World watches as Blockchain Summit is held in Malta

Valletta, Malta: Cultural capital of Europe for 2018

The much-talked about Blockchain Summit kicked-off on Wednesday amid a lot of fanfare. The Summit has grabbed the eyeballs of those interested in the blockchain technology across the world as Malta becomes the first country to officially accept the technology and also create avenues for increasing its use.

With an estimated 5,000 delegates attending the event, this is the biggest ever blockchain summit held in any country. Apart from the blockchain industry, the summit has also attracted industries that are related to it.

The Mediterranean archipelago is often referred to as the blockchain island because of the work put in by the authorities and the government to create a favourable environment for blockchain technology to thrive in the country.

“The Maltese government has been clear about its desire to turn Malta into a blockchain hub, and so far has been true to its word, offering support at all levels for the emerging technology to flourish. The response to the proposed regulation has been overwhelmingly positive – with the impact already being felt in terms of economic growth and development,” crypto giant Eman Pulis was quoted as saying by Forbes.

The agenda of blockchain summit also included a Hackathon, an event under which a minimum of 16 teams have registered to participate. The teams competed for a prize worth €50 thousand. “The Hackathon is backed by a number of sponsors, such as e Toro, Dao. Casino, Snips, and IOST. The competition will be mentored by industry luminaries such including John McAfee, Noam Eppel, Jimmy Zhong, and Mikhail Savchenko, amongst others,” stated the Forbes.

The event also hosted leaders in the cryptocurrency industry who will be sharing their insights and answer the questions by the attendees. An ICO pitch was also planned which came with a prize pool of $ 100,000. The summit was held on November 1st and 2nd at the Intercontinental Hotel, St Julian’s, Malta.