GANADO Advocates Senior Partner, Dr Max Ganado, was a guest panelist during a business breakfast organised by The Malta Business Weekly in collaboration with Finance Malta. The theme of the business breakfast was Breaking the Blockchain Frontier.
Following an introductory speech by Finance Malta chairman Kenneth Farrugia, the chairman of the Malta Blockchain Association, Steve Tendon referred to various initiatives and opportunities related to this technology. A panel discussion moderated by Rachel Attard took place and included contributions from Steve Tendon, Ian Gauci (GTG Advocates) and Max Ganado (GANADO Advocates). Pertinent issues were discussed from the technological, legal and practical aspects.
During one of his interventions, Dr Ganado referred to a question about accountability and Blockchain, and how the technology can solve many problems being faced today. He commented on the use of an e-ID attached to anybody plugged into the Blockchain platform, meaning that a very clear trail, which cannot be manipulated, will create a level of transparency not quite available currently. The requirements of law on AML may be imposed through the very technology in such as way that only those who comply can gain access and carry out transactions.
The technology can also keep up to date with changes in the law in real time. That will be much better than what we see today with intermediaries who may fail in their duties. Technology cannot be bribed, threatened or confused as it has no emotions. At this stage the technology is still not developed enough but many efforts are being made in this area and soon we will see results. It is still possible to manipulate information submitted but once Governments start engaging positively, the cross verification facilities will start to make the systems more secure.
Source: TMI, 16 March 2018