Blockchain Island Malta to Put All Rental Contracts on the Blockchain

Malta

Malta has welcomed cryptocurrency with open arms for the last two years—so much so, that several major crypto-related operations have set up shop there. In a bid to become the world’s greatest blockchain island, the company has brought major Asian exchanges Binance and OKEx, as well as Indian exchange Zebpay to its shores.

Now, the jurisdiction is once again putting blockchain technology to good use and embracing it wholly. The Prime Minister, Joseph Muscat, announced yesterday evening that every rental contract in Malta would be registered on the blockchain.

Rental Contracts on the Blockchain

The decision aligns with reformed rental laws that were finally approved by the cabinet after much deliberating.

According to Muscat, putting all rental contracts on the blockchain assures security and prevents tampering. Additionally, the distributed ledger prevents the possibility of there being contracts in place for which there is no record. Muscat has advocated for blockchain technology before, once calling cryptocurrency the “inevitable future of money.”

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He furthers:

“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 full details of the proposed rent reform are expected in the coming days.

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Blockchain Island

Malta has garnered the name “blockchain island.” The reason is that it is a favorable jurisdiction for crypto business due to transparent and fair regulations. By positioning itself as a crypto hub, Malta hopes to enhance its economy and infrastructure by bringing in crypto-related business.

The move into the world of cryptocurrencies first came in July 2018, when the country released a relaxed regulatory framework that was favorable to distributed ledger technologies. Malta offers a tolerant regulatory environment, a burgeoning enthusiastic workforce, and EU membership with easy portals across Europe.

What are your thoughts on putting rental contracts on the blockchain?

Featured Image: DepositPhotos © blunker

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