malta blockchain summit Prime Minster of Malta gives annual UN speech

Prime Minster of Malta gives UN speech: We are in exciting technological times

Speech highlights the revolutionary power of blockchain technology

Katy Micallef

Oct 1, 2018

The Honourable Joseph Muscat, Prime Minister of Malta has given his annual speech to the general debate of the 73rd Session of the General Assembly of the UN. His address touched on the importance of harnessing new technologies to tackle global issues.

malta blockchain awards Prime Minster of Malta gives annual UN speech

Joseph Muscat addressing the UN.

The Prime Minister spoke about his belief in the power of advanced technology to revolutionise and improve systems, saying, “A way forward that Malta advocates is the harnessing of new technologies, which pose endless possibilities. We are currently in exciting technological times: with the lightening pace of current technological advance, each incredible piece of new innovation could hold a new solution to a problem we may have been persisting with for decades, from advanced robotics and artificial intelligence, to 3D printing and the Internet of Things.

Which is why, in Malta, we have launched ourselves as the Blockchain Island by being the first jurisdiction to regularise a new technology that previously existed in a legal vacuum.”

He also illuminated the possibilities for transparency when doing business and the world-changing opportunities of giving individuals access and control of their personal data.

“Blockchain makes cryptocurrencies, the inevitable future of money, more transparent since it helps filter good business from bad business.  But these Distributed Ledger Technologies can do much more.  It can provide new solutions to healthcare systems where patients have real ownership of their medical records.  Emissions trading systems can be taken to the next level.  We can help verify that humanitarian assistance is reaching its intended destination.  We can make sure that nobody is deprived of their legitimate property because of compromised data.  Corporations will be able to become more accountable to their shareholders.  States will need to move from hoarding information on citizens to regulating an environment where citizens trust the handling of their data.”

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