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Malta Plans To Register All Rent Agreements On Blockchain
25 June 2019 11:51, UTC
Joseph MUSCAT, the Prime Minister of Malta, announced that every rent agreement in Malta will be registered on the blockchain. The politician noted that the rental law reforms were approved by the Cabinet after a long consultation period.
According to Muscat, this initiative provides security, prevents falsification of records and also provides access to records only to authorized persons. In addition, the distributed ledger excludes the possibility of the appearance of contracts for which no record is made. Prime Minister pointed out the benefits to users:
“We will now be showing people the added value of this technology through applying it to something which they will use in their daily lives. This shows how the digital transformation will affect their lives.”
The Government of Malta will reveal all the details of the proposed reform in the coming days.
The tolerant regulatory environment and attractive conditions for educated talents help to ensure that Malta develops further and becomes the leading centre of experiments with the blockchain.
Image courtesy of Frank Salt Real Estate
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