Having secured its place as Europe's frontrunner in blockchain adoption and use cases, Malta has led an initiative that introduced six other European Union countries to the emerging industry.
According to reports from the Financial Times, transport ministers from, France, Italy, Cyprus, Portugal, Spain, and Greece have joined Malta to sign a declaration that will promote the use of Distributed Ledger Technology such as blockchain in their countries.
The new declaration which was signed in Brussels, Belgium outlined several vital services which can be “transformed” with blockchain adoption in their respective economies. The service sectors include “education, transport, mobility, shipping, Land Registry, customs, company registry, and healthcare.”
Beyond these sectors, the new group also expects that the invention finds application in the “enhancement of e-government services” which require the collection of user data. Blockchain will be trusted by the member countries to improve transparency, lower administrative duties and enable easy public access to stored data.
Specific details into what projects would be undertaken with the new declaration were not disclosed in the report. However, Malta's Finance Minister Silvio Schembri seemed to be more focused on what the new development means before his country.
He tweeted about the new development and reckoned that it is a significant development for a small nation like Malta to take a leading role in such a revolutionary innovation.
Malta Sets The Pace For Crypto and Blockchain Innovation
At a time when most of the top EU countries have shown a disinterest towards regulating cryptocurrencies or blockchain technology, Malta in June became the first nation in the region to introduce bills for the industry.
Since then the country has been recording new successes in the space and will only add the latest milestone to their already envious collection.
Blockchain and crypto companies including top exchanges Binance and OKEx have preferred a switch to the Island nation because of the regulatory certainty it affords them.
Gradually, one of Europe's low populated country (432,089 residents) has taken the lead in an industry that had the potential to revolutionize different sectors of the world economy.