Joseph Muscat, the Prime Minister of Malta (photo), announced that every rental contract in Malta will be registered on the blockchain. According to the Maltese PM, rental laws had been reformed and ready now for the shift to blockchain.
Blockchain will ensure security, prevents record tampering in the rental contracts.
“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 Maltese PM said, “This shows how the digital transformation will affect their lives.”
Malta is known as “blockchain island”. The country was the first to move into the world of cryptocurrencies last year, when the Maltese Parliament relaxed regulatory framework favorable to distributed ledger technologies. Electronic money, financial instruments, virtual tokens, and virtual financial assets were made legal. All lawyers in Malta use smart contracts.