Student at Adv. Balasaheb Apte College of Law, India
With the ever-changing and evolving tech world, Blockchain-enabled Smart Contracts are making breakthroughs daily. DLT are essentially “trust-less” and has demonstrated the potential for transforming the existing systems. Important problems regarding its validity and legality are still unsolved, hindering its progress. The reason ascribed to these complexities is the reluctance of the legal regime to regulate and transcend the limits of the conventional Contracts. Thus, it is essential to understand the technologies tremendous potential and its functions from a legal perspective, further, only an effective regulation can boost its adoption. Smart contracts provide a promising solution to the current real estate industry that is plagued with problems. Its implementation requires certain regulatory amendments to conform to the current laws. This article thus discusses the potential use and limitations of smart contracts in the real estate sector and suggests that the adoption of this technology does not wither away the intermediaries and causes minimum disruption to the existing traditional system.
International Journal of Legal Science and Innovation, Volume 3, Issue 5, Page 320 - 325DOI: https://doij.org/10.10000/IJLSI.111106
This is an Open Access article, distributed under the terms of the Creative Commons Attribution -NonCommercial 4.0 International (CC BY-NC 4.0) (https://creativecommons.org/licenses/by-nc/4.0/), which permits remixing, adapting, and building upon the work for non-commercial use, provided the original work is properly cited.
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