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 at Le Meridien Hotel & Spa, St Julian’s.

The educational seminar was targeted at individuals and companies seeking to explore how they can introduce blockchain in their business operations. The educational session also served as a practical introduction to cryptocurrencies.

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.

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 and delved into possible applications of blockchain within the operations of a business where a case study was presented insofar as the Identity of Things (IoT).

Mr Tendon’s introduction was followed by another case study presented by Christoph Mussenbrock, CEO and founder of Etherisc, on implementing smart contracts in the insurance sector.

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.

The seminar was brought to an end with an address by FinanceMalta chairman, Kenneth Farrugia, who explained that, judging by the way that internet has radically impacted our personal life and workplace, it is evident that the application of blockchain will equally change the way we live and operate our businesses.

On the domestic front, it is evident that there is a strong momentum to position Malta as a leader in these new sectors where the during the fourth quarter of 2017, the Malta Financial Services Authority has launched discussion papers and consultation documents with the view to developing a legal and regulatory framework applicable to cryptocurrencies, ICO and blockchain technology-related service providers during the last quarter of 2017.

This year, Malta is expected to be leading this innovative sector by introducing the required legal and regulatory frameworks in the world which will positively strengthen the relevant business in this place and eventually lead to the formation of strong service clusters.

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