https://www.um.edu.mt/library/oar/handle/123456789/71055 Fri, 10 Apr 2026 05:53:04 GMT 2026-04-10T05:53:04Z https://www.um.edu.mt/library/oar/handle/123456789/73875 Title: Blockchain-based DLTs and articles 16 and 17 of the GDPR : a study Abstract: When Satoshi Nakamoto launched the first implementation of Distributed Ledger Technology on 9 January 2009 to serve as the infrastructure for the peer-to-peer electronic cash system that he had proposed a few months earlier, he did not foresee the hornet’s nest that he had kicked over. While Bitcoin is perceived primarily as a challenge to prevailing monetary policy, the subsequent adoption of the underlying DLT infrastructure for a host of other purposes brought the properties of this infrastructure, including distribution and immutability, into conflict with a number of other policies, including those governing data protection. Meanwhile, during the years of Bitcoin’s infancy, the EU, acutely aware of the implications for fundamental rights of contemporary technology, had been updating its data protection framework leading to the adoption of the General Data Protection Regulation on 14 April 2016. At first glance, DLT and the GDPR are fundamentally incompatible on two main grounds, the issue of identifying a controller, and compliance with Article 16, the right to rectification, and Article 17, the right to erasure. However, DLTs come in two main types - permissioned and permissionless. Permissioned DLTs do not have significant problems in complying with Articles 16 and 17 since their governance model makes it possible to implement technologies that permit their ledger to be changed as required to comply with the law. Permissionless DLTs however will find it very difficult to achieve the network consensus to effect changes required by the law. Nonetheless, it is not impossible to do so if there is majority consensus for such change. Ultimately, the designation of a controller on a DLT is what makes it possible to achieve or co-ordinate the consensus required to comply with the law. Description: M.SC.BLOCKCHAIN&DIST.LEDGER TECH. Wed, 01 Jan 2020 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/73875 2020-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/73871 Title: Civil responsibility for damage caused via distributed ledger technology Abstract: Distributed Ledger Technology has generated a technology that is available for anyone in the world to use and develop without revealing their identities and without a centralised authority to control their behaviour. This questions whether the current tort and contract law regimes in Malta are capable of addressing the damage that various participants might incur via cryptocurrency blockchains. This paper explores that Maltese tort law provisions are adequate to provide redress to the injured party. The caveat is that the legal elements required by these provisions must be fulfilled by the plaintiff in respect to all the multiple alleged tortfeasors. This necessitates lawyers to explain the technicalities of DLT efficiently to show the judiciary why the elements of the law are fulfilled in terms of the behaviour of the parties. Contractual responsibility lies in whether a contractual relationship can be established. The current position is that not all the elements required by law for the validity of a contract are fulfilled. However, with the necessary legislative intervention one access point for redress can be established, parties may no longer remain anonymous, the causa behind the contract could be revealed and implied consent could be better proven. This may be contrary to the very characteristics of DLT ; however, it would ensure enforcement, and therefore, legal certainty. It is too early to determine which approach Maltese Courts will take to determine whether liability exists. Nevertheless, Maltese civil law is equipped to provide redress irrespective of the number of alleged tortfeasors. It all depends on the evidence brought forward and the extent to which lawyers will succeed to educate the judiciary regarding DLT. Description: M.SC.BLOCKCHAIN&DIST.LEDGER TECH. Wed, 01 Jan 2020 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/73871 2020-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/73833 Title: Understanding smart contracts : an analysis of their nature, effects and enforcement in terms of the Maltese civil code Abstract: Distributed Ledger Technology has generated plenty of excitement for the potential it has to enrich our lives. But it has also brought legal uncertainty as it fits either uneasily with established law or does not fit at all. Even worse is the use of terminology which brings confusion to the debate. One such artefact of DLT is the smart contract, and perhaps nothing else in the field has muddied the waters as much as this term. A 'smart contract' is really a software program that runs on a DLT. But its very designation confuses it with the more traditional legal contract. In consequence, perhaps the most common question that perplexes practitioners today is whether smart contracts can qualify as a valid contract in terms of the Maltese Civil Code. Analysis of the matter indicates that if a smart contract does meet the essential elements prescribed by law, then it can be deemed to qualify as a valid contract in terms of the Maltese Civil Code. However, legislative intervention may be necessary. At the end of the day, the words ‘code is law’ refer more to the way that software executes than a statement of fact about the legal nature of the smart contract. Description: M.SC.BLOCKCHAIN&DIST.LEDGER TECH. Wed, 01 Jan 2020 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/73833 2020-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/73798 Title: Blockchains and the credit underwriting process in the banking sector Abstract: The future banking landscape is being shaped with new business models, rising customers’ expectations and more stringent regulations. In bank lending, the demand to deliver almost instant credit responses while keeping loans quality and compliance will increasingly pressure credit underwriting. In this context, technology will play an important role. Some of them may become central, as is the case of blockchain. This dissertation brings both subjects together. It aims to identify and discuss opportunities to enhance bank’s credit underwriting through the use of blockchain technology. The data for the study was collected from semi-structured interviews conducted with experts in credit and/or blockchain from different countries. The data collected was analysed through Thematic Analysis as per Braun & Clarke (2006). The results show that, according to the study participants, there are opportunities in two areas of the process: compliance and financial risk analysis. By enabling the share of KYC processes and other mandatory checks between financial institutions, blockchain can help credit areas to meet compliance obligations. By promoting the share of customer data and facilitating the access to collateral records, blockchain can improve the financial risk analysis. Consortiums to explore blockchain technology will be a trend and cooperation between banks will pave the way for the future (instead of competition). Challenges and concerns are also raised. For the participants, the settle of some foundational elements will be a critical factor of success. The findings of this study may be of great significance for the Banking Industry since it is the first time the potential of blockchain technology is looked at from the perspective of credit underwriting and opportunities in this field are discussed at the same time. If implemented, such opportunities may bring enormous gains in efficiency and cost savings. Description: M.SC.BLOCKCHAIN&DIST.LEDGER TECH. Wed, 01 Jan 2020 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/73798 2020-01-01T00:00:00Z