Malta is “very smart” to implement DLT regulations, stated Apple co-founder

Yesterday, 6th March 2018, Gaming Innovation Group (GiG) held a conference for their employees, IT students and technology enthusiasts.

Apple co-founder Steve Wozniak was one of the main speakers. During the event, Mr. Wozniak stated that the Maltese government is very brave in looking for ways to regulate Blockchain.

This year the government of Malta announced that Malta will launch its first legal framework to regulate blockchain, Artificial Intelligence, and Internet of things. Moreover, the government is planning to set up a fixed authority with the name Malta Digital Innovation Authority (MDIA). In addition, this authority’s main focus is to regulate companies using Distributed Ledger Technology (DLT) and Blockchain technology.

Just like the early days of the internet, Blockchain technology will take time to be widely available to all. Mr. Wozniak argued that “I also feel that (Blockchain is) like the early internet days, where investors were putting their money in the internet and our lives were all about the internet…”

Since the internet has made access to information much simpler, demand for the service has escalated. This is much so, given that the internet is also connected to smartwatches and mobile phones.

Moreover, blockchain will end up with the same demand as the internet. Through its decentralised, distributed ledger system, it records transactions into different computers. Moreover, the decentralised system allows transactions to not become manipulated or stolen.

Blockchain technology is our new “future”, according to Mr. Woznaik. In addition, Apple’s co-founder stated that this technological phenomenon will take some time to be widely used by the public.

Since blockchain is fairly a new technology system, businesses are opting to implement it. However, since the technology is in ‘its early stages, popularity will increase in due course’.

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