FinanceMalta's participation in Europe's largest business Blockchain event in Amsterdam resulted in huge interest in the Maltese jurisdiction and the recently enacted legal and regulatory framework on Distributed Ledger Technology, Virtual Currency and Initial Coin Offerings.
Such was the interest that the Maltese delegation was interviewed by two of the most influential blockchain and crypto internet media information providers in the world, Coindesk and Cointelegraph; further interest came from media from South Korea and China. This was announced by Ivan Grech, head of Business Development at FinanceMalta on his return from Amsterdam earlier this month.
The event was attended by 8,500 delegates from all over the globe and featured 100 expo stands representing key sectors embracing and developing cutting-edge blockchain technologies.
In his address Dr Ian Gauci, partner at GTG Advocates explained that "smart contracts, which for the time being are not as smart as one wishes them to be, have intrinsic elements which make them unique. In order to put more certainty and trust and thus propel their use, Malta decided to address this lacuna and to create voluntary certifications and ad hoc provisions around technology arrangements. More than regulating technology here we are dressing it up, making sure its purpose is clear and that it is safe by design".
While discussing the differences and dependencies of Big Data and Blockchain, Dr Gauci added that "with decentralization we might be witnessing a new era where the conceptualization of big data as we understand it today, with the big data centralized in data bases as silos, will vanish and data is decentralized rendering the Blockchain itself the next Big Data".
Technology expert Dr Abdalla Kablan who also formed part of the Maltese delegation said that "it is evident that the application of Blockchain will radically and rapidly change the way we live and operate our businesses. On the domestic front, given the latest legal and regulatory framework on DLT technology, it is evident that there is a strong momentum to position Malta as a leader in these new sectors".
Presented in a series of top-level keynotes, interactive panel discussions and solution-based case studies with a focus on learning and building partnerships in the emerging Blockchain space, the Blockchain Expo explored the industries that are set to be disrupted the most by this new technology, including manufacturing, retail, financial services, legal, healthcare, insurance, energy, music, government and real estate.
The Expo consisted of eight conference tracks covering the blockchain spectrum, senior level speakers sharing real-life case studies and experiences, an opportunity to ask questions and receive advice on these disruptive technologies, view the latest technologies and innovations as well as network during the evening exhibitions.
The Maltese delegation comprised Blockchain specialists from Ganado Advocates, GVZH Advocates, Camilleri Preziosi Advocates and BDO (Malta).