In a recent interview on radio-one by the Maltese Prime Minister – Joseph Muscat said that the archipelago dominated country has plans to use smart contracts to initiate and register all rental payments. He went on further to add that by means of a distributed hyperledger, all rental remittance in the country would be registered unto the blockchain. He stated:
“Every rent contract in Malta will be registered. The system we will be using to register the contracts is blockchain – distributed ledger technology.”
Prior to this crypto venture, Maltese company E&S group had announced in March 2018, that it would become the first corporate and legal advisory firm in the world to tokenize its services.
The Prime Minister pointed out that the country has been subject to newly reformed laws. And that the reconstituted laws underwent an elongated period of examination before been approved by the cabinet.
Renowned for its commitment towards building and supporting the crypto ecosystem, Malta engages in a blockchain enterprise to ensure security and prevent record altering by any of the parties involved in the consensus agreement or third-party agents. Joseph Muscat cites the necessity of embedding these rental contracts unto an underlying blockchain technology stating:
“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 authorized will be able to access it.”
These apartment leasing contract agreement would be cataloged onto a transparent and immutable distributed ledger system. however, access to it is only granted to authorized personnel – Muscat affirms.
Malta as Safe Haven for Crypto and Blockchain
Malta has recently been referred to as a safe haven for cryptocurrency and blockchain technology. Following the release of the nation’s publication of a spontaneous regulatory framework specifically benign to distributed ledger technologies in July 2018, the country rightfully received its nametag – “blockchain island”.
By its nature of being of E.U. membership, alongside a flexible regulatory atmosphere, Malta is well on its way to becoming a burgeoning hub of blockchain experimentation. Granting all this merely a press hint, the government of Malta is set to make a detailed publication of the proposed rent reform in the near future.