Prime Minister of Malta: “Every Rental Contract to be Registered on Blockchain” for Public Services

Malta is one of the friendliest jurisdictions towards the cryptocurrency industry following massive development in the regulatory structure in the country. The push towards a more digitized economy and financial system is on ravage mode given the latest statement from the Prime Minister of Malta, Joseph Muscat. The top official announced on Sunday that the country will implement blockchain technology in rental contracts.

Speaking on radio on the matter of rental contracts security, Muscat said,

“Every rental contact will be registered. The system we will be using to register the contracts is blockchain – distributed ledger technology.”

Blockchain Brings Digital Transformation In Malta

The past year has seen major developments and implementation of blockchain technology across the world. Blockchain systems are widely used to solve a number of problems regarding efficiency, cost and security of transactions on digital systems. The systems are built on a distributed protocol hence making the platform immutable to changes without the participation of a number of parties.

The proposal on implementing blockchain to rental contracts is currently in its last stages in parliament. Unlike other lawmakers across the world who have shown skepticism and doubt on benefits of blockchain, reports from Malta say that the Maltese lawmakers are backing the bill. Additionally, the construction and building community have also been offered an opportunity to make amendments to the bill before it passes.

The implementation of blockchain is mainly targeting tax evaders and ensuring the security of public records. Despite the system implementation enhancing the efficiency of recording rental contracts, not all will be on board to which the PM said,

“Those against will probably be so because they will have more responsibility to deal with this.”

The Value of Blockchain Implementation in Rental Contracts

Muscat said the implementation of blockchain aims to improve the security of rental contracts. Furthermore, the PM believes this move will allow users to realize the added value of blockchains as they interact with the system in their daily lives. He 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.”

He further touched on the security benefits derived by blockchains given its decentralized protocol and immutable status 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”

Malta has been home to a number of cryptocurrency and blockchain projects with Binance cryptocurrency exchange being the cream of the cake. This has seen the country grow into a digital, fintech hub hence attracting financial growth and innovation. The implementation of blockchain to public services will not only promote financial innovation but further better the socio-economic conditions of citizens.

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