Malta's Digital Transformation: Property Rental Contracts Will Be Registered on Blockchain in Malta

Malta has reigned as the most innovative country in the world, when it comes to blockchain technology. Considering how much real estate has risen in popularity as a use case for the fintech, Malta’s decision to impose regulations for this sector should come as no surprise. Official regulations will not be announced for several days.

  • Malta will be imposing regulations that put real estate transactions on the blockchain.
  • The governments goal is to create trustless ledgers for rentals and other forms of real estate.

Malta has worked hard to become an epicenter of the cryptocurrency and blockchain industry. In news released by Malta Today on June 23rd, there are new rules being imposed that will require property rental contracts to be registered on the blockchain, which will be primarily due to security concerns.

The prime minister of Malta, Joseph Muscat, stated that new regulations were approved by the cabinet, though these regulations will not be announced for several days. However, the regulations require that all rent contracts be registered on the blockchain, which will ensure that the contracts will not be tampered with and that only authorized users can access it.

Muscat further explained that the intention of the government is to continue showing how blockchain technology can be used, applying it into something that consumers regularly are involved with. He continues, saying,

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

Last year, Malta became known as “blockchain island.” In February, a consultation on cybersecurity was issued by the Malta Financial Services Authority, which suggested that compliance with international standards by the cybersecurity system of the agency.

Adding blockchain technology to these types of real estate has been increasing in popularity lastly throughout the world. In June, Etisalat got involved with real estate blockchain technology through a memorandum of understanding. Etisalat is the Dubai Land Department and telecoms firm. Both parties decided to try to execute standards for the government, creating property transactions with the use of paperless management and digital contracts.

The Enterprise Ethereum Alliance (EEA) discussed multiple blockchain use cases last month, as they pertain to the real estate industry. The EEA says that the use of blockchain in real estate transactions can reduce the amount of time it takes to record and transfer properties, while simultaneously improving transparency and developing trustless land registries.

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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