London, UK, August 12, 2020 – The Proof of Trust Ltd (“The Proof of Trust” or the “Company”), a globally patented smart contract validation and issue resolution technology company, is pleased to announce the identification of Bermuda as an ideal jurisdiction for accelerated adoption of its smart contract technology.
The Proof of Trust protocol will enable business to be conducted seamlessly across the public and private sectors in Bermuda and provide a technology solution to dispute resolution, as the protocol provides an assurance layer that prevents invalid smart contracts from executing.
The Bermudan government is actively establishing the country as a central hub for international arbitration and dispute resolution in the North Atlantic region, most recently with the foundation of the Ottiwell Simmons International Arbitration Centre. Bermuda is also establishing itself as a pioneer and world leader in technology, embracing the rapid pace of change with the clear objective of making Bermuda a highly sophisticated, interconnected government.
The determination to maximise the benefit of Bermuda’s position as an advanced economy – with a respected legal system and highly skilled work force – is central to The Proof of Trust’s commitment to the country. Bermuda has a strong heritage in the insurance market, which has been identified by the Company as a key growth area for The Proof of Trust protocol.
The Proof of Trust’s Nebula application, which is specifically designed to improve governmental transactions, can create a seamless experience for inter and intra governmental transactions at scale and using a secure platform built by IBM, as the Company’s technology partner. The Proof of Trust will facilitate secure operational efficiencies, transparency, and analytical insight for continuous improvement across public services as well as for enterprises looking closely at Bermuda as a technology innovation hub.
The Proof of Trust looks forward to working with the Government of Bermuda, and other Governments and businesses across the North Atlantic region, to implement this groundbreaking technology which provides assurance of all smart contracts, dispute resolution and data verification.
David Burt, Premier of Bermuda, commented:
“I am pleased Proof of Trust has decided to set up an office in Bermuda. I also congratulate Bermudian, Mr. Kevin Richards, on his appointment as the Bermuda CEO.”
Kevin Richards, CEO of The Proof of Assurance (Bermuda), commented:
“The Proof of Trust is delighted to be making this major commitment to Bermuda. We look forward to working closely with the Government of Bermuda and congratulate them on the recent groundbreaking of the Ottiwell Simmons International Arbitration Centre, a demonstration of the country’s commitment to becoming a regional hub for international arbitration and dispute resolution.
“The Proof of Trust’s application can be effortlessly integrated into existing legacy systems, or indeed replace outdated technology. What we offer is a fast and scalable solution, ensuring that there is no limit to future growth within the island and beyond.
“Through Nebula, The Proof of Trust is set to enhance governmental services beyond paper based processes and legacy technology into a blockchain enabled, smart government, in line with advanced systems being introduced across other international financial centres such as the UAE.”