The Fintech expert Dr. Abdalla Kablan adopted a first technological approach to blockchain and cryptocurrency

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Dr. Abdalla Kablan, entrepreneur and expert of Fintech Dr. Abdalla Kablan

Expert in serial societies and expert of Fintech, Dr. Abdalla Kablan , works as a technology consultant executive for the Maltese government and was involved in the drafting of the DLD regulation (19669003) for Malta .A long-time academic, Dr. Kablan has spent years conducting lectures and research on topics such as # 39; deep learning, AI, computational finance and computer science Dr. Kablan had the opportunity to read the whitepaper Satoshi Nakamoto Bitcoin just three weeks after its publication and has since explored the use of blockchain technology in different aspects.

"I remember having been completely wiped out by Satoshi's whitepaper, I kept repeating the rhetoric that this technology will change finance in the same way that the Internet has the information has faded, "Kablan told me.

Although the word "block" kchain "was not mentioned once in the famous whitepaper of Satoshi, the interest of Kablan for cryptographic hashes used to process transactions in the form of a chain – later coined blockchain – it was massive, encouraging him to seriously consider blockchain technology about four years ago. [19659007] I had the pleasure of sitting down with Dr Kablan in Malta to discuss his thoughts on blockchain technology, about how the government Maltese is regulating space and what he thinks the future holds for industry.

Rachel Wolfson: What were your initial thoughts after reading Satoshi Nakamoto Whitepaper?

Dr. Abdalla Kablan : The first Internet browsers allowed us to democratize information.After reading Satoshi Nakamoto's white paper, I knew that this technology would allow us to democratize the ro, wealth and value in a very similar way. This technology is completely disruptive because the central bank no longer means anything .

However, the question remains – when will we see that the "browser moment" occurs with blockchain?

In the course of history, in a civilization to thrive, two components were needed: a trading system and a store of value. An exchange system could be barter, exchange or payment. A deposit of value could be anything from commodities, raw materials, gold or silver to cryptocurrencies. Fiat versus crypto has become a philosophical argument, but if we consider the Fiat as the largest currency in the world, we see that the USD is based on a promise of an indebted government. No one sane should actually put trust in this system because there is so much debt that it supports it, however, it has become the defacto value deposit, that the properly designed cryptocurrencies could be set to substantially interfere.

Now, back to the question of when we will see that the "browser moment" occurs by blockchain, I think it will happen once we start tokenise resources. As soon as we can scale down the value in general, we will have blockchain-based marketplaces where physical or digital token resources will be listed for the transaction value. The immutable blockchain ledger will allow a person to own certain things and exchange value on the blockchain, and the cryptocurrency will become legal. However, we are still in the early stages and, first, we need to focus on solving other problems such as how to verify identity on the blockchain.

Having markets based on blockchain or DLT where we can store value is the evolution of barter we sought before the ultimate need to create money as there was no alternative. & nbsp; Cryptocurrency offers another alternative, however many cryptocurrencies will disappear at their speed. I have never been involved in initial coin offerings (ICOs), simply because many projects are often limited to raising funds and coins are not actually needed. I see a future in which through tokenization, we will be able to redefine capital, not only in financial terms, but also in a social and cultural sense. & nbsp; With our current monetary system we are not simply able to capture social capital, which means that so much value is wasted and unusable.

Wolfson: What initially attracted you to Bitcoin?

Kablan: My interest in Bitcoin has always been rather academic. It was the first cryptocurrency and therefore, revolutionary, from decentralization to immutability, architecture was quite different from the norm. From the point of view of technology, I knew that Bitcoin was different: a way to translate value without the involvement of intermediaries. With Bitcoin, there is a visible ledger, which is updated with every transaction. Moreover, as with many innovations, it was difficult to capture using existing regulatory frameworks because they were not technology-centric, so it was essential to update the regulation.

