Some of Malta’s largest real estate agents are planning to use a blockchain platform to share data related to the local property market between themselves.
The plan was announced by Ledger Projects, a Maltese company which last year presented a blockchain application for notaries to record promise-of-sale agreements onto as soon as they have been signed. This system allows Maltese notaries to be instantly informed whenever a property has been sold.
This new platform will be an extension of the original product and will be supported by the Exonum platform, built by Bitfury, one of the world’s largest DLT infrastructure providers.
“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 to enable these to pre-empt infrastructural requirements.”
A spokesperson from one of the real estate agencies involved in the discussions said the collection of information will be extremely beneficial to the property industry and to its own business operations.
“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.