Technology is an ever-moving target. This can create a demanding work environment for law departments and corporate counsel, as every few weeks or months enterprises need to understand and account for new technologies changing the nature of their functions.
However, the benefits are that new opportunities to combine methods or technology occur almost daily. One such combination is so-called narrow artificial intelligence for contract detection and extraction of information held within physical contracts. This is brought together with “smart contracts,” the encoding and execution of contractual data and events on a programmable blockchain. It’s a technology solution that provides a public ledger of all the transactions on a network. A block is the “current” part of a blockchain that records some or all of the recent transactions, and once completed goes into the blockchain as a permanent database.
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