I am also an admirer of the concept of smart contracts introduced by Ethereum, able to inject code into transactions and execute processes with conditional statements. That's why I like to look at this technology from a DLT perspective, rather than just blockchain. I believe that the DLT will be the word of the Internet and that any protocol below will remain irrelevant. I do not want to limit DLT to just blockchain; nobody knows where it will go, so we need strategic forecasts.

Take smart contracts, for example. These have been debated quite heavily at the beginning, but now they are defined. I see a world where smart contracts are going to execute intelligent code. I see a future in which AI processing will happen on the chain. Instead of having identical transaction hash blocks for verification, we will actually process several pieces of AI code for the two to converge. When put together, we will have an intelligent artificial intelligence that performs a task. But if we say that it's like an intelligent contract should look like today, we will not leave it open to how it will be in the future. This is the reason why Malta has included clauses in its laws that will allow to make legislative updates in a flexible way.

Wolfson: The Maltese government has recently approved the regulations for DLP (distributed ledger technology). What is the difference between DLT and blockchain?

Kablan: Blockchain is a type of DLT, but it is not the only architecture out there. You can have different types of blockchain technology. For example, there are the blockchains of Bitcoin and Ethereum, Ethereum has the advantage of smart contracts.

However, defects in traditional blockchain architectures have been identified. For example, blockchain technology should completely eliminate intermediaries, but now we have miners acting as intermediaries. Furthermore, blockchain is really just a brilliant way of storing data, which acts as a distributed database .

Wolfson: Blockchain technology should be considered from a technical or legal point of view?

Kablan: I think we have to look at both sides of the spectrum. However, it's time to focus on blockchain technology from a technical point of view and have a clear understanding of the technology. Of course, we need brilliant lawyers to help us come up with regulations, but first we need these lawyers to understand the technology. The Maltese government has been very attentive to this concept and has designed a brilliant team of experts in law, technology and finance to help develop the new regulation.

I believe this new sector will prosper in Malta. The talented people are now moving here, along with more and more venture capitalists who have finally made the decision to move into this space, having been wary of touching an unregulated market. & nbsp;

Venture capitalists do not want to invest in an "onions" coin (ICO) currency that will be a currency only to buy and sell onions, without owning anything of a company. Venture capitalists want equity, which is why we are witnessing an increase in Equity Token Offerings (ETO), where a company's shares are tokenised and ownership is registered by a smart blockchain contract.

In this case, if a company pivots and venture capitalists decide not only to own shares of onions, but still have equity in that company. And while we are creating a favorable framework for the growth of ICOs in Malta, the offerings of stock tokens and token resources will flourish even when we decided to look at this sector from a technological point of view.

This means that we must first look at the technology behind a project to see if it is scalable, secure, and able to handle the volume of transactions it supports. So, if we have an extra financial product, it must be watched by financial regulators. The interesting thing about this is that the other regulators have to work out their procedures, which is why we have approved three laws on the patient. We are now in a phase where we are the only country in the world that has decided to regulate this space from a technological perspective, starting with DLT. But the dream and the idea is to move from artificial intelligence (AI) and from the Internet of things (IoT) from a regulatory point of view.

In addition, as an expert in artificial intelligence, I think artificial intelligence is the greatest threat to humanity. Once the artificial intelligence reaches high cognitive abilities, it will become a threat, which is why this technology must be continuously regulated and updated.

Wolfson: What does Malta have in the future to innovate blockchain space? [19659010] Kablan: Once the Maltese government realized the extent of what was achieved through the DLT regulations, we decided to create a major event to celebrate the first country in the world to regulate agreements and technology services. The DELTA summit is the official blockchain conference supported by the government in Malta and will take place between 3 and 5 October. We have succeeded in bringing together the most innovative thought leaders, entrepreneurs and thinkers in this space from around the world to share their visions for this sector. & nbsp;

However we will not stop at DLT. What we have in Malta is an entire movement for digital innovation, which is reflected in the name of the new regulatory authority, the Malta Digital Innovation Authority. We started by regulating the DLT, of which the blockchain is a type, but we have a vision to orient ourselves towards the regulation of Artificial Intelligence and IOT. This will present its challenges, but I think we have taken the right step in the right direction.

