Some of the leading real estate agents in Malta have announced plans to use a blockchain-based platform to share information and data that related to the local property market.
Ledger Projects is a Maltese company that has also announced an application that will allow notaries to record promise-of-sale agreements on the blockchain, after they have been signed. This platform will allow local notaries to be informed in real-time when a property has been sold, thus removing any possibility of human error.
The new platform will be supported by Exonum and will be built by one of the world’s largest blockchain infrastructure providers, Bitfury.
“Our Distributed Ledger Technology platform will make it possible for stakeholders to have accurate real time information about the industry for the first time ever within a blockchain environment that is secure, distributed and immutable,” Ledger Projects’ directors Anthony Mamo and David Schranz said. “Eventually the data collected within the system may also assist other stakeholders to understand emerging trends and to enable these to pre-empt infrastructural requirements.”
One of the real estate agencies that has signed up to use the new platform believes that the ability to collect and share information will be of great use to the property industry on the island. “The blockchain technology and its applications are moving forward at a fast pace and we are very excited to be getting involved at this early stage,” he said.
As Malta’s property industry continues to boom, it is attracting a lot of international attention and investment. By implementing operational services over blockchain platforms, Malta becomes one of the first countries to do so, thus offering a significant competitive edge. Blockchain has offered many possible use cases to the real estate market – from the use of smart contracts in the purchasing process, to the storing of contracts and deeds in a secure and immutable manner.
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