The UN is ready for Blockchain systems
Through a speech that was given on Blockchain by the Prime Minister of Malta, Joseph Muscat. agreed and Stated that crypto is the future of money and global trade. The country of Malta has been deeply embedded into the Blockchain and cryptocurrency space, which has earned the country the Crypto-friendly country and “Blockchain Island” name. The country has been very active within the Blockchain space, as they encouraging other firms to start taking part in European Blockchain Partnerships with this revolutionary technology storming through the global economy. There have been many crypto related companies that have already moved their current business and officies to the country of Malta. While others are considering using Blockchain business advantages in Government states and the corporate sectors.
The Prime Minister has been very Excited about the uses cases and applicability of Blockchain in the Global Financial sector. Last week the Joseph Muscat gave a speech on the Blockchain Technology at the United Nations General Assembly 73rd edition, that was held in New York City. At this edition, Muscat mentioned that the Blockchain Technology will be the future of the monetary system. He said in his statement that:
“I passionately believe technology revolutionizes and improves systems. Which is why, in Malta, we have lauched ourselves as the Blockchain Island by being the first jurisdiction to regularise a new technology that previously existed in a legal vacuum.”
The PM Joseph Muscat also added that:
“The Blockchain technology makes cryptocurrencies inevitably the future of money. More transparent it helps filter good business from bad business as well.”
Blockchain protocol systems will takeover governments
Joseph realised that the Blockchain Technology can do a lot more than he previouslyb thought. In the speech, the Prime Minister explained that local governments are quite passionate about the potentials of the Blockchain applicattions. The power of this technology to take out and eliminate third party service providers and giving the users complete freedom of information and money has never yet been seen in modern day society.
He stated :
“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 assitances 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.”
There are still a few problems with the transition from a normal banking system to a more decentralized digital economic system. According to Joseph Muscat, he thinks that this holds true to this technology as well. Many people around the world stick to the concept of believing that these societal functions will stay with us forever. This Includes the meaning or description of work, compensation for labor, and the governments role in providing safety laws and regulations for citizens. As this can now be done through the implementation and automation of the governance structure that the Blockchain Technology provides.
Muscat also expects some individuals to resist the changes that the technology brings as some will be afriad of the challenges and the new emerging economy that is set foreward. leaving some to think that there will be massive job losses and poverty from people who do not have a good understanding of how the technology works.
Never the less the advantages that this technology brings t0 society will far outweigh the negative ideas about its implementations. Especially in countries that need this technology will be able to manage to adapt the new incoming digital age. The country of Malta believes that “the ones who are able to pair through the digital economy with a new digital state, that they are the ones that will be best posied to have a futureproof society where changes do not galvanise to the extreme. But rather provides for everyone in decades to come. This will also bring decades of sensible mainstream policies and global prosperity in the economy.”
What are your thoughts about these developments in the sector? Please feel free to leave a comment down below.
