Featured in Fintechview: PropTech - Real Estate Reimagined, Smart Contracts & Digital Transactions

We're pleased to share that our Partner, Klitos Platis, was recently featured in a Q&A session with Fintechview magazine. He delved into the role of smart contracts, the digital transformation of real estate, and the positive impacts of these changes.

The article can be found here.

Key highlights:

Blockchain & Smart Contracts: Klitos breaks down the basics of blockchain, emphasizing its decentralized and secure nature. He explains that while smart contracts often utilise blockchain, they are distinct tools. Smart contracts are self-executing agreements, eliminating the need for third-party verification.

Legal Status in Cyprus: Cyprus currently lacks specific laws for smart contracts. However, the Distributed Ledger Technology Law Bill of 2021 might pave the way. Klitos sheds light on how Cypriot courts could view smart contracts, stressing that they might be deemed valid if they adhere to traditional contract principles.

Real Estate Impacts: The adoption of blockchain and smart contracts could herald significant changes for real estate. These range from streamlined property transactions and the potential use of cryptocurrencies to tokenization of properties. But the full implementation will require alignment with institutions like the Land Registry.

Concerns and Considerations: A shift to blockchain can introduce multiple challenges, from code liability to GDPR compliance. Moreover, the fixed nature of blockchain may clash with the unpredictable realm of real estate, where last-minute changes are frequent.

Presentation in Court: If disputes arise, presenting blockchain-based contracts in court may necessitate the expertise of digital forensics to ensure the data's authenticity and integrity.

Klitos concludes that while Proptech offers promising solutions, it's essential to approach its adoption carefully, keeping legal and practical challenges in mind.