Tech Innovations In Property Technology is taking over the Real Estate industry today. We thus must examine the legal implications that this brings.
Before we proceed to look at a few things around the legal implications of tech innovations in property technology, we would explain what the term Prop-tech means.
What Is Prop-Tech?
Prop-tech is an umbrella term for start-ups offering tech enabled innovative products and new business models for the real estate market. Fully pronounced, it is called Property Technology.
Artificial intelligence, blockchain, crowdfunding, and big data have impacted the industry and are still shaping the narrative of real estate and property acquisition with the ground breaking possibilities they offer.
These innovations have dramatically disrupted business models and the real estate industry as we used to know it. Today we will attempt to understand artificial intelligence (AI), how it has impacted the industry and its legal implications.
How AI Has Impacted The Prop-Tech Industry & Legal Implications
Artificial intelligence is the replication of human intelligence in devices that have been designed to behave and think like humans. AI also refers to any computer that demonstrates characteristics of the human intellect, like learning and problem-solving.
This innovation has had a huge impact on the real estate sector and still promises huge potential. This technology is already being used to develop smarter buildings, new property management solutions, deeper data analytics, and more intelligent search platforms.
These possibilities present a wide range of ethical, legal, and regulatory challenges. Legal questions have sprung up, such as; who legally owns the intellectual property rights for something created by AI? Who is at fault if AI systems fail or cause damage? Who will be held responsible with regard to liability for the results of AI decision making and reasoning?
All these and more are some of the implications of the adoption of artificial intelligence as a disruptive technology in the property tech space.
It is important that, as industry players in this space seek to digitise their offerings with technological innovations like AI, they consider the legal implications of every step and come up with suitable solutions that will cater for any foreseeable and unforeseeable dispute.
References
Jake Frankenfield, Artificial Intelligence (A.I.) https://www.investopedia.com/terms/a/artificial-intelligence-ai.asp
CMS Legal, The ABC of PropTech, https://cms.law/en/gbr/global-reach/europe/united-kingdom/expertise/real-estate/proptech
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