The Malta Stock Exchange has announced that it has created a Blockchain Committee to formulate a strategy geared towards addressing the blockchain technology.
The committee, which will consist of members of the Exchange’s Board, chairman and chief executive, and outside experts, will be chaired by Dr. Abdalla Kablan, a Malta Stock Exchange Director, an entrepreneur and academic specializing in machine intelligence, big data, analytics, and computational finance.
Mr Joseph Portelli, chairman of the Malta Stock Exchange, said in a statement :
Malta and the MSE are quite fortunate to have at our disposal our country’s preeminent technologist and a globally recognized expert on blockchain technology. Dr Kablan has a proven track record within the technology space, evidenced by his latest startup Hippo Data, the first Maltese company to ever be selected into the London Microsoft Accelerator Program.
The Exchange is also hoping to unveil its own Malta Stock Exchange Blockchain Consortium, a think tank, that will bring experts together from the Exchange’s stakeholders in addition to those from other organizations across Malta. It is hoped that this will enable knowledge sharing and possible joint ventures on the design and implementation of blockchain applications.
Mr Portelli added:
With Dr. Kablan’s expertise and the Malta Stock Exchange’s leadership it is hoped the ground work will be laid for Malta’s and the MSE’s first blockchain application.
Countries Turning to Blockchain
The Malta Stock Exchange is not the only country that is putting this exciting technology to good use.
Scotland is one such country that will soon start its own stock exchange, SCOTEX, through the blockchain for its clearing process. Through the new exchange investors and brokers will be able to receive their money 15 minutes after a trade has been completed.
Earlier this month, Scotland held its first blockchain conference, the ScotChain16, where over 200 attendees met to discuss the importance of blockchain in Scotland. Over the next ten years, it is predicted that around 15,000 jobs can be created in Scotland by tapping into the FinTech sector.
Australia is another country that is looking toward blockchain. At the beginning of the year, the Australian Stock Exchange (ASX) Limited announced that it was building a blockchain as a replacement for its current platform for clearing and settlement of trades.
As a result, countries are beginning to realize the benefits that blockchain can provide.
In a statement, the MSE said that the blockchain has the potential to save a lot of time regarding record keeping and settlements. According to the MSE the blockchain could save the financial industry more than $100 billion a year in back office costs thus revolutionizing the settlement process.
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