Lease contracts to be registered on the blockchain, says Malta’s Prime Minister

malta blockchain lease contracts

All leases signed in Malta must be registered on the blockchain, according to Malta’s Prime Minister. The ruling is based on recently adopted bills. Joseph Muscat mentions these two goals.

‘For safety’

The most important argument mentioned by Muscat is about safety, we read on Malta Today . “By registering the contracts using distributed ledger technologies, they are protected against tampering. Only authorized parties have access to the contracts, ” says Muscat.

That reasoning was apparently convincing, because it led to a law in Malta. “Every lease in Malta must be registered. The system we use for this is based on blockchain technology,” says Muscat. All details about the law reform will be announced in the coming days. Incidentally, a “long consultation period” has passed before that new law was on the table.

Usefulness of blockchain technology?

The second aim of the new measure is to make the usefulness of blockchain technology visible. “We are going to show people what the added value is of this technology. By applying it to something that they use in their daily lives, “says Muscat.

The Maltese Prime Minister spoke about this during the Sunday morning show of radio station One Radio. “With this we will demonstrate the effect of the ‘digital transformation’ on daily life,” he adds.

In the reporting, the safety of blockchain technology is portrayed as an accomplished fact. In this way, the image that blockchain is safe by definition is further strengthened, while that is very debatable. Moreover, it is unclear how this form of storage is actually noticeable in practice in the daily life of the Maltese. There are no details about the registration system, so substantive comments on it are currently impossible.

This new development appears to be part of the strategy to further establish Malta as ‘Blockchain Island’. A similar development emerged in February in the context of diplomas and academic titles.

 

About Shawn Morrison 255 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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