Blockchain

Malta’s Registry of Companies to implement blockchain-based system

The Malta Registry of Companies, which is responsible for keeping a record of the registered information and documentation on new and existing companies, will be the first public agency in the world to run on a blockchain-based system. The implementation of blockchain inside the Registry is part of a strategy aiming at streamlining procedures and remove unnecessary bureaucratic burdens, which will allow the Registry to start offering new services that, with the present system, cannot be provided.

The Registry of Companies became an independent body at the end of last year, when it demerged from the Malta Financial and Services Authority. During the same period, Malta released a declaration in collaboration with seven of the European Union member states, which encourages the deployment of distributed ledger technology (DLT) in several areas, including shipping and customs.