Must Read: If you’re especially interested in blockchain or just want to learn what it’s all about, read this fresh report from McKinsey & Co.: Blockchain beyond the hype: What is the strategic business value? (The interactive infographics are outstanding.) “Blockchain was a priority topic at Davos; a World Economic Forum survey suggested that 10 percent of global GDP will be stored on blockchain by 2027. Multiple governments have published reports on the potential implications of blockchain, and the past two years alone have seen more than half a million new publications on and 3.7 million Google search results for blockchain.” “Despite the hype, blockchain is still an immature technology, with a market that is still nascent and a clear recipe for success that has not yet emerged.” Some very interesting and practical insights and applications are discussed. Applications in 14 specific industries are discussed — not legal.
- Speaking of McKinsey, this story describes the Houston Astros amazing rise from profoundly terrible to World Series champs under general manager Jeff Luhnow, formerly a management consultant for McKinsey (who surrounded himself with other nerds). “‘How do you combine soft information with hard information in a way that allows you to make the best decisions?’ asked Luhnow in 2014.” It’s an interesting story of how combining big data analytics with “gut feeling” may still be the best solution — for now. “In an era in which we are deluged by data, with the specter of job-killing artificial intelligence looming on the horizon, success isn’t a matter of man or machine, but of man plus machine. As long as man remains in charge.”
- Back to blockchain: “The Association of Legal Administrators is the first membership association to become part of the Global Legal Blockchain Consortium (GLBC), joining more than 30 large companies, law firms, software companies and universities. The GLBC exists to develop standards that govern the use of blockchain technology in the business of law.” Details here.
- And more blockchain, this time a two-part post regarding cryptocurrencies from Barnes & Thornburg’s Trace Schmeltz (here and here). Cryptocurrencies — An Overview of the Legal Landscape, The Risks of Investing, and the Future of the Markets. It’s a good explanation of this aspect of blockchain with an explanation of the risks in trading and potential future.
- From Kennedys: Why being app-athetic is bad for law firms. “One simple yet undeniably persuasive argument for law firms to cultivate legal technology is that their clients want them to.”
- I expect good things from Bob Ambrogi’s new podcast, “LawNext.” He’s off to a good start with this interview of Nicole Bradick.
- A couple of years ago I would have been surprised to see stories regarding AI and pot. But this morning, “Global Cannabis Applications Corp. is a global leader in designing, developing, marketing and acquiring innovative data technologies for the cannabis industry. The Citizen Green platform is the world’s first end-to-end – from patient to regulator – medical cannabis data solution. It uses six core technologies: mobile applications, artificial intelligence, regtech, smart databases, blockchain and digital reward tokens, to qualify candidates for clinical studies.”
- From Artificial Lawyer:
– Meet Sibyl AI – The New Claims Prediction System.
– US Survey Finds Big Legal Tech Knowledge Gap Among Lawyers. (I could not find the survey methodology, so caveat emptor.)
– Brummie Legal Automation Co. Clarilis Bags $4m Investment.
– Casetext and the Need for Legal AI for ‘Small Law’. “…(S)mall firms have a double whammy of a challenge: they lack the financial resources to invest in AI research suites and they lack the additional staff resources to do that research work manually.”
- Here’s some noteworthy AI-related news from the world’s biggest tech companies:
– Apple bigwigs Tom Gruber and Vipul Ved Prakash call it quits amid Siri reshuffle. (Dear Lord, I hope this means Siri with catch up to Google Assistant, or at least Alexa.)
– “(IBM) … reported second-quarter profit and revenue that topped analysts’ expectations as it benefited from growth in higher-margin businesses including cybersecurity and cloud computing.” “…IBM has been focusing on an array of new technologies ranging from artificial intelligence to cloud computing as it tries to offset weakness in its legacy business of selling hardware and software.” And this story: Is Watson enough to carry IBM?
– Microsoft Will Build AI Into Everything, Says CEO Satya Nadella. “It’s going to have perception capability, language capability and autonomy that’s going to be built into the applications going forward.” Details here.
– Intel Partners with Forbes to deliver an all-new Digital Publication called ‘Forbes AI’. “You know that times are changing when Intel, who just turned 50 yesterday, is pushing hard into Artificial Intelligence. Last month during Computex, Intel’s keynote included a segment on AI for PC’s developer program as illustrated in an Intel slide below.” More here and here.