5. On one occasion Nietzsche argued that what separates humans from animals is the
ability to make promises, because this implies both freedom and constancy of
character. For Nietzsche, human society depends upon promises. But we are not
constant in fulfilling promises - contracts are often broken, whether by negligence,
forgetfulness, or plain villainy. Smart contracts are an interesting tool for enforcing
promises because they guarantee their own constancy beyond any desire on our part
to subvert them; for that reason smart contracts may play an important role in the
organization of our social lives.
Joshua Broggi PhD, Founder, Woolf University, The First Blockchain University
Blockchain is potentially a supply chain for education. This allows a university to say,
‘We’re going to bypass all these processes and connect students directly to the
content”.
Michael Matthews, CIO at Oral Roberts University
7. NEWTYPE OF LEARNING
• Lifelong Acquisition of skills
• Delivered by a variety of
stakeholders (NGOs, private
sector,TVET…)
• Combined with more Formal
Education pathways
NEW REQUIREMENTS ON
CREDENTIAL SOLUTIONS
• SameValidity as formal education
credentials
• Stackable Credentials
• Sharing ofWork-based experiences
• Mobility
• Transparency
• Fraud reduction
LABOUR MARKET
CHALLENGES
10. January 2017:
EU Conference on Digital
Education, MOU signed with
Learning Machine
April 2017:
Prime Minister says Malta
wants to become a global
trailblazer in blockchain
technology. Cabinet
approved high-level
blockchain strategy.
July 2017:
Junior Minister says Malta
will become a hub for
companies that operate on
the technology.
September 2017:
Malta signs agreement with
Learning Machine for first
nation state blockchain
education credentials
project.
September 2017:
National blockchain
taskforce set up.
November 2017:
Discussion paper published
on ICOs and virtual
currencies.
February 2018:
Public consultation – Malta a
leader in DLT regulation.
May 2018:
Fintech bills -Virtual Financial
Assets (VFA) Bill; Malta
Digital Innovation Authority
(MDIA) Bill; Innovative
Technology Arrangements &
Services (ITASA) Bill.
July 2018:
Laws enacted. Followed by
announcements that biggest
companies in the
cryptocurrency space are
setting up operations in
Malta.
July 2018:
MITA Innovation Hub issued
a call for start-ups focusing
on emerging technologies.
August to October 2018:
Guidance notes issued for
public consultation (ITAS Act
andVFA Act to come into
force on the 1st November
2018).
September 2018:
300k in blockchain and DLT
scholarships.
September 2018:
Blockchain pilot on
Blockcerts concluded.
Project to be scaled up to
encompass all facets of
education certification and
expand into other sectors.
October 2018:
MITA launched the Emerging
Technologies Lab. University
of Malta launches Centre for
Distributed Ledger
Technologies.
November 2018:
Delta Summit followed by
Malta Blockchain Summit.
Deputy prime minister
shared his vision for
blockchain in health.
October 2018
MDIA launches guidelines
and opens applications for
systems auditors
11. January 2017:
EU Conference on Digital
Education, MOU signed with
Learning Machine
April 2017:
Prime Minister says Malta
wants to become a global
trailblazer in blockchain
technology. Cabinet
approved high-level
blockchain strategy.
July 2017:
Junior Minister says Malta
will become a hub for
companies that operate on
the technology.
September 2017:
Malta signs agreement with
Learning Machine for first
nation state blockchain
education credentials
project.
September 2017:
National blockchain
taskforce set up.
November 2017:
Discussion paper published
on ICOs and virtual
currencies.
February 2018:
Public consultation – Malta a
leader in DLT regulation.
May 2018:
Fintech bills -Virtual Financial
Assets (VFA) Bill; Malta
Digital Innovation Authority
(MDIA) Bill; Innovative
Technology Arrangements &
Services (ITASA) Bill.
July 2018:
Laws enacted. Followed by
announcements that biggest
companies in the
cryptocurrency space are
setting up operations in
Malta.
July 2018:
MITA Innovation Hub issued
a call for start-ups focusing
on emerging technologies.
August to October 2018:
Guidance notes issued for
public consultation (ITAS Act
andVFA Act to come into
force on the 1st November
2018).
September 2018:
300k in blockchain and DLT
scholarships.
September 2018:
Blockchain pilot on
Blockcerts concluded.
Project to be scaled up to
encompass all facets of
education certification and
expand into other sectors.
October 2018:
MITA launched the Emerging
Technologies Lab. University
of Malta launches Centre for
Distributed Ledger
Technologies.
October 2018:
Delta Summit followed by
Malta Blockchain Summit.
Deputy prime minister
shared his vision for
blockchain in health.
October 2018
MDIA launches guidelines
and opens applications for
systems auditors
16. Self-identity is based on the belief that people have
the right to own and use their identity records in a
manner that is private and that has no dependency
upon outside agents in order to transmit or verify
records. This requires both
recipient ownership and vendor independence.
When the blockchain is properly used as a
decentralized verification network, it offers
the ability to unlock the power of digital
records by making them trustworthy and
instantly verifiable anywhere in the world.
SELF-
SOVEREIGNTY
& IDENTITY
Improperly used, the blockchain becomes
an unnecessarily cumbersome technical
layer.
