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Malta Continues To Impress: Blockchain Technology Explained – The Smartmove4visas

By Author: The SmartMove4Visas
Total Articles: 33

Economists, sociologists, and all those who have measured human behaviour over time have analysed laws, institutions, market trends, and movements, all in relation to man’s need to have a store of wealth and the mediums of exchange: an exchange of value which man has always sought since the beginning of time. A man initially started with hunting, and then moved to bartering, moved on to the creation of coins during times of The Romans. Thereafter we had the creation of paper money and the creation of banks, whereby they stored our values and our means of exchange.

Nowadays we also have electronic payments which allow individuals to buy goods and services over internet platforms as well as the provision of government services which are online, and one can pay one’s taxes on electronic systems.

However, we are now entering a new age; an age where blockchain technology is being introduced to help transaction of goods and services in Malta; an age where blockchain technology will disrupt the way we will do our business on a day-to-day basis.

What is blockchain technology?

Blockchain technology is based on a peer to peer decentralized network, which also has cryptography at its core. Cryptography allows for the exchange of information between the different peers and allows the system to be immutable and unforgeable, thus giving a greater level of security in the transactions which were taking place. Man always based himself on the fear of uncertainty which at the end of the day translates into not recognizing the person that we have in front of us. We do not recognize the transaction because we are not certain that it is going to take place, and we feel that we are at a disadvantage.

So what does blockchain solve in this respect, and why should it encourage Malta Investment?

Blockchain technology solves the identification problem by creating a network whereby you have a portable identity which can be taken with you worldwide thanks to its connection to the various computers around the world. If you are in a war-torn country, or you are affected by floods or natural disasters, your identity is portable with you.

This means that if you move from one country to another, your records in health, education, finances, whatever is stored on the blockchain, comes with you. Your identification is, therefore, one of the applications of the blockchain.

Blockchain also creates transparency. Having computers connected as peer to peer nodes, storing information and having those nodes confirming that information is valid, allows transparent transactions, thus allowing companies and governments, or companies with governments, and industry as a whole, is able to interact with one another in a seamless manner.

Uncertainty which faces mankind in relation to day-to-day activities is also the fact of no recourse. No recourse means that if we applied for a good, or purchase a service, we agree to the terms and conditions with the person selling us the good or service, however, that contract is not honored to the expectation which the buyer would have had. Blockchain technology is a means to solving such a situation by the creation of a smart contract, a contract based on the blockchain, the terms and conditions have to be satisfied prior to the funds for the service or services being given, are released to the person who has availed that service. Therefore, if the service is not delivered, or the good is not given in accordance with the terms and conditions of the contract, then the blockchain will not allow the repayment of service.

Thus, thanks to blockchain technology and utilization of smart contracts, a person interested in Malta investment (an acquirer of goods or services in Malta) has peace of mind that until the smart contract is satisfied in accordance with the terms and conditions, the funds shall not be released for a good or service.

More About the Author

The Smartmove2UK is UK Immigration Law Firm led by specialist UK Immigration Lawyers offering advise and assistance in all areas of UK Nationality and Immigration. Our UK Immigration experts offer complete assistance for any UK visa queries. We have a global clientele serviced from India.

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