In the recent UN assembly, Joseph Muscat, the Prime Minister of the Republic of Malta, debated blockchain technology and cryptocurrencies. The Maltese Prime Minister supported blockchain technology saying that this innovation can do much more good than bad.
Joseph Muscat praised his country, Malta, for being the first nation to adopt regulated cryptocurrency and blockchain technology which, as he said, were placed under a “legal vacuum” by other countries around the world. According to Muscat, the blockchain technology is a revolutionary innovation that involves updating the traditional system around which a nation revolves.
As Muscat said before the UN assembly, the blockchain technology is helpful in deciding which business is right and which is terrible. Also, he added that blockchain technology could do more for a country’s administration, improving the health, financial, as well as IT domains.
As for the healthcare system, Muscat said that blockchain could, for example, provide solutions for patients to estimate which product is reliable, besides securely accessing their medical files.
Joseph Muscat, the Maltese Prime Minister, supports blockchain technology before the UN assembly
One other domain the blockchain technology might be helpful, according to the Maltese Prime Minister, is the climate policy adopted by EU in 2005 as a method to fight against global warming.
Joseph Muscat said in this regard that “emissions trading systems can be taken to the next level, we can help verify that humanitarian assistance is reaching its intended destination” with the blockchain technology.
He added that, with cryptocurrency and blockchain technology, “corporations will be able to become more accountable to their shareholders.”
Before the UN assembly, the Maltese Prime Minister, Joseph Muscat, also said that the world’s governments have to change the method they use to store information. According to him, the best way is to adopt blockchain technology.
In short, Joseph Muscat, the Maltese Prime Minister, supported cryptocurrency and blockchain technology before the recent UN assembly, highlighting the usefulness of these innovations.