Business

Richards heads smart contracts-focused company

  • New role: Kevin Richards has been appointed CEO of The Proof of Assurance (Bermuda) Ltd, a new company incorporated in Bermuda by The Proof of Trust Group (Photograph supplied)
  • Blockchain technology: Dean Armstrong QC, CEO of The Proof of Trust Group, which has incorporated a new company in Bermuda (Photograph supplied)

A blockchain arbitration company focused on smart contracts, and provenance and smart contract validation services, has incorporated a new company in Bermuda.

The Proof of Trust Group has appointed Bermudian Kevin Richards to lead its operation in Bermuda.

The group uses the IBM blockchain platform, anti-collusion algorithm and delegates to ensure the authenticity of data put on the blockchain and used to execute smart contracts.

It said it had incorporated The Proof of Assurance (Bermuda) Ltd, to bring “cutting edge globally patented dispute and issue resolution technology to the island”.

The new company will market itself under The Proof of Trust branding, with Mr Richards as its chief executive officer.

Mr Richards was a leading figure at the Bermuda Business Development Agency where, as a business development manager, he was involved in attracting new technology businesses to the island.

He said: “I am delighted to join such a forward-thinking and transformative company. The Proof of Trust’s globally patented protocol provides an assurance layer that prevents invalid smart contracts from executing.

“The focus on smart contracts and the ability to provide data validation, operational assurance, and dispute outcomes provides the Bermuda ecosystem with the foundation layer the fintech movement has been missing.”

Mr Richards also said Proof of Trust offered public and private sector businesses an entry point for the adoption of distributed ledger technology “that is easily understood and has the power to fundamentally increase speed and efficiency when entering into agreements, while dramatically reducing the risk inherent in contracts that companies and governments enter into on a daily basis”.

At the BDA, Mr Richards was involved in showcasing Bermuda’s innovation in the digital asset sector. He also served as an ex officio board member on the Bermuda Government’s e-commerce advisory committee, where he is now a full board member.

The Proof of Trust is a digital protocol powered by distributed consensus that is designed to manage dispute and issue resolution for smart contracts. The group intends to list on the main market of the London Stock Exchange.

Dean Armstrong QC, CEO of The Proof of Trust Group, said: “We are thrilled to be represented by Mr Richards in Bermuda, as he has a deep understanding of what it takes to accelerate the growth of Bermuda’s fintech sector and the role in which smart contracts can play in establishing a foundation for business services and contracts across multiple industries.

“We at the Proof of Trust are committed to investing and developing local expertise in this emerging sector. We hope that our operation in Bermuda will provide the lead in developing technical expertise in blockchain related technology on the island, which can then be exported across the region.”

The Proof of Trust said it will connect and work with the Bermuda business community, in association with IBM, to reduce business risk, increase efficiency and “usher in a new age of blockchain technology” on the island.

The Proof of Trust has a website at https://theproofoftrust.com and can be contacted at info@theproofoftrust.com