The Digital Economy Needs to be Seen as an Opportunity – says Malta PM
October 1st saw the Prime Minister of The Republic of Malta, Joseph Muscat, stress on the importance of blockchain technology and its applications at the 73rd session of the United Nations General Assembly. He also recognized cryptocurrencies as the inevitable future of money. Muscat strongly advocated a “global approach” which he believes “does not mean loving your country less”.
The way forward, as Malta advocates, is the harnessing of new technology, which pose endless possibilities. “The digital economy needs to be seen as an opportunity,” Muscat stressed.
Hailing the advent of new technological innovation, Muscat said, “we’re currently in an exciting technological time. With the lightning pace of current technological advance, each incredible piece of new innovation could hold a new solution to problems that may have been persisting for decades. From advanced robotics and AI to 3D printing and IoT.”
Cryptocurrencies – The Inevitable Future of Money
In line with its belief that technology revolutionizes and improves systems, Malta has launched itself as the blockchain island. It is the first jurisdiction worldwide to regulate this new technology, that previously existed in a legal vacuum.
Blockchain makes cryptocurrencies – the inevitable future of money
~ Joseph Muscat, Prime Minister of The Republic of Malta
He didn’t fail to recognize the challenges that come with a fast transition into this advanced digital economy and society. However, his faith in the technology and the good that it can bring, is bolstered by the global solutions that it can provide.
Blockchain Provides Global Solutions
Now, Muscat believes that these distributed ledger technologies can do much more:
- They can provide solutions to healthcare systems where patients have real ownership if their records.
- Emissions rating systems can be taken to the next level.
- We can help verify that humanitarian assistance is reaching its intended destination.
- We can make sure that nobody is deprived of their legitimate property because of compromised data.
- Corporations will be able to become more accountable to their shareholders.
- States will need to move from hoarding information on citizens to regulating an environment where citizens trust the handling of their own data. This would provide a way to handle repressive and reactionary politics.
Read, 5 Lesser-Known Use Cases for Blockchain Technology Beyond Bitcoin and FinTech for our take on blockchain use cases.