Malta will use the Blockchain for real estate rental contracts

Malta will use Blockchain for real estate rental contracts - Valletta

As is now known, Malta has long since decided to turn into a sort of hub for digital assets. A proposal that has been followed with great force, step by step, which has prompted many analysts to define the country as one and which is now confirmed by the decision of register all real estate rental contracts on a blockchain, with the specific intent to guarantee additional security to the system.
The announcement was made Malta Today, last 23 June, citing the words spoken by Javier Muscat, the island's Premier, according to whom a move of this kind would be able to guarantee the contracts from possible tampering.

The Blockchain island

As we have already mentioned, Malta has decided long ago to opening up more and more to the digital economy, recognizing in the same the possibility of guaranteeing a series of services such as to prove an added value for a whole series of transactions.
Moreover, the island's activism has been confirmed internationally, through the signing of one joint declaration with other 6 countries in the area (Italy, France, Spain, Portugal, Cyprus and Greece), in which it was made known in particular the common intention to promote the use of Distributed Ledger Technology (DLT) in the region.
It should be emphasized that the possible beneficiaries of this orientation would be a long series of sectors, including transport, education, health and mobility. An incomplete list, in the light of the many applications that have seen the Blockchain as a protagonist over the last few months, for example in fashion or large-scale distribution.

Blockchain and real estate

Among the many sectors that could benefit from a prudent use of the Blockchain, not only in Malta, it should also be remembered real estate. At the beginning of the month, the Dubai Territory Department and the telecommunications company Etisalat have created a memorandum of understanding which provides for the use of this technology in the real estate sector. The object of the agreement is in particular an implementation of government standards such as to finally make it possible to completely manage it paperless and the use of digital contracts in contracts involving real estate.
In May, however, it was theEnterprise Ethereum Alliance (EEA), in a report published in collaboration with Cointelegraph, to indicate a series of cases in which the use of Blockchain technology could prove extremely advantageous for the real estate sector. In particular, the EEA has no qualms about affirming how it is could appreciably simplify the process of registration and transfer of ownership, with a double result: exponentially increase the transparency of the sector and allow the creation of effectively trustless land registers, that is able to push two people who do not know each other to trust each other. without the control of a central authority, but relying on the use of mathematical rules and cryptographic algorithms, as well as on the application of aspects related to game theory.