Blockchain technology facilitates digital asset transactions that are stored and validated using cryptography. The technology is defined by a few key characteristics.
With the advent of this technology, the market has seen the proliferation of currency blockchains like Bitcoin (BTC), smart contract blockchains like Ethereum (ETH and ERC20), and the creation of Utility tokens like Binance Coin (BNB) where you can use tokens in lieu of payment for execution.
Within finance, the use of blockchain technology can range from identity verification (AML / KYC), structuring for capital markets transactions (debt, equity, hybrid structures), and trading of digital securities with custody and banking also part of the process. The Commonwealth of Bermuda will enable and allow for secure blockchain application by providing a robust regulatory framework.
The use cases for this technology in Bermuda primarily focused on the evolution of the capital market system. Three key benefits for this technology will be: