to Bermuda with the aim of illustrating how the distributed ledger technology could transform the way the island nation and the businesses registered there operate.

According to The Royal Gazette, R3 Labs and Research Center CEO Tim Grant and consultant Todd Bault spoke about distributed ledger technology at the ILS Bermuda Convergence conference in early November, which was also attended by brokerage firms, insurers, reinsurers and financial services organizations.

R3 gave a live demonstration of blockchain technology. Stafford Lowe, head of human capital at R3, said:

“We have brokers, insurers, BNY Mellon (the larger trustee), the Bermuda Monetary Authority, people from insurance to reinsurance, and people from consultancies. We want to implement industry loss clauses (ILWs) on the actual ledger, so we have a broker screen, an insurer screen, and a trustee screen. We follow the progress and we can see the numbers change on each person’s screen. It shows that three people have independent views on things. But the most important thing is that whenever an action is taken, it is recorded on the ledger.”

Stafford Lowe

He added:

“This is a real example. But this is just the beginning. This is something we knocked out in two weeks; imagine if we built this together, we could do it much faster.”

Who is interested in Bermuda?

He said:

“There is a small group of reinsurers here who are interested in what we are doing. We hope they will join R3 and we hope they will see this as an opportunity to bring the Bermuda market together and stay ahead of the curve.”

“New technologies like this need to be built together, and Bermuda is the perfect place to do so.”

In the statement, R3 was put at a disadvantage as Goldman Sachs left R3, and later there were reports that JPMorgan Chase had also left.