Blockchain can bring about tremendous change in the supply chain. R3 made use of its blockchain research in Bermuda. It did this to show how transform
Blockchain can bring about tremendous change in the supply chain. R3 made use of its blockchain research in Bermuda. It did this to show how transformative the distributed ledger technology can be for the businesses operating in this island. The chief executive officer of R3 lab and Research center, Tim Grant and Todd Bault, a consultant, spoke about the distributed ledgers at a conference in Bermuda. Financial industry players such as insurers, reinsurers, brokers and financial services institutions reportedly heard their speech during this conference.
R3 made a demonstration of how blockchain technology works. R3’s head of the human capital management, Stafford Lowe, said that attendants at this conference were brokers, Bank of New York Mellon, underwriters, the Bermuda Monetary Authority, financial consultants and reinsurers.
The demonstration was so real. It had a number of screens, each for demonstrating to every financial field. The brokers had the broker screen, underwriters had their underwriter screen and the trustees had their trustees screen. They were able to see all the process and saw the numbers change on everyone’s screen simultaneously. They actually had the opportunity to see action was performed being written on the ledger. This made the demonstration even more memorable.
Stafford emphasized that this was only the beginning of what to expect. In addition, he said that the work took two weeks to put together and challenged the players telling them to imagine what they could have achieved if they worked together on this.
Many reinsurance companies are interested in R3 technology. R3 hopes they join them so that they are able to gather together the Bermuda market to prove to the world that they are still the best companies for this industry.
R3 plans on collaborating on building this kind of technology and Bermuda offers more than enough; it is a perfect place for this collaboration.