The Malta Independent 19 September 2020, Saturday

'Blockchain technology making CSR even more relevant in 21st century' - President

Tuesday, 25 September 2018, 08:42 Last update: about 3 years ago

President of Malta Marie-Louise Coleiro Preca expressed her satisfaction at the fact that The President’s Trust will be incorporating blockchain technology in the execution of its work.

The President was addressing a UNGA side-event organised by Blockchain Charity Foundation, Women Political Leaders Global Forum and the Finance Centre for South-South Cooperation entitled “Blockchain for Social Good: Utilising Blockchain to aid Economic Development”.

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President Coleiro Preca stated that the recent memorandum of understanding which was signed between The President’s Trust and Blockchain Charity Foundation is a perfect example of how the potential of blockchain technologies can be unlocked and used to create effective synergies with civil society.

She said that the relationship between The President’s Trust and BCF is setting the agenda for innovation and development in ways from which non-governmental organisations can benefit, for example: transparency (as digital ledger technology is public and can be seen by any user); accountability; reduced transaction costs; trust-building; and integrating the physical and the digital.

President Coleiro Preca also gave another example of how blockchain technology is being used in Malta for social good – thanks to an initiative taken by Stasis, whereby this company collected funds to support the Malta Community Chest Fund Foundation to develop a Serenity Garden for oncology patients.

“In my role as chairperson of the Senior Advisory Board, of the Blockchain Charity Foundation, I believe that we will have the ability to utilise such innovations to improve the socio-economic conditions experienced by too many individuals and families who are living in precarity or vulnerability. The Blockchain Charity Foundation is ideally placed to address these concerns in a holistic and global approach”, the President said, whilst adding the BCF will work towards the effective implementations of the UN Agenda 2030 and its seventeen Sustainable Development Goals.

The President said that the potential of blockchain is evolving the ways in which businesses and other entities gather, access and share information, adding that this technology is placing a spirit of trust and solidarity “at the core of our socio-economic interactions, thereby boosting transparency and emphasising the importance of an economy and a society which is built upon trust.”

President Coleiro Preca concluded by stating her belief that blockchain technology can be a catalyst to transform the way in which charitable organisations are created and regulated in the future, further saying that such a transformation will ensure that the funds, resources and goodwill of our countries, private sector, and civil society will have the most impact for most people.

“This is what real justice and effective social solidarity is all about”, the President said.

On Monday afternoon, President Coleiro Preca met with representatives of blockchain companies, at a networking event organised at New York City. The President told those present about that the Government of Malta has engaged extensively with the industry, regulators and other important stakeholders to present a holistic framework through which emerging technology can operate with legal certainty, while offering a higher level of customer protection.

“The ongoing development of national legislation, including the Malta Digital Innovation Authority Act, the Virtual Financial Assets Act, and the Technology Arrangements and Services Act, are transforming Malta into an effective blockchain island”, the President said, whilst encouraging those present to explore what Malta, as a blockchain Island and a leader in DLT regulation, can offer to their business.

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