FinanceMalta seminar on a practical approach to Blockchain

As part of its remit to educate and address issues that affect the financial services industry, FinanceMalta recently hosted the third in a series of ‘My Blockchain’ seminars,  held on Tuesday, 23rd January at Le Meridien Hotel & Spa, St Julians. The educational seminar was targeted at individuals and companies seeking to explore how they can introduce the Blockchain to their business operations in Malta. It also served as a practical introduction to cryptocurrencies.

In his introduction ‘How can I apply Blockchain to my business?’ the founder and president of the Blockchain Malta Association, Steve Tendon explained that Blockchain offers endless possibilities to different businesses in Malta. Download the presentation.

Through these seminars FinanceMalta aims to help delegates understand the concept of Blockchain and provide general guidelines as to how to go about the process of applying the Blockchain to one’s organisation. 

Mr Tendon’s introduction was followed by two case studies on implementing smart contracts in the insurance sector, presented by Christoph Mussenbrock, CEO and founder of Etherisc, and another on the Identity of Things (IoT) which was presented by Steve Tendon. Download the presentation.

The second part of the seminar focused on cryptocurrencies. In their presentations, IT alchemist and consultant, Dan Verowski together with Bitcoin Club Malta member, Leon Siegmund demonstrated the different cryptocurrencies available, their values, and the different platforms where these currencies can be purchased and managed. Download the presentation

The seminar was brought to an end with a closing address by FinanceMalta Chairman, Kenneth Farrugia. Mr Farrugia explained that, judging by the way technology has become an intrinsic part of our life, it is evident that Blockchain will radically change the way we operate our businesses. Furthermore, Government will be launching a legal and regulatory framework for Blockchain technology services in the first quarter of this year, expected to be one of the first Blockchain legal frameworks in the world.  This legal framework will lead to the development of new businesses and the formation of service clusters.

Mr Farrugia added that together with this, last October the MFSA issued a consultation document aimed at regulating collective investment schemes investing in virtual currencies as well as a discussion paper on ICOs and related services. The feedback statement on this consultation document was released on Tuesday, 23rd January.