The chief executive officer of a blockchain arbitration company focused on smart contracts has praised the Government’s commitment to making Bermuda an international arbitration centre.

Kevin Richards, who leads The Proof of Trust Group, backed plans to build the Ottiwell Simmons International Arbitration Centre on the site of the former Hamilton Police Station. A ground-breaking ceremony was held on July 28.

“This development shows commitment to becoming a central hub for international arbitration and dispute resolution in the North Atlantic region,” Mr Richards said.

“As one of the world’s leading international financial centres, it is important to have purpose built infrastructure for local and international partners to operate in, and an arbitration centre will provide existing and future partners with yet another reason to do business in Bermuda.”

Proof of Trust uses the IBM blockchain platform, and an anti-collusion algorithm to ensure the authenticity of data put on the blockchain and used to execute smart contracts.

In a statement, the firm said it “looks forward to working with governments and businesses in the region to implement this groundbreaking technology which provides assurance of all smart contracts, dispute resolution and data verification”.

It added: “Because of the progressive stance and commitment to technology taken by the Bermuda Government, the island is an ideal location for technological development. “

David Burt, the Premier, said: “I am pleased Proof of Trust has decided to set up an office in Bermuda. I also congratulate Bermudian, Kevin Richards, on his appointment as the Bermuda CEO.”

Interconnected smart contract solutions will “greatly enhance Bermuda as an international business jurisdiction”, Proof of Trust added.

“As an advanced economy, Bermuda already boasts world-class infrastructure, some of the highest regulatory standards on the planet and a highly skilled workforce that makes it a great place to conduct business.

“The adoption of smart contract technology will enable business to be conducted seamlessly and securely across public and private sectors, bringing a technology solution to dispute resolution.”