Recently at the Delta Summit, the Prime Minister of Malta, Joseph Muscat spoke about the blockchain technology and the need for governments to understand the need for regulation. He also mentioned that Artificial Intelligence and best-in-class regulatory framework were the areas that were next in focus for the Malta government.
The Prime Minister stated that the Artificial Intelligence technology can be beneficial to the blockchain industry. He went on to say:
“We are sure that with AI we can replicate and improve what we are doing now here with blockchain.”
Joseph stated that they were moving away from a business model based on “decentralization of data.” He added that blockchain will increasingly give an individual more control. He said that in a period where basic democratic norms were being challenged, they were witnessing the birth of a new technology. The Prime Minister stated that the blockchain held the power to democratize the technology.
Furthermore, Muscat stated that people will witness a pull between centralized and the decentralized technology. In his opinion, it will become even more evident in the future, which will make it more crucial for the governments to get “up to scratch” with the digital economy and society. He said:
“And we are here to make it happen. We are as eager as you are.”
He went on to state that they were as excited as the members in the blockchain space. He stated that the government was ready to hear from developers in the blockchain space about “the next big idea”. Joseph Muscat further stated:
“We want to know how we can help and how we can make that happen.”