Steve Tendon spent his life as an software engineer and as a Management Consultant, helping organizations improve their business especially in relation to knowledge-work, product development and software engineering. In the interview CoinNewsExtra had with Steve Tendon, he explains in details his life’s work so far, his involvement in the making of Malta’s “Blockchain Island”, the regulation of Blockchain Technology and the possible future of it.
Steve Tendon’s Early Blockchain Days
Steve knew about Bitcoin in 2009/2010 but did not actively get involved with it. Rather, he looked at it as a new technology that to achieve decentralized computation. He decided to go into blockchain technologies after coming across Vitalik’s [Ethereum] Whitepaper in 2015.
In 2016, he was to speak at a conference in Malta about Bitcoin addressing the financial services industry. At the conference, he was introduced to Malta’s Minister of Economy, to whom he gave an elevator, pitch about how Malta could benefit from blockchain. Envisaging a bright future for Malta, the minister scheduled a meeting with Steve, where he asked him to design a national strategy for Blockchain.
The result of the assignment given to Steve Tendon was divided into six projects as described in his blog post
-Use of blockchain in public sector.
-R&D, Education and Innovation in the area of Blockchain Technologies.
-Appoint a “Blockchain Regulator” and create a regulatory infrastructure.
-Regulation of cryptocurrencies and tokens, including exchanges and ICOs.
-E-Residency and including DAOs and IoT.
-Smart governance to realize RegTech and SupTech.
Further in the interview, Steve revealed that out of the six projects he drafted for Malta, at four of them are either done and delivered or are in progress stage. “Malta is the first country to use Blockchain technology at a national level, Tendon said, adding that Blockchain in Malta is already used to put national academic records on the blockchain, and soon will be used for the registry of companies. In the future even electronic health records will be on the Blockchain.”
Who is Steve Tendon?
Steve Tendon is the first founder and chairperson of the Malta Blockchain Association. He also started a Malta-based blockchain business club called My Blockchain Island Club. The club accepts programmers, engineers, entrepreneurs and anybody who has a vested interest in blockchain. He took a professional blockchain course at Oxford prepared by Prof. David Shrier, alongside blockchain enthusiasts: all of whom are doing well in the blockchain space.
Accordingly, in the blockchain course offered at Oxford, nowadays Malta is used a reference study, and this makes Steve tendon “very happy”. He also states that the University of Malta is offering Blockchain as a master Degree to people who have backgrounds in IT, Business Management or Law.
Steve Tendon also doubles as a writer. Early in the “Stone Age” of technology, Tendon wrote books about programming and other technology at the time. He is currently working on a new book titled Blockchain Strategies, where he will be dissecting Blockchain Technology in ways that will be easy to understand. “In the book which will be out in 2020, Tendon says, “he will cite the Oxford Blockchain Framework, Cambridge Blockchain Framework and also the IBM’s blockchain business models.” The book will also talk about things that Blockchain Tech can be used for that were not possible before.
How the Malta AIBC Summit Has Evolved?
During the first Malta Blockchain Summit in 2018, three laws of the Blockchain Project were put into effect.
“’The November editions of the Summit will always be special and will be recognized as the birthday of the legislation coming into effect. Comparing the November 2018 edition and that of 2019, we can see that the companies on ground are much more serious and the talks on stage have advanced. ‘The quality of the conference has increased dramatically.”
The Vision and Mission of a Blockchain Island
A Blockchain Island is not a physical space on earth; rather, it is a new economic space in the crypto sphere. Granted, “Malta is the only Blockchain Island on planet earth”, but another country takes the spot of the New Crypto Sphere.
Steve Tendon is currently working with the Republic of Marshall Islands to establish the first crypto-fiat currency with legal tender status. The Martial Marshall Islands population has been exposed to suffering and exploitation by two factors:
The atomic testing conducted by the US after World War II, which created a huge issue of nuclear pollution and contamination.
The real risk of being submerged due to climate change, which invariably causes the people to leave their homes to other countries.
Steve tendon further explains that the risk of the Marshall Islands disappearing drives them to create the crypto-fiat currency. Due to the risk of being submerged, it does not make sense to create a Central Bank Digital Currency that would reside on server farms on the ground, in the territory. That they have decided to build their digital infrastructure on globally decentralized Blockchain Technologies.
Is Steve Tendon Planning to Replicate His Blockchain Work in Africa and Other Continents?
“Yes,” Steve says, “I am willing to give good advice to any legislature in any country on Blockchain Technology”
The Regulation of Blockchain in Malta and Other Countries
While regulations for blockchain/cryptocurrency was still drafted for Malta, the ICO rush 2017 caused other countries like Singapore, Hong Kong, Dubai and Luxembourg to panic and draft sketchy regulations, but limited to only the financial aspects of cryptocurrency.
In Malta, they are not only looking at Blockchain Techologies as a system of decentralization of storage of value, but on how blockchain technologies can be implemented in social, economic and political benefits via decentralized computation. The capital needed to setup an exchange in Malta is very high compared to other countries; this is because they have set a very high standard.