Blockchain and crypto enthusiasts will find more than just crystal clear water in Malta, they will also have the backing of the Maltese Government, who is now in favour of Blockchain Technologies in the Island.
Blockchain technologies allows transactions to occur quickly, between people without the interference or control by third parties. It reduces costs involved in the process, but security protocols are still of a high concern, at least at this stage. Malta does not only consider what blockchain can do in forms of becoming crypo heaven, but also what it can do benefit the educational sector and the island transportation system. The digital approach will benefit other sectors including the possibility to vote on smartphones, and how privacy in health care is kept, by protecting patient’s information.
In hope to attract international tech companies, the Maltese parliament passed three bills to set a regulatory framework and drive innovation in blockchain-like technologies.
Malta has accepted that blockchain technologies and crypocurrencies have become popular and will continue to grow as part of our digital economic ecosystem. With the development of innovative approaches in businesses, our legislations will change and adapt to what is required in the digital era. Such initiative will provide Malta with the foundations to become the first Innovative hub where start-ups can establish legal and smooth beginnings. The economic growth of the island is expected evolve alongside of new business development.
Malta is not the first nation to explore the benefits of Blockchain technologies, Estonia and Lithuania have also embraced what it can do for their economy.
Blockchain Technology Applications
Many countries are focusing on cryptocurrencies and its capabilities; however, Malta is looking at Blockchain Technologies and its potential in a variety of applications.
Could Malta become the first Blockchain friendly island?
Blockchain plays a key role on the technological strategy that Malta is structuring. It has already been put into practice and successfully helped students access and retrieve educational records using this technology.
Not only for Blockchain but also related Fintech companies, embracing digital and innovative approaches has attacked many business minded professionals to invest in Malta.