Inside Malta’s Plans of Leveraging Blockchain Technology to Record Rental Contracts

At this moment in time, there are several countries that can be referred to as fully supportive of cryptocurrencies and blockchain technology. One of these nations is the small island of Malta, which amongst the digital currency market, is better known as the crypto island.

Now, recent reports indicate that Malta is stepping up its game, as it prepares to introduce a blockchain-based rent registration system. As such, the announcement was made by Joseph Muscat, the Maltese Prime Minister. As part of his press statement, Joseph mentioned that all rental contracts for properties will have to be registered on the distributed ledger system.

The new law was reportedly debated for a while, and the main argument backing it up is that no contract should exist without public record, especially in the property rental market. There are also several benefits associated with this system. A blockchain-based storage ensures that contracts are protected from tamper attempts, thus enhancing their security.  The second argument in favour of the new DLT law is: “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.”

According to the Prime Minister, the full details of this law will be released in the next couple of days. This is yet another project that strengthens Malta’s blockchain and crypto implementations. To put things into perspective, the country has one of the world’s best regulatory frameworks for cryptocurrencies and blockchain technology. As such, fintech instruments, alongside digital currencies, blockchain technology, and other forms of digital money are all usable and legitimate within the region. The rising number of niche market companies has transformed the island into a true crypto hub.

There are also several reports outlining that the Maltese government is happy to incentivise worthy blockchain projects, thus making it the perfect region to register blockchain and crypto-related start-ups and other business ventures.

If the rental blockchain law proves implementable and successful, chances are that the country will continue to introduce blockchain-based projects in the future as well, thus increasing adoption rates and overall usability of the technology.