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Dr. Abdalla Kablan, expert of Entrepreneur and Fintech Dr. Abdalla Kablan

Serial Entrepreneur and Fintech Expert, Dr. Abdalla Kablan, is senior technology consultant for the Maltese government and has been involved in drafting the DLT regulation ( for generalized accounting .) A long-time academic, Dr. Kablan has spent years conducting lectures and research on subjects such as profound learning, artificial intelligence, calculation and calculation, Dr. Kablan he had the opportunity to read the Satoshi Nakamoto Bitcoin whitepaper just three weeks after its publication and has since explored the use of blockchain technology in several respects.

"I remember being completely wiped out by the Satoshi whitepaper: I kept repeating the rhetoric that this technology will change finance in the same way that the Internet changes information, "Kablan told me. [19659004] Although the word "blockchain" was not mentioned once in Satoshi's famous white paper, Kablan's interest in cryptographic hashes used to process transactions in the form of a chain – later coined blockchain – was enormous , encouraging him to seriously consider blockchain technology about four years ago.

I had the pleasure of sitting down with Dr. Kablan in Malta to discuss his thoughts on blockchain technology, how the Maltese government is regulating space and what he thinks the future holds for industry.

Rachel Wolfson: What were your initial thoughts after reading Satoshi Nakamoto Whitepaper?

Dr. Abdalla Kablan: The first Internet browsers allowed us to democratize information. After reading Satoshi Nakamoto's white paper, I knew that this technology would allow us to democratize money, wealth and value in a very similar way. This technology is absolutely disruptive because the central bank no longer means anything .

However, the question remains – when will we see that the "browser moment" occurs with blockchain?

In the course of history, for a civilization to thrive, two components were needed: a trade system and a store of value. An exchange system could be barter, exchange or payment. A deposit of value could be anything from commodities, raw materials, gold or silver to cryptocurrencies. Fiat versus crypto has become a philosophical argument, but if we consider the Fiat as the largest currency in the world, we see that the USD is based on a promise of an indebted government. No one sane should actually put trust in this system because there is so much debt that it supports it, however, it has become the defacto value deposit, that the properly designed cryptocurrencies could be set to substantially interfere.

Now, back to the question of when we will see that the "browser moment" occurs by blockchain, I think it will happen once we start tokenise resources. As soon as we can scale down the value in general, we will have blockchain-based marketplaces where physical or digital token resources will be listed for the transaction value. The immutable blockchain ledger will allow a person to own certain things and exchange value on the blockchain, and the cryptocurrency will become legal. However, we are still in the early stages and, first, we need to focus on solving other problems such as how to verify identity on the blockchain.

Having markets based on blockchain or DLT where we can store value is the evolution of barter we sought before the ultimate need to create money as there was no alternative. Cryptocurrency offers another alternative, yet many cryptocurrencies will disappear at their speed. I have never been involved in initial coin offerings (ICOs), simply because many projects are often limited to raising funds and coins are not actually needed. I see a future in which through tokenization, we will be able to redefine capital, not only in financial terms, but also in a social and cultural sense. With our current monetary system we are not simply able to capture social capital, which means that so much value is wasted and unusable.

Wolfson: What initially attracted you to Bitcoin?

Kablan: My interest in Bitcoin has always been rather academic. It was the first cryptocurrency and therefore, revolutionary, from decentralization to immutability, architecture was quite different from the norm. From the point of view of technology, I knew that Bitcoin was different: a way to translate value without the involvement of intermediaries. With Bitcoin, there is a visible ledger, which is updated with every transaction. Moreover, as with many innovations, it was difficult to capture using existing regulatory frameworks because they were not technology-centric, so it was essential to update the regulation.

I am also an admirer of the concept of smart contracts introduced by Ethereum, able to inject code into transactions and execute processes with conditional statements. That's why I like to look at this technology from a DLT perspective, rather than just blockchain. I believe that the DLT will be the word of the Internet and that any protocol below will remain irrelevant. I do not want to limit DLT to just blockchain; nobody knows where it will go, so we need strategic forecasts.

