In the second part of this series we looked closely at what Internet of things, IoT is and how this technology is disrupting the prop-tech space with innovative solutions. In this section, we would proceed further to look at innovations in prop-tech and legal implications in other areas.
Today we will consider 3 legal implications of the use of IoT in the prop-tech space.
3 Legal Implications Of Using IoT In The Prop-Tech Space
1) Liability – It is obvious that with the adoption of IoT in the delivery of property services, these devices used have become part of the business model and, as such, responsibility sets in. Let’s assume, for instance, an IoT device malfunctions and causes great damage to users. In a case like this, who will be held liable and to what extent will liability be imposed? As property and real estate players leverage these technological innovations, they want to be sure that the terms of usage and liability are clearly spelt out.
2) Security – It is commonplace knowledge that the IoT relies on software for functioning. This fact in itself poses a serious danger and is a cause for alarm as cyber security criminals do not have to hack into a person’s laptop or PC. They can simply hack such people’s IoT devices and compromise their entire network, and once they’re inside one’s network, they have access to all of the person’s devices.
3) Data privacy – The use of IoT obviously thrives on data, which means for these devices to function they need to have accumulated a reasonable amount of a person’s data such as habits, likes, dislikes, etc. Proptech players want to be careful about how they interact with this data and, most importantly, comply with the provisions of the law on data protection.
References
Daniel Stauffer, internet of things and proptech, https://www.unissu.com/proptech-solutions/internet-of-things
Forage, The Internet of Things and the Law: What You Need to Know, https://www.theforage.com/blog/skills/the-internet-of-things-and-the-law
Ashurst,Overcoming the legal and regulatory challenges of PropTech, https://www.ashurst.com/en/news-and-insights/insights/overcoming-the-legal-and-regulatory-challenges-of-proptech/
Oracle, what is IoT?, https://www.oracle.com/internet-of-things/what-is-iot/
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