Malta to register all rental contracts using blockchain
It is quickly becoming apparent that one of the most secure ways for businesses and government agencies to store data is through blockchain technology. That is what the country of Malta has discovered as well, opting to make it so that all rental contracts must be registered using the technology. This according to a report in Malta Today.
Joseph Muscat, the Prime Minister of Malta, explained on Sunday that the new rental laws have been approved by his cabinet after a long discussion period on how they would implement such laws. The purpose was two-fold: to improve security while also removing the potential for record tampering. The use of this technology would also ensure that only authorized personnel would have access to these rental records.
The use of this technology will ensure that no contracts are initiated without there being a proper 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,” the prime minister explained. “This shows how the digital transformation will affect their lives.”
Malta has quickly become known as “blockchain island” because of how many of the processes on the island are controlled using this form of technology. They have become one of the leaders in cryptocurrency exchanges, primarily because a very relaxed regulatory framework that favors the use of blockchain technology.
The use of blockchain technology has stretched far beyond the financial markets. In February, Malta became the first country to issue all diplomas using this technology. This meant that all education certificates of graduated students would have access by using the technology.
In May, Malta became the first country to have a government agency run exclusively using a blockchain system. The Registry of Companies is now running exclusively through blockchain, which has already greatly reduced the bureaucracy as well as the time needed to access and register company records.
Malta is not the only country seeing the benefits of using blockchain technology in real estate related enterprises. Earlier this month, the Dubai Land Department announced that all real estate transactions would be recorded and accessed using the technology. This came about through a partnership with Etisalat. The Enterprise Ethereum Alliance has also been implementing the use of this technology in the real estate industry.
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