Malta has, for some time now, been regarded as an island that is incredibly friendly towards bitcoin and the cryptocurrency space in general. As far back as the start of this year, reports started hitting press that the nation’s government was looking for ways to promote blockchain adoption across a variety of different areas of its national economy and that it would, as an incentive, provide support to anybody that pushed forward in the space.
Fast forward to this week and we’ve just learned that the Maltese government is set to trial blockchain as a technology that can underpin the storage and registration of educational and academic certification.
Exactly how this would work, from an implementation perspective, isn’t entirely clear. What is clear, however, is that this sort of record and ledger based application of the blockchain concept is exactly what the industry has been claiming would be the real long-term impact on global political and economic systems. That is, the using of a blockchain to transform current norms and, in doing so, remove certain inefficiencies associated with the technology and the processes used to carry out these functions right now.
Policymakers in the country have signed an agreement with an entity called Learning Machine Technologies to carry out implementation and, under the agreement, once the system is in place, Maltese learners and workers will be able to securely store all of their records of lifelong learning in one place, prove that they own them, and share them with anyone in the world for free.
That’s a pretty big change to the system in place today and, if implemented effectively, is one that could be replicated all over the world relatively easily. Whether the arrangement includes archived documents (or, alternatively, whether it’s just applicable to future academic certifications, for example) is unclear at this point.
What is clear, however, is that developments like this are what really matter for bitcoin and blockchain and what are going to drive the advance of the global leaders in the space over the coming 50 years, while countries like China fall behind.
Image courtesy of Berit Watkin via Flickr