Malta to Register All Property Rental Contracts on Blockchain
In Malta, new rules will require that all property rental contracts be registered on blockchain for security considerations.
Malta’s Prime Minister, Joseph Muscat said that the cabinet approved new regulations, which will be announced over the coming days, that require rent contracts be registered on a blockchain to protect them from tampering and ensure authorized access. Muscat 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. Such a contract cannot be tampered with and only those authorised will be able to access it. This shows how the digital transformation will affect their lives.”
Malta has established itself as a blockchain and digital currency-friendly country, and has become known as a “blockchain island.” In February, the Malta Financial Services Authority issued a consultation on cybersecurity, suggesting that the agency’s cybersecurity system should comply with international standards, including guidelines by the European Banking Authority.
Integration of blockchain technology into real estate-related processes has been gaining traction in recent months. Earlier in June, the Dubai Land Department and telecoms firm Etisalat signed a memorandum of understanding concerning real estate blockchain tech. Both parties aim to implement smart government standards and introduce paperless management and digital contracts for property transactions.
Last month, the Enterprise Ethereum Alliance (EEA) detailed several blockchain use cases relevant to the real estate industry in a report shared with Cointelegraph. The EEA believes that blockchain has the potential to shorten the process of recording and transferring properties while increasing transparency and making land registries trustless, among other issues.