Tiny Malta, a.k.a. Blockchain Island, has again taken the lead in blockchain adoption, with its national business registry shifting to a Hyperledger Fabric-based system.

Until now, the Malta Business Registry (MBR), which is responsible for collecting and storing data on every company registered in the Mediterranean island nation, was part of the Malta Financial Services Authority (MFSA). However, as part of a complete overhaul it has now become an independent agency, moving into brand-new offices in Żejtun.

By shifting to a blockchain-based registry, the MBR says it will make records more secure by permanently storing immutable records and transactions in a distributed way, removing a central node that can be targeted by hackers.

Hyperledger Fabric, which is one of the most popular private or permissioned distributed ledgers, will also enable the entire system much more efficient, providing instant access to records, but only to those who are verified users.

As such, companies will be able to submit documentation through the platform, and MRC staff will be able to manage and access records easier, cutting out frustrating and expensive bureaucracy.

AYO.NEWS says:

Given that Malta is branding itself as Blockchain Island, having already established itself as a global blockchain industry hub, it is only fitting that the government also brings the technology into the public sector.

Of course, as with any large-scale changes like this, there are likely to be teething troubles as complex organisations migrate from one system to another, but the end result should be worth it – not only immediately improving services, but also providing good foundations for the adoption of more emerging tech, like artificial intelligence.

As we’ve explained before at AYO.NEWS, smaller nations are at a distinct advantage when it comes to this kind of adoption, not only able to pass legislation more quickly and easily but also dealing with far smaller and simpler systems (read more).

AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.