Malta Is Transforming the Silicon Valley of Blockchain
According to Abdalla Kablan, Malta is the first country around the globe to have a proper Blockchain regulation and is forming a long-lasting ecosystem on the island.
Kablan is the founder of DELTA Summit, a Blockchain conference bringing all the identities and organizations in this space to Malta.
“Malta is doing each and everything correctly. When you begin with an idea, you have to set the best possible roadmap. And with regards to Blockchain, the concern is the absence of regulation.”
Regulation implies peace of mind for individuals in this new technology as long as they follow their rules.
Dr. Kablan, who is involved in establishing the regulatory framework, says, “A great deal of organizations is leaving in light of the fact that their jurisdiction didn’t understand their offerings.”
He is confident that the technology is here to stay and rejects the superficial comparisons a few people have made with publicity driven advancements, such as Google Class.
He says, “Google Class is an item and the Blockchain is a technology.” He underlines what amount can be built on this technology – mostly the things which can’t comprehend today.
He also adds, “Bitcoin is just an item constructed on Blockchain to satisfy a financial service. But on the top of that, you can have health records, certificates, supply-chain management for agriculturists in order to keep a track of their produce form the day they produce to the day it gets sold in the shop. It eliminates a great deal of middlemen transactions.”
“The best instance which is comparable to Blockchain is the Internet itself. With the help of the Internet we democratized data. With Blockchain we are democratizing value.”
Dr. Kablan quickly admitted that the technology will be used not only for good but for worst scenarios as well.
The best-case scenario is that we make a flourishing ecosystem here that is comparable to what Silicon Valley had done for the tech startups. We can be the Silicon Valley of Blockchain all around the world.
A bad-case scenario is having organizations collapse and fail. However, in a perfect case, even when that occurs they would collapse and fail in light of the fact business won’t have picked up, not as a result of any malevolent intent.”
Also, he added, “We are trying our level best to make an environment with several projects as possible, so the fail of a project won’t have an impact on the whole community.”
Dr. Kablan believes the chance for Malta is considerably more than it was when the country exploited the gaming business. With the help of Blockchain, they began virtually from the scratch.