20. SET UP A ROBUST LEGAL
FRAMEWORK
TRANSPARENCY & AUDITABILITY
HARMONISE PRACTICES IN LINEWITH
INTERNATIONAL STANDARDS & RULES
ETHICS IN DESIGN & USE OF TECH
LEGAL CERTAINTY IN CROSS-BORDER
CONTEXT
22. MDIA ACT
Development of the innovative technology
sector through recognition and regulation of
Innovative Technology Arrangements (ITAs)
Establishes the Malta Digital Innovation
Authority to:
• Exercise recognition functions regarding
innovative technology, arrangements and related
services;
• Collaborate with and support other
authorities from a technological perspective.
• Promote principles for the development of
visions, skills, and other qualities relating to
technology innovation.
23. Defines the legal framework for
recognition, assessment and voluntary
certification of ITAs & service providers
Defines current ITAs in the First
Schedule:
1. DLT/Blockchain Platforms
2. Smart Contracts
3. Other ITAs recommended by MDIA
and designated by the Minister
• Registration of Systems Auditors
• Registration of Technical
Administrators
ITAS ACT
24. The ITA must satisfy the general requirements intended to meet the standards of:
• LEGALITY of the purpose and function of the ITA;
• INTEGRITY of the Applicant, including Administrator and Qualifying Shareholders,
where applicable;
• TRANSPARENCY of the functions and limitations of the ITA to its users;
• COMPLIANCE with legal obligations;
• ACCOUNTABILITY by clearly identifying who will be fulfilling the roles
contemplated in the ITAS Act and defining the responsibilities of each individual.
VOLUNTARY CERTIFICATION OF ITAS
25. Definitions and Rules and Regulations for Initial
VFA Offerings
Licensing Requirements
Need to appointVFA Agent registered with
MDIA
“VFA exchange means a DLT exchange
operating in or from within Malta, on which only
virtual financial assets may be transacted in
accordance with the rules of the platform or
facility, which is licensed by the competent
authority under this Act to provide such
services”
VIRTUAL FINANCIAL ASSETS
ACT
29. Systems Auditors
• Provide an Audit Opinion;
• Nominate Subject Matter
Experts;
• Registration valid for 2 years;
• Continuous Professional
Education (CPE);
Hold a qualification in ICT
and/or Information
Security at MQF level 6 or
higher
Hold a certification in IT
Audit; or IT Risk or Security
Management (such as
CISA or similar)
Has experience in carrying
out audits and reporting
based on audit established
standards (such as ISAE
3000)
Has suitable experience in
ITAs in the fields that would
be subject to audit of not
less than 2 years during
the last 3 years
30. Systems Audit Control Objectives
Control objectives based on 5 key principles:
• security protection against unauthorised access and unauthorised disclosure of
information;
• processing Integrity systems achieve the purposes for which they are built in terms of
the functional requirements;
• availability accessibility of information including data backup processes and disaster
recovery plans;
• confidentiality protection of information designated as confidential;
• protection of personal data processing of personal data in compliance with applicable
legislation.
31. Systems Auditor Opinion - ICO
Existing
Platform
(e.g.
Ethereum
Platform)
Systems Auditor
Systems Auditor to provide
assurance to MFSA on the
ITA undertaken by the VFA
Issuer relating to the
deployment of the ICO
Creation of
Wallets /
Smart
Contract
VFA Issuer
White Paper MFSA
Review of
White
Paper
Review / Assessment
of development
VFA Issuer
appoints a
Systems Auditor
registered with
the MDIA
35. CENTRE FOR DISTRIBUTED LEDGER TECHNOLOGIES
Multi-disciplinary hybrid programme for
Technologists, Lawyers, Business, Management
and Economics Entrepreneurship
Facilitate a Blockchain/DLT ecosystem of
multi-disciplinary expertise
Encourage Startup & relevant research
cultures
MSc programmes specialising in DLT, AI, IOT & Big Data.
38. 17. Stresses the potential of DLT for
verification of academic qualifications,
encrypted educational certification (e.g.
‘Blockcerts’) and credit transfer
mechanisms;
18. Stresses that lack of knowledge
about the potential of DLT discourages
European citizens from using innovative
solutions for their businesses;
19. Highlights the need to establish non-
profit-making entities, for example
research centres, that would be
innovation hubs which would specialise in
DLT technology in order to perform
educational functions regarding the
technology in Member State;
20. Calls on the Commission to explore
the possibility of creating an EU-wide,
highly scalable and interoperable network
that makes use of the technological
resources of educational institutions in
the Union, with a view to adopting this
technology for sharing data and
information, thus contributing to the
more effective recognition of academic
and professional qualifications;also
encourages Member States to adapt
specialised curricula at university level in
order to include the study of emerging
technologies such as DLT;
21. Recognises that for DLT to be
trusted, awareness and understanding of
the technology need to be improved;
calls on the Member States to address
this through targeted training and
education;
European Parliament 3 October 2018
Distributed ledger technologies and blockchains: building trust with disintermediation
39. 1. EASY TO UNDERSTAND USE CASE STUDIES
2. STRUCTURES & ENABLING LEGISLATION
3. EDUCATION AT THE CORE
4. SUMMITS + PR + ROAD SHOWS
RECAP
5. TOP-DOWN SUPPORT & ACCESS
6. REACTIVE TO OPPORTUNITIES & THREATS