- Some recent posts report some variation of: “Legal Industry in Last Place in AI, Machine Learning Adoption, According to RELX Survey“. I can’t find the study’s detailed results or methodology, but from what I see best case accuracy is +/-8%, so all 6 industries are probably in a statistical tie. Here’s an example of such reporting. Let the reader beware.
- Yanbin Xu of Finnegan posted: Strategies For Blockchain Patent Applications. (I’d say more, but the article is only available in Chinese.)
- Yalonda T. Howze of Mintz posted (in English!): Strategies To Unlock AI’s Potential In Health Care, Part 5: Product Liability Prevention For AI Product Designers—And Their Lawyers. “From my experience in working with outside counsel, in-house counsel, designers and engineers, it has become apparent that safer product design and the minimization of product liability exposure in the AI space requires a collaborative, systematic and iterative protocol. Ultimately, this approach helps to better protect the user, the brand, and the company.”
- Yesterday I had a post from Wales, so today, here’s one from Scotland: In 2050: Education – Equipping Our Learners For The Future, from Neil Maclean of Shepherd and Wedderburn. “As part of Shepherd and Wedderburn’s 250th anniversary, we commissioned the Fraser of Allander Institute to undertake a research project to identify how Scotland might best position itself for the future. The initial scene-setter report can be found here.”
- This is a very deep dive by Fichte & Co.: Demystifying the Financial Regulatory Landscape in the UAE. “The areas that Fintech Hive encourages include big data analytics & protective modeling, robo advisors, biometric & digital identification, the blockchain, P2P & crowdfunding, cybersecurity, artificial intelligence & machine learning, InsurTech, Islamic fintech and RegTech.”
- Meanwhile in India: Redesign ICAI (Institute of Chartered Accountants of India) For The Contemporary World. “PwC and Deloitte are respectively the sixth and seventh largest legal services providers in the world. Accounting firms have an edge in using artificial intelligence and machine learning. The committee’s proposal to allow MDPs will enable audit firms to provide integrated services. Safeguards are necessary to maintain independence.”
- Marine Giral and Herbert Smith’s Shaun McVicar penned: The blockchain revolution and what it means for pharma. “With the development of data driven artificial intelligence, increasingly complex decision could be automated, and implemented without delay. Blockchain transactions are immutable, which makes it virtually impossible to alter or selectively report clinical trial results and could ensure greater transparency and trust in reported outcomes.” There’s quite a lot about blockchain in the article.
- Orrick’s Daniel Nathan and Jorge Pesok posted: A Foreboding View of Smart Contract Developer Liability. “On October 16, 2018, Commissioner Brian Quintenz of the Commodity Futures Trading Commission explained his belief that smart contract developers can be held liable for aiding and abetting CFTC rule violations if it was reasonably foreseeable that U.S. persons could use the smart contract they created to violate CFTC rules.” ” In his speech, Commissioner Quintenz provided valuable insight into how one regulator is thinking about applying existing laws to this new market.”
- From the ‘Who’d a Thunk It’ department, Bob Ambrogi went to Moscow and discovered legal tech startups! Dispatch From Russia: Legal Tech Startups Emerge, But Adoption Lags. “Cyrillic doesn’t do AI any favors.” That’s just one footnote to Bob’s very interesting story here.
- For this small, informal survey from the UK, “Jomati interviewed 29 innovation heads from 24 practices and ‘explored the innovation and legal tech strategies of dozens more law firms’.” “While some pioneering law firms had decided firmly, for instance, on adopting artificial intelligence (AI) technology, others were waiting until its cost advantages over outsourcing were more certain before taking the plunge.”
- The Baker McKenzie report Ghosts in the Machine: Revisited I reported last week is getting quite a few mentions in legal and financial publications. Here’s an example. And here.
- From Artificial Lawyer: Baker McKenzie Formally Partners with Avvoka Contract Automation Platform. “For a detailed feature on Avvoka and what it does, check out the link to the Artificial Lawyer feature here. Or check out the listing in the AL 100 legal tech directory.”
- A couple of months ago, Artificial Lawyer covered the blockchain-based contract software by Chainlink. Now even the MIT Technology Review is taking notice: Blockchain smart contracts are finally good for something in the real world. “A startup says it has tackled a long-standing problem that has kept smart contracts from responding to actual events.” “Using cryptography, the Chainlink service provides proof on the blockchain that the data is in fact the information it committed to delivering. Customers can pay for different levels of decentralization, and the nodes can make money in return for submitting data. Nazarov says the combination of Chainlink’s software with the Town Crier hardware system is the first ‘provably secure, decentralized oracle network.'” Story here.
- This is pretty cool: “The Open Data Institute (ODI), co-founded by the inventor of the web Sir Tim Berners-Lee, is to launch two of the first ever government-backed Data Trusts in the world, with the purpose of training AI systems underpinned by a specific legal structure.” “Data Trusts, which are legally constructed entities, are seen as the answer and help form a regulated bridge between the collected data and the AI companies (or other tech companies such as smart contract developers), while retaining public trust.” More from Artificial Lawyer here.
- Also from the UK via Computer Weekly: Putting the UK at the forefront of ethics and innovation in AI and data. “Stellar British firms are using artificial intelligence (AI) to help defend against cyber attacks and law firms are adopting the technology to help lawyers do legal searches and draft documentation. But we know the huge rise in the use of data-driven technology must be backed up by a strong ethical framework so it delivers the best for people.” This piece is by Jeremy Wright, Secretary of State for Digital, Culture, Media and Sport (aka, “Culture Secretary”).
- Several firms have posted in the past couple of weeks about moves by various US Government agencies and departments to regulate or at least study AI and related topics. Here’s a sampling:
– From Goodwin: U.S. Government to Define ‘Emerging Technologies’, impacting CFIUS and Export Controls.
– From Sheppard Mullin: The Little Regulation That Will Make a Big Change in How You Do Business: Department of Commerce to Establish New Export Controls on Emerging Technologies.
– From Dechert: New Government Regulation of Emerging Technology.
– From Skadden: US Department of Commerce Solicits Comments Regarding Emerging Technologies That Are Essential to US National Security.
– From Latham: Deep Dive on Deep Learning: FTC Considers Artificial Intelligence.
– From DLA Piper: A New Chapter in Stress Testing. “While noting that emerging artificial intelligence technologies offer many actual and potential beneficial applications for banking, Fed Board Governor Lael Brainard said that financial services ‘firms should be continually vigilant for new issues in the rapidly evolving area of AI.'”
– From Davis Polk: Newsflash: FTC Hearings 5, 6 and 7 on Competition and Consumer Protection in the 21st Century.
– From Holland & Knight: FTC Kicks Off New Consumer Protection Hearings: Focuses On The Use Of Big Data And Artificial Intelligence.
– From Squire Patton Boggs: Digital Health Update: Recent FDA Cyber Initiatives.
– From Cadwalader: FDIC Chair McWilliams Urges More Collaboration On FinTech.