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Malta’s first blockchain application to be launched

The first locally built Distributed Ledger Application – targeted at property transfer management, LP 01 – is to be launched on Thursday.

The Distributed Ledger Application is the brainchild of technologist David Schranz and businessman Anthony Mamo who spent 20 months conducting research and working on its development. LP 01 will be launched through their newly set up company Ledger Projects.

“Blockchains are not merely a business opportunity, but a way to change how governments serve their citizens and private companies their clients. The main priorities should be regulation and incentives to attract the right capital and talent to stimulate growth in this sector.

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“Rolling out such technology as blockchain is easier in Malta since the country enjoys a strong financial system, talent, entrepreneurial spirit and a can-do approach that can turn our island into a base and a test-bed for new sectors and technologies. Malta has become a centre of excellence with an enviable reputation in many sectors and not only ones that are ICT related. The formula, so to speak, is already tried and tested and can, therefore, be replicated in other areas such as blockchain,” said the two entrepreneurs.

Blockchains are not merely a business opportunity but a way to change how governments serve their citizens and private companies their clients

Mr Schranz explained how the technology enables any two parties to make an exchange without the oversight or intermediation of a third party, strongly reducing or even eliminating counterparty risk.

“This means that the users are in control of all their information and transactions. Furthermore when using blockchain one can claim that data is complete, consistent, timely, accurate and widely available,” he said.

The team at Ledger Projects is being mentored by Abdalla Kablan, who is a widely respected fintech expert and data scientist. Dr Kablan has always been at the forefront of disruptive technology and is considered a renowned entrepreneur and published academic. His interdisciplinary background in fintech and machine learning has been paramount to his international success.

Speaking about Ledger Projects’ first product, LP 01, Mr Mamo said: “We have been focused on researching, developing and testing LP 01 for the past 20 months. The design process was somewhat difficult because we wanted to ensure that we would be able to scale horizontally within reasonable time frames. During this time we also focused on identifying immediate opportunities where DLT could bring tangible benefits to multiple users and the plan is to deploy another two applications at six-month intervals.”

Referring to the people at Ledger Projects, Mr Mamo added: “The team is small but very diverse, and consists of people with very different skillsets and backgrounds. We have managed to attract individuals who are academics, technologists with a passion for innovation and people with a strong legal background.”

Ledger Projects will be launched in the morning at the Westin Dragonara on Thursday when the company will also present its first ‘ready to use’ blockchain application.

Those interested to attend may register by sending an e-mail to info@ledgerprojects.com.

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