Malta PM: All rent contracts recorded on blockchain

New laws on rental houses in Malta require all rent contracts to be recorded on a blockchain system. This way the Maltese government wants to ensure security, transparency and safety of these contracts. This was announced by Joseph Muscat, the Prime Minster of Malta, on a radio show on Sunday. It's a first step in the digitization of all government records.

Muscat chose to introduce blockchain technology to rental contracts, because that way the technology is being introduced in the every day lives of entire population. The PM considers it an appropriate starting point for the mass implementation of blockchain technology in the country.

The country announced last month that it would register all companies on the blockchain. Malta's Registry of Companies is currently switching and embracing the new tech.

Malta has labelled itself as 'Blockchain Island'. It's one of the countries that's very open minded towards the introduction of cryptocurrencies and blockchain technology. In Februari Binance announced it would move its operations to Malta. In July last year the country even introduced specific laws for a regulatory framework for the cryptocurrency sector.

Muscat has stated during the 73rd session of the General Assembly of the United Nations that 'crypto is the inevitable future of money'. This underlines how serious the country is with the introduction of blockchain technology. Malta is an island in the Mediterranean Sea between the Italian island of Sicily and the North African coast. It has a population of approximately half a million people.