- 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 to Set Up Europe’s First Government Agency Run on Blockchain: Government of Malta declared that Malta Business Registry (MBR) would become the first government agency to be run on a blockchain-based system as well as artificial intelligence. Silvio… https://t.co/YI5yWbuzpr
— MICC (@CCItaloMaltese) August 1, 2019
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.