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In Malta, the lease agreement will be concluded using the blockchain

Leases must be registered on the blockchain without fail

the Prime Minister of Malta

Joseph Muscat. In Malta, a new rental law was passed, according to which every real estate rental contract will be mandatory for registration in the new blockchain system.

It also clarifies that the reformed law, after lengthy consultations, was approved by the Cabinet and will be published in the coming days. Then the government will reveal all the details and features of the implementation of the reform.

Such changes are designed to ensure the safety and protection of the rights of both parties to the treaty. In particular, the new law will exclude the option of signing the contract “on the spot” to eliminate possible risks of pressure on one of the parties.

It is claimed that a contract registered using the technology of a distributed ledger will be reliably protected from hacking, and access will be granted only to authorized persons.

There were also revised and amended the laws on construction. Adopted changes will minimize the possibility of avoiding liability. In addition, amendments are planned to the laws regulating the excavation and demolition of buildings.

Joseph Muscat said that people’s safety is fundamental and cannot be compromised, and now the authorities need to find a balance between additional costs and limited resources.

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