Machine-Learning, Blockchain and the Upcoming Revolution in Legal Services
Two innovations are about to transform the legal services sector. One - machine learning, or artificial intelligence - is already a reality for City firms and general counsel with its ability to slash the time needed for document-intensive work such as due diligence and discovery.
The second, blockchain, is being applied more tentatively is but potentially more far-reaching. Blockchain encryption technology can render any kind of document tamper-proof and non-repudiable document; as asset registers and contracts as well as virtual currencies. It is also opens the way to ‘smart’ self executing contracts.
Together, the technologies will have transformative impact. This will include the displacement of one in five lawyer jobs within a generation, according to the Law Society of England and Wales. Other forecasters say the impact will be greater. The Government’s chief scientific adviser predicts the biggest change in UK law since the Norman Conquest.