Joseph Muscat, the Prime Minister of Malta, announced on Sunday that every rental contract in Malta would be registered on the blockchain. The announcement came during an interview on Radio One.
The prime minister said the reformed rental laws were approved by the cabinet after a long consultation period.
This initiative ensures security, prevents record tampering, and ensures only authorized persons can access the records, said Muscat. Additionally, the distributed ledger prevents the possibility of there being contracts in place for which there is no record.
“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,” he said. “This shows how the digital transformation will affect their lives.”
Malta – also known as “blockchain island” – first made moves into the world of cryptocurrencies in July 2018, when they released a relaxed regulatory framework favorable to distributed ledger technologies. Electronic money, financial instruments, virtual tokens, and virtual financial assets were granted a path to legitimacy. By March of that year, Malta’s lawyers were reportedly tokenizing themselves.
A tolerant regulatory environment, educated workforce, and E.U. membership all contribute to Malta becoming a burgeoning hub of blockchain experimentation.
The government will reveal the full details of the proposed rent reform in the coming days.
Beach house image via Shutterstock