Malta Island To Store Rent Contracts On The Blockchain

Malta Island and its Prime Minister Joseph Muscat announced that the country will update the rent law and will require all rent contracts to be registered on the blockchain. Let’s find out more about it in the latest cryptocurrency news.

According to Malta Today reports, Muscat noted:

 “Every rent contract in Malta will be registered. The system we will be using to register the contracts is blockchain – distributed ledger technology.”

According to Muscat, this new update will protect the tenants and their agreements from being tampered with. He also hinted that the island nation with more than half a million people will achieve this with the help of a permissioned blockchain:

 “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.”

The rent law reforms got the approval from the cabinet after a long consultation period. They are also expected to reveal in the coming days since the reforms on the rent laws are similar to those revisions with the construction laws. This was necessary because of the major construction boom in on the Malta Island and mainly because the situation was remarked by the increasing number of accidents and death cases on construction sites. With the help of Muscat, Malta took in great efforts to become the leader in ledger technology hub. Malta has also been investing in the human resources pool mainly for people who are qualified with the knowledge of blockchain technology.

As reported in the coming altcoin news, Malta’s Parliamentary Secretariat for Digital Economy granted the first blockchain and distributed technology scholarships to 19 students. While with the scholarship grants, the parliamentary secretary for financial services, digital economy, and innovation Silvio Schembri noted that the move would help in preparing the future generations for the future industries. Last September, Malta launched a blockchain scholarship fund worth $342,000.

The pro-blockchain and cryptocurrency nature of on Malta Island managed to attract many big name companies in the country.
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This includes crypto exchanges such as Binance which was based in Hong Kong after seeking friendlier jurisdiction months after it formed.