Buzzwords. They’re very annoying. Mostly because they are used instead of actually explaining a product. Anyone who has been on Twitter in the last six months has already been drowned in talk of blockchain. Before that AI and robots were all going to take our jobs.
The problem is that using these buzzwords is actually damaging perception of legal tech. Lawyers are looking to legal tech to provide solutions. They want due diligence products which reduce time spent sifting through clauses. They want data which helps them build sustainable fee arrangements with clients. What they don’t want is to hear that blockchain will solve all their problems. Because it won’t.
The innovation buzzword quiz
In the interests of helping, we’ve built a quiz. We know, that doesn’t sound all that helpful. However, we put together a list of annoying buzzwords to test your knowledge. For each buzzword, we’ll give you a no bullshit answer. We’ll also give a bit of advice about how to avoid these buzzwords in future. We hope they help!
Listen. We know you've already seen a thousand articles stating that Blockchain will revolutionise everything from the way we practice law to how we will interact with our Government. Whilst this may all come true (we aren't clairvoyant unfortunately), we would like to set the record straight on what Blockchain actually is. Blockchain is in essence a form of decentralised ledger where transactions can be verified by everyone, reducing the chances of fraud. Because it is a peer-to-peer system it allows the transfer of assets without an intermediary. Whatever legal tech blogs would have you think, it is not the messiah (insert Monty Python joke here).
How to combat the bullshit: Is it beneficial to cut out the middleman in this scenario?