Jurisdictions have so far implemented regulatory frameworks to provide assurances of decentralised cryptocurrencies operations, but have not focused on providing technology assurances. 

A new research paper penned by Dr Joshua Ellul, Director of the Centre for Distributed Ledger Technologies, and Chairman of the Malta Digital Innovation Authority, states that while blockchain, smart contracts and other forms of DLTs allow users to ensure processes are “verifiable, transparent and tamper-proof”, they pose a number of challenges. 

Certain flaws within the technology could potentially result in financial losses, thus the paper recommends the introduction of technology assurances for safety-critical or high-risk applications. 

The paper, titled ‘Regulating Blockchain, DLT and Smart Contracts: a technology regulator’s perspective’, highlights the importance of independent system audits and other technology assurance features that could minimise potential substantial losses due to software bugs.

The Masters in DLT at the University of Malta, which is taught by a number of academics and experts from different disciplines, brings together various professionals who, collectively, can address these challenges and help pave the path to mass adoption of blockchain and DLT usage.

The deadline for applications for Blockchain and DLT scholarships is Sunday 26 July 2020. More information can be found online.