Take smart contracts, for example. These have been debated quite heavily at the beginning, but now they are defined. I see a world where smart contracts are going to execute intelligent code. I see a future in which AI processing will happen on the chain. Instead of having identical transaction hash blocks for verification, we will actually process several pieces of AI code for the two to converge. When put together, we will have an intelligent artificial intelligence that performs a task. But if we say that it's like an intelligent contract should look like today, we will not leave it open to how it will be in the future. This is the reason why Malta has included clauses in its laws that will allow to make legislative updates in a flexible way.

Wolfson: The Maltese government has recently approved the regulations for DLP (distributed ledger technology). What is the difference between DLT and blockchain?

Kablan: Blockchain is a type of DLT, but it is not the only architecture out there. You can have different types of blockchain technology. For example, there are the blockchains of Bitcoin and Ethereum, Ethereum has the advantage of smart contracts.

However, defects in traditional blockchain architectures have been identified. For example, blockchain technology should completely eliminate intermediaries, but now we have miners acting as intermediaries. Furthermore, blockchain is really just a brilliant way of storing data, which acts as a distributed database .

Wolfson: Blockchain technology should be considered from a technical or legal point of view?

Kablan: I think we have to look at both sides of the spectrum. However, it's time to focus on blockchain technology from a technical point of view and have a clear understanding of the technology. Of course, we need brilliant lawyers to help us come up with regulations, but first we need these lawyers to understand the technology. The Maltese government has been very attentive to this concept and has designed a brilliant team of experts in law, technology and finance to help develop the new regulation.

I believe this new sector will prosper in Malta. The talented people are now moving here, along with more and more venture capitalists who have finally made the decision to move into this space, having been wary of touching an unregulated market.

Venture capitalists do not want to invest in an "onions" coin (ICO) currency that will be a currency only to buy and sell onions, without owning anything of a company. Venture capitalists want equity, which is why we are witnessing an increase in Equity Token Offerings (ETO), where a company's shares are tokenised and ownership is registered by a smart blockchain contract.

In this case, if a company pivots and venture capitalists decide not only to own shares of onions, but still have equity in that company. And while we are creating a favorable framework for the growth of ICOs in Malta, the offerings of stock tokens and token resources will flourish even when we decided to look at this sector from a technological point of view.

This means that we must first look at the technology behind a project to see if it is scalable, secure, and able to handle the volume of transactions it supports. So, if we have an extra financial product, it must be watched by financial regulators. The interesting thing about this is that the other regulators have to work out their procedures, which is why we have approved three laws on the patient. We are now in a phase where we are the only country in the world that has decided to regulate this space from a technological perspective, starting with DLT. But the dream and the idea is to move from artificial intelligence (AI) and from the Internet of things (IoT) from a regulatory point of view.

In addition, as an expert in artificial intelligence, I think artificial intelligence is the greatest threat to humanity. Once the artificial intelligence reaches high cognitive abilities, it will become a threat, which is why this technology must be continuously regulated and updated.

Wolfson: What does Malta have in the future to innovate blockchain space? [19659010] Kablan: Once the Maltese government realized the extent of what was achieved through the DLT regulations, we decided to create a major event to celebrate the first country in the world to regulate agreements and technology services. The DELTA summit is the official blockchain conference supported by the government in Malta and will take place between 3 and 5 October. We have succeeded in bringing together the most innovative thought leaders, entrepreneurs and thinkers in this space from around the world to share their visions for this sector.

However, we will not stop at DLT. What we have in Malta is an entire movement for digital innovation, which is reflected in the name of the new regulatory authority, the Malta Digital Innovation Authority. We started by regulating the DLT, of which the blockchain is a type, but we have a vision to orient ourselves towards the regulation of Artificial Intelligence and IOT. This will present its challenges, but I think we have taken the right step in the right direction.

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