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Top 5 FAQs on Smart Contracts and Legal AI Services

By George Khoury, Esq. on August 24, 2017 | Last updated on March 21, 2019

Legal software keeps getting better and better. While the fear of being replaced by an artificially intelligent robot looms more closely for some lawyers than others, for the rest of us, the technological advances just make practicing law even better, and easier.

If you've been thinking about using smart contracts, or some other type of legal AI software or service, you probably have a few questions. Below you'll find five of the top frequently asked questions on smart contracts and legal AI software.

1. Will 'Intelligent Contracts' Replace 'Smart Contracts'?

If you don't know the difference between a smart contract, an intelligent contract, and a run of the mill contract, you can start here. These technologically powered contracts provide added security, as well as numerous other features that might make using one of the varieties worth your firm's while.

2. The Limitations of Smart Contracts

With great power comes some limits, right? All the added security you might expect could also render a smart contract vulnerable. The use of blockchain tech for smart contracts could essentially make a contract visible to others on the network. Additionally, as with any new tech, there's always the risk of hacking, but most of all, the difficulty of getting clients and others to go along with using a something new.

3. How Expensive Is AI for Law Firms Really?

When it comes to all those new artificially intelligent services and softwares available to attorneys and law firms, the costs can range from very manageable to astronomical. Depending on your firm's needs and budget, there is likely some AI tool that can help.

4. Will AI Become the Next Spellcheck?

If you find yourself asking Siri, Alexa, or whatever digital assistant is within voice-reach, to set reminders, tell you the weather, or calendar, or take notes for you, then AI may already be like spellcheck for you. As AI starts integrating into all our various devices, such as smart phones, computers, tablets, TVs, and more, it is poised to impact every part of our digital, and, maybe even, real, lives.

5. How Will Blockchain Technology Change the Practice of Law?

From smart contracts, to databases, to help drafting pleadings, blockchain has the potential to really overhaul the practice of law. Though the use of blockchain is still finding its best commercial uses, it has been heralded as a technological revolution.

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