Issue link: https://maltatoday.uberflip.com/i/1034189
maltatoday | SUNDAY • 30 SEPTEMBER 2018 G3 GAMING BLOCKCHAIN BLOCKCHAIN, one type of Distrib- uted Ledger Technology (DLT) is set to disrupt and innovate multiple sectors in society. It will undoubtedly push the boundaries for commonplace and well- established activities which have be- come a standard but may very well need to be rethought. This will, in turn, have a significant economic and social impact on a na- tionwide level. Blockchain was introduced in 2008 when Satoshi Nakamato proposed it as an enabler for a peer-to-peer elec- tronic cash system – Bitcoin, and since then it has become a modern mantra. However, the potential for this tech- nology goes far beyond the cryptocur- rency domain and, while it may still be in its infancy, a Blockchain-powered future is very much in sight. It is for this reason that as a society we must adopt and adapt to this tech- nology which is set to change the fun- damental way we do things. The vision for Malta to become the 'Blockchain Island' depends on one crucial point - education. The only way people can adopt and start using this new technology is by learning about it, and while different people may have different aptitudes for technology, a basic understating of what Blockchain is and what it means to them: decentralisation, is funda- mental. This means that children from a very young age should be exposed to this technology to start identifying its ben- efits and the role it plays in everyday life. There is a significant number of ben- efits to be reaped by both the public and private domains upon the adop- tion of Blockchain. In particular, the public domain will focus on improv- ing areas such as land transfers and property title registrations, develop- ment permits processing, eID cards and ePassport issuance and handling, health records processing, vehicle reg- istrations, environmental incentives, educational certificates management, social initiatives and eGovernment applications which require highly se- cure identity verification such as on- line voting. While this may seem like a long list, we are only scratching the surface when it comes to potential use cases for Blockchain. The main characteristic which makes Blockchain a go-to technology for all these applications is that it is completely transparent. This is the motivation behind creat- ing an ecosystem which is made up of multiple Blockchain applications which in turn drive the functions of society. However, as is the case with all ma- jor initiatives, a regulatory framework has to be in place to instill trust and certainty in a system governed by DLT. The Malta Digital Innovation Au- thority (MDIA) will play this role and will position Malta at the forefront of technological innovation, as it creates a "cutting edge hub" for digital econ- omy. Currently, the guidelines and procedures for public consultation are being published. These will consist of four separate chapters, with the first chapter re- leased last week and the second re- leased just this week. The guidelines in the first chapter concern the Systems Auditor and were published alongside Systems Audit Control objectives. These objectives have been designed with the aim to provide assistance to the Systems Auditor through an Audit Framework for Innovative Technol- ogy Agreements (ITAs). Furthermore, they build upon the following five key principles, namely: security, processing integrity, avail- ability, confidentiality and protection of personal data. The next two chap- ters will be issued in the following weeks on the MDIA website, www. mdia.gov.mt. The MDIA designed these guidelines after holding numerous meetings with businesses, technologists, policy mak- ers and a multitude of different pro- fessionals. This is the general course of action which the MDIA also plans to take in the future for other initiatives in order to accommodate the ever increasing pace at which technology is updated and developed. In order to maintain an overall consistent level of effec- tiveness, this also requires the adop- tion of a mindset which is both open to change when it is required and is quick to react when such a change is needed. It is for this reason that the MDIA plans to set up a research and devel- opment unit with the main aim of keeping an eye on emerging technolo- gies and developments which may very often prompt the need to update relevant guidelines. Malta is already gaining a reputa- tion for becoming the 'Blockchain Is- land', and the next big event to high- light this will be the Delta Summit which is happening this week between Wednesday and Friday. There was a very positive worldwide response for this event since the key players in the industry will be attending and giving keynotes. This, in turn, means that Malta will host the top operators in the field who will give their feedback about the ma- jor initiatives which the country in- tends to adopt on a nationwide level. Furthermore, this event will serve as a platform for anyone who wants to learn about the new developments which are happening in the field of ITAs and it will also serve to answer any questions to promoters who are interested in getting certified by the MDIA. Stephen McCarthy is CEO of the Malta Digital Innovation Authority Stephen McCarthy Blockchain: Harnessing its full potential As is the case with all major initiatives, a regulatory framework has to be in place to instill trust and certainty in a system governed by DLT