Govt, Bitfury To Create Blockchain Land Registry

June 28, 2018 | 15 Comments

The Government has signed an agreement with the Bitfury Group to “add blockchain technology to the Island’s land-registry system.”

“The memorandum of understanding advances Bermuda’s mission to improve government services for citizens by implementing blockchain-based solutions. In late 2017, the Government launched a blockchain task force to promote development of the technology and has since passed legislation and established a regulatory framework for ICOs,” the Government said.

“The land-registry project with Bitfury marks the first application of the technology for a government service in Bermuda. Bitfury will work with Trimble, a land administration company, to bring blockchain technology to their existing land registry system. As Bermuda’s first major blockchain application, the project will serve as an educational resource for deploying additional blockchain functions across other government services.”

Premier David Burt, stated, “Bermuda is leading the Region in embracing blockchain solutions that improve vital government services for our citizens. Working with the Bitfury Group, we look forward to building a world-class land-title registry that enhances security, transparency and trust.

“Bermudians can look forward to a service that is user-friendly and provides clarity and certainty in this important aspect of our economy. On 2 July 2018, Bermuda will launch the Land Title Registry Office, as planned. The Office will work to move all deeds into an electronic format which will eventually replace the current deeds based system.”

The Government said, “Bitfury will build an additional blockchain layer on top of Trimble’s system using Exonum, Bitfury’s open-source framework for efficient and secure private blockchains. Exonum offers exceptional security because it is designed to anchor to a public blockchain like the Bitcoin Blockchain, meaning it protects sensitive data by using the cryptographically proven security of a public blockchain.”

“The Government of Bermuda has taken huge strides to foster an innovative environment for blockchain technology and create blockchain solutions for their citizens,” said Valery Vavilov, CEO of Bitfury. “We are honoured to work with Bermuda to build a more secure and transparent country-wide land registry, and we couldn’t be prouder to help advance their mission to improve services for citizens using blockchain.”

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Comments (15)

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  1. sage says:

    Retain your originals folks.

  2. shrew says:

    This govt has done LESS than nothing. Now they want to spend more tax dollars on an electronic registry. that will mean hiring MORE union staff who work 1/2 as much for twice the pay and that pay comes out of our taxes. WHAT is the PLP doing to bring legitimate biz and tourists to Bermuda: nothing.

    • Lol says:

      Everything you just stated was a complete lie. But what do I expect from a party supporters who supports a party known for lying.

  3. redrose says:

    was there an RFP? Are jobs safe? What is this costing?

  4. puzzled says:

    Define “the Region”.

  5. facts of the rock says:

    very soon this bubble will burst and the plp and Bermuda will be finished.

  6. Um Um Like says:

    How much will this cost the taxpayer?

    What are the actual benefits? Why should Bermudians look forward to this?

  7. dsd says:

    This is total hocus pocus BS.

  8. Lol says:

    You can tell by these comments that these are bias OBA trolls who known nothing about anything. Why dont you all actually research what the rest of the world thinks about Bermuda being the first bitcoin regulator and what it means to be the first to do this. All these agreements that we have been signing have been attached with INVESTMENTS but you all love to leave that fact out. I’m currently in the states living going to school and many ppl out here are excited that Bermuda is doing this because the whole world sees digital currency as the future. But not you old draconian, racist obaubp supporters and party. So keep spreading lies cause that all the oba did for almost 5 years is LIE. And that’s a fact.

    • Family Man says:

      Hopefully you’re also taking an ESL course.

    • Double S says:

      MoUs aren’t agreements. Did you know that the Binance signed an exact replica of the MoU they signed with Bermuda with the Channel Islands earlier this month? Either MoUs are not agreements and do not put any legal obligation on the signatories to carry through any of their promises.

      Did you also know that the PLP Government has promised relaxed immigration controls for these businesses? Weren’t you guys against such things prior to July 2017?

  9. Lol says:

    O and another thing keep trying to convince the world that the majority is not with the PLP when after that last bi-election it only proved you wrong again and to he liars. The majority of the country supports the PLP because they are actually looking out for everyone and not just the 40 thieves and their friends and families.

  10. SMH says:

    “The majority of the country supports the PLP because….”

    They’re homophobic bigots who fall more in line with Trump than Obama….and yes, the world can see this clearly…it’s Bermudians that are blind.

  11. Unacceptable and arbitrary advice…block this legislation.

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