In an interview given to Radio One on Sunday, Prime Minister Joseph Muscat stated that all the rental contracts in Malta will not be registered on blockchain. He said that the cabinet had approved the reformed rental laws after a long period of consultation.
While speaking about this initiative, Muscat said that the Maltese government will be able to show the added value of blockchain technology to its people by applying it to something that they use in their daily lives.
“This shows how the digital transformation will affect their lives,” he added.
Muscat also asserted that introducing blockchain in rental contract registration will ensure prevention of record tampering and improving security because only authorized persons will be able to access the records.
He further added that having distributed ledger will prevent the possibility of any contracts being added for which there are no records available.
The Maltese government has been taking a slew of measures to promote blockchain technology and cryptocurrency. Owing to these steps, the small EU country is now called as ‘blockchain island’ as some of the biggest cryptocurrency leaders including Binance have moved to Malta.
The first step in this direction was taken in July 2018 when the government released a relaxed regulatory framework supporting the blockchain technology in Malta.
Over the last few months, Malta has attracted major players and has also been bringing various reforms to make itself a blockchain friendly nation.