Malta Prime Minister Joseph Muscat has told the United Nations General Assembly that “Blockchain makes cryptocurrencies the inevitable future of money.”
Muscat made his remarks in a speech in the general debate of the 73rd Session on September 27th.
FILTERING GOOD FROM BAD
Explaining his position, Mr Muscat said that the development was inevitable because the blockchain is “…more transparent, it helps filter good businesses from bad businesses, but these distributed ledger technologies can do much more.”
The wide-ranging presentation touched upon a number of topics including migration, human trafficking and the environment.
In these and other areas, the Prime Minister believes Distributed Ledger Technology (DLT) will play a vital administrative role in that it will “…verify that humanitarian assistance is reaching its intended destination.”
He went on to highlight healthcare as a clear example of where the advanced technology can bring results as blockchain means patients will have “…real ownership of their medical records.”
In discussing both charity and healthcare, he said that with blockchain “We can make sure that nobody is deprived of their legitimate property because of compromised data.”
The speech comes at a time when Malta is establishing itself at the forefront of the fintech revolution by passing positive laws to aid development and adoption, encouraging major related companies to relocate to the island and even incorporating blockchain into its own public transport infrastructure.