Malta Government Official Announced Use Of Blockchain Tech For National Business Registry

    Blockchain technology has grown significantly in the past few years, especially in the way of being used in other industries apart from cryptocurrency. While Malta was already a major source of innovation for this fintech, they are now integrating it into their government agencies, making history in the industry and in governments around the world. Will other countries follow?

    • Blockchain technology will be used in Malta’s national business registry.
    • The authorities hope that the use of blockchain tech will improve efficiency.

    Malta is one of the most crypto-friendly and blockchain-friendly regions in the world, so it should come as no surprise that the national business registry (MBR) is making changes in favor of these industries. According to Silvio Schembri, the Junior Minister for Financial Services, Digital Economy, and Innovation, the MBR will now use blockchain technology, making them the first government agency to run on a blockchain-based system with artificial intelligence.

    The report on these statements, which were made at the inauguration of Prime Minister Dr. Joseph Muscat on the MBR’s new premises at the end of June. So far, the statements have already been confirmed by the Italian-Maltese Chamber of Commerce on Twitter, which included a link to the article regarding these changes.

    Malta Independent, a local news outlet, reported that the agency’s goal is to ultimately improve the efficiency of the system, reducing the unnecessary bureaucratic procedures, investing in this information technology, according to Schembri. With the new MBR, new services will be available that were not offered in the past.

    Dr. Muscat, the prime minister in Malta, stated that these developments coincide with the modernization process that the Malta Financial Services Authority is broadly implementing. With these changes in mind, becoming the global capital of blockchain developments and advancements will not be a tall order for Malta’s government.

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    Krystle M
    Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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