Malta:Property Rental Contracts on Blockchain

Blockchain Island or the island of Malta has announced plans to register all of the country’s real estate leases in the blockchain.

Malta is known as the Blockchain Island .Remember that the AIBC summit is being held in Malta on May 23 and 24, 2018 and brought together around 5,000 delegates, 700 investors, 300 exhibitors and 100 startups for an exceptional exhibition at the St Julian’s Hilton.In 2018, Malta was also one of the first states to have definitively adopted texts, three in this case, focused on cryptoactives. More than that, the government has recently awarded scholarships to 19 young people studying blockchain.

Real estate is one of the sectors that are recently affected by blockchain technology. As an example in June, the Dubai Land Department and the telecommunications company Etisalat have signed a memorandum of understanding regarding blockchain real estate technology for the purpose of implement smart government standards and introduce paperless and digital paperless management contracts for real estate transactions. Now, Real estate in Malta is also in. According to TimesOfMalta, Joseph Muscat, the Prime Minister of Malta said that each lease signed on the country will have to be registered in the blockchain. According to Muscat, blockchain technology will protect contracts and they can not be modified.

Joseph Muscat said:

“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. Such a contract cannot be tampered with and only those authorised will be able to access it. This shows how the digital transformation will affect their lives.”

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