To understand the relationship between artificial intelligence and law, first of all let’s define what artificial intelligence is. What is AI?
There are many ways to answer this question, but one place to begin is to consider the types of problems that AI technology is often used to address. In that spirit, we might describe AI as using technology to automate tasks that “normally require human intelligence.”
Issues of regulation and taxation of transactions with smart contracts have not been actively discussed by the international community for the first year. After all, it is the legal uncertainty in the sphere of crypto and blockchain that is a serious threat to world financial stability. Undoubtedly, the world situation on the blockchain field is extremely interesting to study, but I would be interested to share with your ideas precisely about the possibility of introducing smart contracts into the Ukrainian legal system.
This year I was lucky to get acquainted with Natalia Drick, head of the Blockchain Association of Ukraine and to attend her lecture on the prospect of developing smart contracts, crypto in Ukraine and the legal brain of their use. Thanks to that meeting, I was interested in the topic and now I can share my own thoughts on it.
So. What actions does Ukraine need to take to predeterminate the legal scope of smart contracts?
The year is 2030. The fight at the top of the Am Law rankings is between divisions of Deloitte and EY. Many lawyers work from home because local and state courts have largely moved online. Artificial intelligence has made contract drafting and review nearly nonexistent. Most new lawyers are fine with that, anyway, because they came out of law school with AI certifications.