Our CPO Jarek Owczarek will present his thoughts on the future of contract management and why you do not need fancy AI and blockchain to make smart contracts.
The Legal Project Management Conference is an online-event on legal projects, innovation and technology for lawyers, tax advisors, compliance officers, legal project managers and procurement officers
This year they will focus on practical application of legal project management tools into contract lifecycle management / contract analysis and corporate merger and acquisition/restructuring. Our CPO, Jarek Owczarek is a keynote speaker at the conference where he will present his futuristic vision on data-driven contract automation.
For long, contracts were perceived as something static and written in stone which’ primary purpose was to an agreement in case of a dispute. But blockchain-enabled smart contracts helped to change this perception. Contracts could then be seen as more dynamic: something that could execute itself, trigger new events, generate new agreements and change over time. That was a significant paradigm shift in contract management.
However, the adoption of smart contracts has been slow. The reputation of blockchain was damaged by unstable and shady cryptocurrencies used for illegal activities. The enormous use of server-power turned out to be expensive and harmful to the climate. And finally, the technology was also too complicated and futuristic to be understood properly and too decentralized to be trusted by the established institutions.
The good thing is that you do not need blockchain-technologies to makesmart contracts. In my perception, you can easily leverage the dynamic qualities of smart contracts without applying blockchain-technologies. With straightforward no-coding platforms like Zapier, you can make dynamic and automated documents that execute themselves, trigger chain of events and add value after they are signed.
The key is how you harness and structure the data of the contracts when initially drafting your contracts. If you decide to use MS Word, Adobe and similar writing tools to create your contracts, your data will be unstructured and difficult to leverage. You will then need expensive AI-tools to perform contract analysis to find and sort the right data.
A simple solution that is already widely applicable is to use questionnaire-based contract drafters to organize and structure the data inputsfrom the beginning. When the data is sorted and organized in a data-richformat, then you can easily use no-coding platforms to set up dynamic documents that execute themselves automatically. This technology is used widely, which proves that data-enabled automations are not a thing of the future, but a thing of the present.
Sign up the the event right here and get to hear the full speech.