At the united state general assembly, Malta’s PM Joseph Muscat praises Blockchain technology and delivered the speech devoted on Blockchain and cryptocurrencies would become an inevitable future of currency.
Addressing the assembly the prime minister of the crypto friendly country described Blockchain as a potential technology to disrupt various issues such as health care, environment, humanitarian’s aids and many more.
In his view, technologies like Blockchain can revolutionize any system and need not to be subjected under fear or threats. “This is why we pronounce our self as Blockchain island, Malta being the first jurisdiction to regularize the technology, which previously existed in a legal vacuum. “ Supporting the digital economy as the opportunity of future, Muscat further added, “Blockchain makes cryptocurrencies an inevitable future of money that can filter bad business to a good one.”
Muscat in his speech also stated that their local government is excited for the potential growth in the technology which can eliminate the use of third-party intermediates in the entire system, ensuring complete freedom over information and money. Stating other use cases of the technology, Muscat told the assembly that Blockchain can create patients framework which can provide a solution to health care systems which give the patients real ownership to their medical record. He also stated the application of Blockchain in emission rating systems that make sure that all the humanitarian assistance moves to the desired destination.
Explaining more benefits he ensured that using the technology, we can make sure that no one is deprived of their legitimate property because of compromised data, the transparency makes the corporation more accountable to its shareholders and states need to move from holding information on the citizen to regulating the environment where citizens trust handling data.
Ending his speech ,he said there are various challenges that can keep a country to resist themselves from adopting the technology, the huge advantage associated with the technology will help the countries, who are ready to implement the technology with the new state, to create full proof society where change will not galvanize extremes, it will provide in the near future a more sensible policy making environment and prosperity within the country.”