Malta Unveils Blockchain Advisory Committee
Blockchain technology is fast being adopted by governments and businesses alike.
The small island nation of Malta has already made news for hosting Bitcoin meetups and offering to legalize the cryptocurrency wholesale. Recent news from the country indicates that its embrace of Blockchain technology will continue, as the government has formally announced the formation of a Blockchain Taskforce which will provide the roadmap for implementation of the National Blockchain Strategy.
Malta an ‘ideal ecosystem’?
The news was shared via a press release from the government, which stated,
Among other things:
"Apart from exploiting the opportunities that Blockchain technology offers for added efficiency in public sector processes and services, the government is ambitiously looking into the setting up of a new regulatory function with the primary objective of harnessing the technology with a legal operational framework, serving as a bold initiative leading to the formation of an ideal ecosystem for those willing to invest in Blockchain technology. "
Even as China appears to be retreating from its Bitcoin dominance, other countries appear to be willing to take up the baton and run. The Taskforce will be in charge of evaluating proposals sent by private entities seeking government contracts for Blockchain implementation.
Bitcoin Bounties to Sniff Out Online Pirates
Bitcoin is often seen as the currency of online pirates.
But content producers and rights holders may soon be embedding hidden Bitcoin bounties on to their work to help lead authorities to the pirates spreading it illegally. Anonymously claiming a hidden Bitcoin wallet embedded on a piece of media will firstly reward the so-called snitch, but also send an alert that information has been pirated and illegally shared.
Claim the bounty, report the pirate
It is a constant battle for right holders to maintain the control of their work, as blocking and closing down illegal websites is becoming more and more futile. It has seen a tech company based in South Africa called Custos Media Technologies take a different approach.
Their idea is that a hidden watermark, which contains a small amount of Bitcoin, can be placed on media files like movies or ebooks. If you’re the first person to find the watermark, you can claim the Bitcoin prize and in doing so will alert Custos. “Each watermark contains a Bitcoin wallet, with a reward for anyone who anonymously claims it once the media has passed out of the control of the original recipient,”
the company says.
“Media downloaders who want to search for such rewards can do so anonymously, from anywhere in the world. The moment a bounty is claimed — and by the nature of cryptocurrencies, this can only happen once — the transaction reflects on the Blockchain, and Custos notifies the media provider of the incident.”
Blockchain bounties make the system work
This idea set out by Custos again shows how Blockchain technology’s scope is increasing and finding more and more uses.In this case, as a bounty, the Blockchain is effective in delivering the bounty as the pirated software is found and reported.The system relies on a peer-to-peer architecture which allows users to transact directly without needing an intermediary and all transactions are recorded in a digital ledger that can’t be altered. Of course, the system also allows those doing the reporting to remain anonymous.
Chuck Reynolds
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