3 Things we learnt at Blockchain Malta Summit

3 Things we learnt at Blockchain Malta Summit

Blockchain News
November 8, 2018 Editor's Desk
64
Blockchain Malta Summit was one of the largest blockchain events taking place this year. It comes at a time when the blockchain economic model needs to shift and there is uncertainty in terms of regulation. While last year was about rampant speculation and easy funding, we are seeing a drastic shift now towards structures with
Malta

Blockchain Malta Summit was one of the largest blockchain events taking place this year. It comes at a time when the blockchain economic model needs to shift and there is uncertainty in terms of regulation. While last year was about rampant speculation and easy funding, we are seeing a drastic shift now towards structures with more accountability and backing from bigger organizations, be it governments of financial institutions. A few key trends emerged at the conference.

Malta is open for Blockchain business

From the prime minister is the keynote speaker at the summit, to the litany of blockchain lawyers and strategists specializing in Maltese incorporation and legalities present at the conference, the summit was a calling card for the government’s pro-blockchain stance. The Maltese government recently signed into law a framework that will allow for blockchain businesses to flourish on the island and the summit showcased this radical piece of legislature. Big names in blockchain including Binance have already moved to Malta attracted by the government’s efforts. The legislature has to balance free innovation, EU regulations and international/US financial laws and how to secure these investments form fraud and criminality.

Crypto exchanges are still big business

The summit had a huge number of new exchanges vying for a share of the crypto investor and traders’ business. This is not surprising since exchanges are the one true functioning and used business in the space. While every other company is building projects for the future, the exchange companies are basically selling shovels in a gold rush, facilitating the crypto economy and making huge profits in the process. We are now starting to see each of these exchanges having to differentiate themselves with innovative features, the addition of other financial instruments like futures, other asset classes like commodities etc. Exchanges will be big business in the foreseeable future because they are the only ones with any large section of users and users make a business.

Creepy robots are still a thing

Blockchain Malta featured another in a long line of trying to get people comfortable with AI. When not used by companies to lull us into a false sense of camaraderie while selling their products as chatbots, AI is often disguised in the backend of applications. This was not the case in Malta, which featured another in a long line of bald disembodied heads stuffed with the illusion of intelligence. Sophia was given ample time and space to showcase her brand of AI conversational skills which always freaks this writer out.

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