R3 brought its blockchain research to Bermuda to demonstrate how distributed ledger technology could transform the way the island nation and the businesses incorporated there operate.
Brokers, insurers, reinsurers and financial services organizations heard Tim Grant, chief executive officer of R3 Lab and Research Centre, and consultant Todd Bault, speak about distributed ledgers at the ILS Bermuda Convergence conference in early November, according to The Royal Gazette.
R3 gave a real-time demonstration of blockchain technology, as well. “We had brokers, underwriters, Bank of New York Mellon, who are a big trustee, the Bermuda Monetary Authority, people from underwriting to operations on the reinsurance side, and guys from the advisory companies,” said Stafford Lowe, head of human capital management at R3. “We wanted to take an industry loss warranty on a real ledger. So we had a broker screen, an underwriter screen, and a trustee’s screen. We followed it through the process and saw the numbers change on everyone’s screen. This was a representation of three people’s very separate views on things. But the most important