With the enactment of three comprehensive legislative frameworks regulating Distributed Ledger Technologies, Malta has already begun to establish itself as a Blockchain hub and has even been dubbed as the 'The Blockchain Island'. Malta is already thinking three steps ahead in utilising Blockchain technologies within its jurisdiction, this time in the realm of education. In fact, today, a €300,000 scholarship fund has been launched by the University of Malta for students to be able to obtain a Masters’ and Doctorate degree in Distributed Ledger Technology (DLT) and Blockchain.
Who may benefit from Malta's Blockchain Scholarships?
These scholarships will be made available to students from various educational fields, including Information Technology (IT), finance, law, and fintech. Malta’s Junior Minister for Financial Services, the Digital Economy and Innovation, Hon. Silvio Schembri, has announced that this scholarship serves “to strengthen [Malta’s] human resource to cater for the new emergent sector.” The Executive Chairman of the Malta Information Technology Agency (MITA), Mr Tony Sultana added that these initiatives are part of Malta’s ‘Blockchain Strategy’ by creating awareness on this dynamic sector. In addition, the Minister for Education, Hon. Evarist Bartolo highlighted the need for education to adapt to this new technology.
Interestingly, apart from education being pertinent to understanding Blockchain, Blockchain technology in itself can be used to improve the education system as we know it. One of the main benefits of Blockchain in education is that it provides transparency and authenticity to academic records. Blockchain can also introduce instant, token-based student assessment and easily accessible planning logs for educators to track the consistency and efficiency of their teaching activities, both executed through a smart contract.
These are but a few examples of how Blockchain can be used to improve education. It is evident that solid efforts are being made for the implementation of Blockchain technology in Malta, which will perhaps lead to Blockchain becoming an integral part of the Maltese education system in the future, truly making Malta the Blockchain Island.
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Our Fintech Practice
Our lawyers and financial services specialists at Chetcuti Cauchi Advocates provide bespoke solutions to clients by combining the traditional legal fabric with new technologies. Our Fintech Practice strives to assist clients in this burgeoning and evolving sector of law, which is set to reshape the financial services sector as we know it.
If you are interested in the setting up of a DLT company, an ICO, a cryptocurrency exchange, or alternatively would like to set up a Crypto Fund in Malta, we welcome you to get in touch with our specialists.
