Malta Stock Exchange plans first Blockchain application

Malta Stock Exchange plans first Blockchain application

Recently, the Malta Stock Exchange set-up a Blockchain to begin the task of researching and developing Blockchain technology, which is at the moment b

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Recently, the Malta Stock Exchange set-up a Blockchain to begin the task of researching and developing Blockchain technology, which is at the moment being investigated and modified by several banks all over the world to meet the needs of such financial institutions.

Blockchain experts, members on MSEs board, and its chairman, Joseph Portelli were charged with running the committee. Various stakeholders who are familiar with Blockchain were also included. Dr. Abdalla Kablan, who is the MSE director, will serve as chair due to his considerable expertise as an entrepreneur and market knowledge in big data, machine intelligence, computational finance, and analytics.

Switching standard stock exchange platforms

In order to assist FinTech companies working on Blockchain technology, the committee will share knowledge and establish joint-ventures that will help to facilitate growth in such firms through the application of Blockchain ideas.

According to Portelli, with Dr. Kablans expertise and MSEs leadership structure, the necessary groundwork can be laid for Malta and the MSEs first Blockchain application.

If things go according to plan, this consortium will see to it that the Malta Stock Exchange sees its first Blockchain application in the near future. It is predicted that if they do accomplish this objective, the app could immediately replace conventional stock exchange platforms, which is quite similar to Myanmar’s YSX plans.

The Blockchain frenzy

From Russia to Singapore, a significant number of countries are starting to invest valuable resources into researching Blockchain technology with the intention of creating cost-effective networks and secure transactions. Banks are the main institutions currently looking into Blockchain; however, several stock exchanges all over the globe are starting to see the benefits of decentralized ledgers when it comes to trade requests.

Australia’s ASX and Scotland’s SCOTEX are also starting to build up their Blockchain expert rosters. They have even gone a step further by having their traditional systems replaced with this new platform, thereby facilitating speedy trades that can save a huge amount of time in terms of record-keeping.

Nearly all the major global stock exchanges have started projects to explore some of the main applications of this new and exciting technology. According to experts in the MSE, this new platform has the potential to save financial institutions more than a $100 billion annually in terms of office expenses.

MSE vs. R3

Numerous companies, out of the 70 that form the R3 CEV, including Banco Santander and Goldman Sachs recently parted ways with the Blockchain consortium. Some have speculated that this was because of the companies backing down in regards to R3s requirements for limited Blockchain markets, while others believe that Goldman found the R3s power-balance to be unfair.

MSEs Blockchain committee’s primary focus is on the interests of Malta’s Blockchain, which is primarily concerned with the exchange of securities as opposed to the Blockchain in general. As a result, this has made it more attractive to financial firms and companies operating in the same area.

One of the main issues with the MSE is that they still don’t have R3s global recognition, which places them at disadvantage as it tries to trigger a Maltese FinTech revolution.