- Silvio Schembri, Minister for the Economy, Investment and Small Businesses, claims government vouchers use blockchain technology
- Schembri has ignored multiple questions about the type of blockchain used on various platforms
- If the vouchers do indeed use blockchain technology, it’s a very poor effort from the blockchain island
Despite its failed quest to become the blockchain capital of Europe, Malta is still hellbent on keeping its self-proclaimed title as the blockchain island. In its latest bid to hold onto the last scraps of its integrity, Malta’s Minister for the Economy, Investment and Small Businesses, Silvio Schembri announced that government vouchers will be using a blockchain-based system to “ensure both efficiency and security”
However, in true blockchain island fashion, Schembri has ignored multiple questions about the blockchain being used, whether it’s Ethereum or a private blockchain maintained by the government.
Not Using Blockchain to its Full Potential
If these government vouchers are indeed using blockchain technology to “ensure both efficiency and security” it raises a few questions right off the bat. Given that the technology is to “ensure security”, it comes as a surprise that the vouchers are transferable and are actually printed on a glossy paper. It would make more sense for the blockchain system to be entirely digital, making use of Malta’s ID card system to verify the identity of a voucher holder and the amount the individual has left.
Another Big Letdown for Malta
Malta’s reputation as the blockchain island has suffered heavily, with events from lack of permits issued by the Malta Financial Services Agency to top blockchain awards being bought by companies that vanish beneath the waves just months later. Schembri and his blockchain island cronies really are just using the term blockchain as a buzzword to generate some media attention in a bid to try and line their pockets with more fanfare from the blockchain island.
With the blockchain island failing miserably and companies moving away from the island to pursue a jurisdiction with genuine and better blockchain regulations, Schembri is using these vouchers as a last-ditch attempt to try and drum up more business for Malta.