Innovations in Property Technology (PropTech) and their Legal Implications – Part 2 


In this second part series of innovations in proptech and their legal implications, we will look closely at the internet of things. What it is, how it is disrupting and powering innovations in the proptech space and of course, its legal implications.

Internet of things popularly referred to as IoT can be described as the network of physical items, or “things,” that are implanted with sensors, software, and other technologies for the purpose of communicating and exchanging data with other devices and systems through the internet. These gadgets include anything from ordinary household objects to high-tech industrial gear.

Internet of things in this context simply put is any device connected to the internet and the technology that makes a building or property smart.

The adoption of the internet of things is definitely a big market for industries that leverages its potential including the property and real estate industry. We have seen the advent of objects, buildings and various properties equipped with chips, sensors, data storage, or software systems which connect them to the internet and facilitate data exchange. The communication between these objects and the internet which is powered by AI and machine learning technology helps increase comfortability, maximise the functions of such objects, reduce energy costs, carbon footprints and offers a host of other benefits. 

The use of IoT in the property and real estate space offers endless possibilities as to what can be achieved in the delivery of property and real estate related services but as its potential is enormous so also are legal considerations that operators must pay attention to.

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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