by: Kim Taylor, CEO
Legaltech New York 2020 has come and gone, and I am always grateful for the opportunity to mingle with industry peers, meet up with old friends, and make new ones. With such a wealth of industry knowledge from all over the globe in one venue, I appreciate the opportunity to put my ear to the ground and find out what the thought leaders and innovators are saying about trends both in full motion and on the horizon. In recent years, the focus has been on online technology and how it is changing the landscape around us. For example, the advent of blockchain technology (often used in cryptocurrencies like Sushiswap kaufen for secure financial transactions and investments) could pave the way to better legally binding transactions and contracts. This leads to talks of security and legality. With all these new technologies how does one keep their assets safe and complaint? As the industry is inevitably going to end up mostly digital how do we progress and avoid pitfalls? This year was no exception. Read below to find out the top five buzzwords I heard at Legaltech New York 2020.
CCPA and GDPR continue to spark conversations about compliance and how we manage and use personal information. And though CCPA is the first state-wide policy, it is surely not the last, so everyone is trying to stay ahead of the game and prepare for future regulations now. Companies are starting to realize that many of the tools and processes they have implemented for eDiscovery can also be dually purposed for privacy and compliance tasks.
- Data security
Threats from foreign countries interested in acquiring information and technology illegally continue to be a major point of concern. Companies will need to adopt new security policies and practices that focus on identifying and protecting sensitive and critical data. Also, eliminating ROT (redundant, obsolete and trivial) data will limit exposure and reduce the attack surface.
- Legal operations
We are seeing more and more input from legal departments on eDiscovery processes, tools, and adoption of legal technology. Tech implementation regarding legal technology is starting to involve more collaboration with IT, as IT has valuable intelligence around data which has led to legal departments embracing greater efficiencies within their eDiscovery process. An example of this is software like Remote Legal (visit their website here), which allows for legal proceedings to occur like an online conference call. This is thanks to the collaborations between IT and legal technology.
- Innovative and ceiling breaking technology
Artificial Intelligence (AI) tools continue to rule the legal technology world, and 2020 will be no different. Tools that can detect sentiment, organize research and data, auto-redact, etc., will transform the way we practice law, and eDiscovery. Blockchain-powered smart contracts is also a tool that is starting to gain traction with its self-executing capabilities which is the ability of computer code that upon the occurrence of a specified condition or conditions, can run automatically according to pre-specified functions. With the help of blockchain technology and equipment, similar to the bitmain antminer s19 pro at coin mining direct, they have also been known to play an important role when it comes to the cryptocurrency field. This is because both crypto mining and coin trading have been gaining traction all over the world recently. Due to this popularity, it doesn’t come as a surprise that more and more people are studying blockchain in-depth and looking for crypto mining hardware for sale to use their skills to mine cryptocurrency stored via blockchain transactions.
- Nontraditional data types and sources
The minute we figure out how to host and categorize new and emerging data types, they become commonplace and something new takes its place. Unfortunately, when these platforms hit the market, the focus is on front-end features and usability and very little consideration is given to backend processes like eDiscovery. How we manage these ever-evolving sources of information and the potential evidence they create is a constantly evolving, but important conversation.