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Category: blockchain

Russia’s largest bank replaces 3000 employees with virtual lawyers

Virtual lawyers: Smart contract and blockchains put many professions at risk, not only among low-income earners.

More and more companies are beginning to use artificial intelligence for routine tasks. Virtual lawyers are intended to make legal systems more cost-efficient. But these developments come at a price.

Bitcoin trader against machine

Sberbank, Russia’s largest bank, has announced that it will use a virtual lawyer to handle Bitcoin trader complaints. However, this innovation will mean dismissal for about 3000 Bitcoin trader. Sberbank Deputy Chairman Vadim Kulik said that the “Robot Lawyer” was launched at the end of 2016 and is scheduled for completion in early 2017.

“This virtual assistant freed 3000 experts from this work. And we want to use these assistants in even larger contexts.”

According to Kulik, this innovation frees specialists from routine tasks. In the future, all legal documentation will be automated, so that lawyers will only have to deal with serious legal procedures.

The employees who have carried out these routine activities so far should have the opportunity to further their education through special training courses. In this context, Kulik would like to investigate where these specialists can be deployed meaningfully in the future.

Crypto trader lawyers: from parking tickets to bankruptcy proceedings

The AI software could soon be something quite normal. In the end, it has already begun. It wasn’t long ago that ROSS Intelligence installed its crypto trader software in various law firms (such as BakerHostetler) across the United States. ROSS uses the computing power of the IBM Watson supercomputer to handle complex bankruptcies and large amounts of crypto trader data.

Another example is DoNotPay: as early as 20105, Joshua Browder wrote a chatbot that she believes allows users to automatically object to unjustified parking tickets.

Unfortunately, some people will lose their jobs due to this technology. From a business perspective, however, the benefits outweigh the benefits for both the business itself and its customers. In the US, 80 percent who need a lawyer cannot afford one. With programs like ROSS, law firms can charge significantly lower fees.

For traditional law firms it will be tight
In general, artificial intelligence could become a big thing for the judiciary. Programs like ROSS or DoNotPay are adaptive, so they can handle more complex cases over time. The more cases the software has to handle, the more errors it can correct, so that at some point it could work better than large teams of experts.

It will take a long time to convince courts and lawyers of the benefits. However, much of the day-to-day legal business has already been automated and optimized: Document review, legal research and drafting of legal texts are increasingly supported by software. This trend will continue with artificial intelligence.

And the blockchain? Also this plays a role here. Especially when we think of Smart Contracts – contracts that execute themselves without legal scholars – this role becomes clear. Added to this is the decentralized storage of those smart contracts, whereby they can be stored unalterably, transparently and automatically in a controlled manner.

The double combination of blockchain and AI can also completely push many specialists out of the competition, as the need for trustworthy middlemen disappears and is replaced by open, transparent and direct interaction.

Those companies and institutions that welcome the current technological revolution will be rewarded with a major competitive advantage in the future. Accordingly, more and more companies will combine existing expertise with emerging technologies to get the most out of disruptive trends. But how do you take care of those who will be replaced by the new technology?