“Blockchains are not merely a business opportunity, but a way to change how governments serve their citizens and how private companies serve their clients. The main priorities should be regulation and incentives to attract the right capital and talent to stimulate growth in this sector.”
This was stated by Maltese technologist David Schranz and Maltese businessman Anthony Mamo who launched the first ever Maltese built Distributed Ledger Application targeted at property transfer management, LP 01, through their newly set up company Ledger Projects.
“Rolling out such technology as Block chain is easier in Malta since the country enjoys a strong financial system, talent, entrepreneurial spirit and a can-do approach that can turn our island into a base and a test-bed for new sectors and technologies. Malta has become a centre of excellence with an enviable reputation in many sectors, and not only ones that are ICT related. The formula, so to speak, is already tried and tested and can therefore be replicated in other areas such as block chain,” said the two entrepreneurs.
This launch took place within a particular context, where Malta is pushing forward a strategy aimed at becoming a regional centre of excellence in this field. In fact earlier this year, Malta’s Government has set up a taskforce to review proposals and make its recommendations for a clear roadmap to be taken by the Government to implement its National Blockchain Strategy, aimed at materialising the opportunities of distributed ledger technology. Apart from exploiting the opportunities that block-chain technology offers for added efficiency in public sector processes and services, the Government looked into the setting up of a new regulatory function, with the primary objective of harnessing the technology with a legal operational framework, serving as a bold initiative leading to the formation of an ideal ecosystem for those willing to invest in block-chain technology.
Speaking about the main advantages of blockchain, David Schranz explained how the technology enables any two parties to make an exchange without the oversight or intermediation of a third party, strongly reducing or even eliminating counterparty risk. “This means that the users are in control of all their information and transactions. Furthermore when using blockchain one can claim that data is complete, consistent, timely, accurate, and widely available.”
Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri announced that the government is working to create a sandbox that allows for the use of crypto currency in the iGaming industry. He explained that the plan is to allow the use of cryptocurrencies in iGaming, where a player will be able to transact in digital currency in and out of gaming platforms.
“These initiatives show that Malta is indeed gaining momentum and moving fast in the adoption of blockchain technology,” said Schembri while adding that this work will enable to harness the market with the right regulation.
Parliamentary Secretary Silvio Schembri reiterated government’s intention in making use of blockchain technology so that services provided by the public sector will be more efficient. He expressed his satisfaction at the interest from local and international private investors, was significant” and that the government would remain available to discuss innovative ideas “rendering this disruptive technology into a catalyst for the further growth of Malta’s digital economy”.
The team at Ledger Projects is being mentored by Dr Abdalla Kablan, who is a widely respected fintech expert and data scientist. Dr Kablan has always been at the forefront of disruptive technology and is considered a renowned entrepreneur and published academic. His interdisciplinary background in fintech and machine learning has been paramount to his international success, and Ledger Projects is delighted that he has mentored our team academically.
Speaking about Ledger Projects’ first product LP 01, David Schranz said “We have been focused on researching, developing and testing LP 01 for the past 20 months. The design process was somewhat difficult because we wanted to ensure that we would be able to scale horizontally within reasonable time frames. During this time we also focused on identifying immediate opportunities where DLT could bring tangible benefits to multiple users and the plan is to deploy another 2 applications at 6 month intervals.”
Referring to the people at Ledger Projects, David Schranz added, “the team is small but very diverse, and consists of people with very different skillsets and backgrounds. We have managed to attract persons who are academics, technologists with a passion for innovation and people with a strong legal background. We are also fortunate enough to be able to involve from time to time people with experience in a particular field to explain inefficiencies in their business process and provide feedback to our proposed solutions.”
Those interested to learn more about Ledger Projects and its product offer may send an email to firstname.lastname@example.org.