Digital owners in property law

Abstract

The chapter focuses on how modern technologies challenge the concept of ownership in property law. The authors explore the implications of decentralised ownership models, such as those used by Decentralized Autonomous Organizations (DAOs), and the potential for AI systems to hold property rights. The article provides a detailed analysis of how property law systems might adapt to these emerging challenges. It considers the possibility of AI systems owning property independently, akin to corporations' current activities. The authors also discuss the ethical and practical implications of AI ownership, including the need for legal frameworks to address liability issues and the limitations of AI in comparison to human cognitive and physical abilities. The authors suggest that the legal concept of ownership, particularly in property law, must evolve to accommodate the unique characteristics and capabilities of AI systems and blockchain technologies. This evolution, they argue, is crucial for the law to remain relevant and effective in the 21st century.