Malta PM: Blockchain has yet to fulfil its potential

October 01, 2018
Chris Wheal

Malta's PM Joseph Muscat

Joseph Muscat has been Malta’s PM since 2013

Joseph Muscat, prime minister of the Republic of Malta, believes that much of blockchain technology’s potential to fundamentally change society has yet to be fully explored.

Muscat spoke about blockchain’s potential and cryptocurrencies becoming the future money at a recent United Nations [UN] General Assembly meeting. He said that Malta was the first country to regulate the technology which had previously operated in a “legal vacuum”.

The PM said that blockchain technology was a revolutionising technology which worked towards improving systems and also helped them in filtering out the good businesses from bad businesses.

However, he stressed that blockchain could do “so much more”. For example, the technology could be used to provide solutions in the healthcare system to give patients “real ownership” or access to their own medical records.

A tool to combat global warming

According to Muscat blockchain technology could provide solutions in the Emissions Trading System launched in 2005 as a major pillar of the European Union’s (EU) climate policy to combat global warming.

“If emissions trading systems can be taken to the next level, we can help verify that humanitarian assistance is reaching its intended destination,” he suggested. Malta’s PM also spoke about individuals being deprived of their legitimate property due to compromised data and how the incidence might be reduced with the help of blockchain technology. “Corporations will be able to become more accountable to their shareholders,” he added.

Muscat concluded that governments would have to change their methods of hoarding information from its citizens to creating a regulated environment where citizens could trust themselves in handling their own information or data. “These are just a few ways through which we can counter regressive and reactionary politics”

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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