HOW BLOCKCHAIN & AI USE IN LAW?

Almost all the sectors whether it’s manufacturing, supply chains, logistics, or law, are trying to find new ways to incorporate artificial intelligence to replace repetitive tasks with automation. While AI has been with many industries for quite a while now, it is still new in law. However, we have seen tremendous applications of it which can benefits clients and lawyers equally.

 

Though the rumors such as AI will steal the work of legal, paralegals, and litigators will always be there, artificial intelligence is actually making their work easier and more smoothing. In this post, I will shed light on how Artificial Intelligence is helping legal professionals in streamlining their tasks and about its other applications in the legal ground as well.

 

Lawyers are employing Artificial Intelligence to perform various kinds of research and due diligence. It is helping them to save their time by avoiding complete and thorough analytics by offering smart insights and shortcuts. Also, many tedious tasks such as long recurring writing sections and other processes can be automated with AI.

 

Due diligence in the world of law is a process to gather background information about a person or a case. Artificial Intelligence can help legal professionals in performing legal research, contract review, and background checks in a snap of fingers. Later, the AI can predict certain things which include but are not limited to the results of a case.

 

Graphical analysis of certain aspects of the cases held in the past such as the history of a judge’s decisions, win & loss rates, public favor, and toughness can be handy for lawyers. And it is easily possible through artificial intelligence once the feeding data is ready. Automation of documents by using templates can further reduce the manual work of lawyers.

 

Blockchain is a universal distribution of data within a specified area. The records maintained in the blockchain stay secure and untouched for as long as they should be thanks to its decentralized approach combined with extreme transparency. Law firms can use blockchain to record events without worrying about security.

 

Today many law firms are not getting enough queries from corporate clients while the competition is increasing day by day. Blockchain can even help them in the same through smart contracts. Smart contracts are nothing but protocols, rules, terms, and conditions, and other agreements that can be automated.

 

Every disruptive technology has its pros and cons. It depends on the person that what he is more interested to see. Many lawyers won’t be happy about the intervention of technology in their conventional work process while there will be quite a few that will welcome advanced technologies such as Artificial Intelligence and blockchain with warm smiles.