Nov 1 / 2018
Latest News / A.I./ Blockchain news
Posted by: claire

Muscat dubs Malta the AI innovation hub

The Summit was addressed by a poignant and impactful keynote speech from the Prime Minister of Malta, the Honourable Joseph Muscat. Just before 10:00 am, Muscat opened the Regulatory Conference with his welcoming words on the role DLT and blockchain technology has to play in Malta’s future development.

Muscat reinforced Malta’s emerging position of strength in the European Union, from healthcare to education and of course the Island’s desire to become a “fertile land for opportunities and discussions.” Muscat reiterated the phenomenal growth that Malta has experienced in the last few years, having the fastest rate of GDP growth in the EU. Muscat remarked, “some may call it the future, but I call it the present.”

malta blockchain summit Muscat dubs Malta the AI innovation hub
The Prime Minister of Malta, Joseph Muscat.

Muscat praises the advancement of DLT technology, which leaves the old-fashioned banknote in its wake, Muscat is adamant that the DLT industry will lead to improved international trade. Muscat’s sense of excitement for the industry was evident when he described Malta as “the land of opportunity for blockchain.” Already coined the Blockchain Island, Muscat maintains that Malta has experienced a changing of the guard, moving away from conservative governments with antiquated points of view and is well on the way to becoming a centre for excellence for the emerging technology.

Ultimately, Muscat maintains that by working together, we can lock in the success of the future of blockchain. He believes that if we think big together, we can make the next leap. If robots don’t lead to our inevitable extinction, that is. Muscat doesn’t think so. “It is because we are human that we ask certain questions,” he said. “Sophia will address the summit this afternoon, but will there be a time when people will be invited to speak at a conference organised by robots? Will we one day build machines which will lead to our own extinction? I believe we are more intelligent than that. I want Malta to become a hub for AI innovation and for the regulation of new, intelligent technologies.”

Despite, his optimism for the potential growth of the crypto ecosystem, Muscat voiced his concerns in relation to ethical and moral implications that come hand in hand with any great piece of technology. Muscat advised that we should “do things the right way, using clear and sensible parameters.”

Muscat believes that Malta’s playing field is expanding to make room for new and improved technology. The question is: Can the rest of Europe follow suit and, in turn, put their cards on the table?

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