The global smart contracts market was valued at USD 684.3 million in 2022. It is projected to grow at a remarkable compound annual growth rate (CAGR) of 82.2% from 2023 to 2030. This rapid growth is increasing adoption of blockchain technology, which serves as the backbone for these self-executing contracts. They are automated software agents hosted on blockchains that automatically execute transactions when specific conditions are met. Initially gaining attention through platforms like Bitcoin and Ethereum, smart contracts have evolved to support more complex transactions. It came beyond simple token exchanges. Today, they are capable of transferring value, purchasing real-world [...]

You've probably observed the surging interest in artificial intelligence and its transformative potential across various sectors. Even new regulations have been introduced. But what does the future hold for AI in document review?  In today's legal landscape, AI is revolutionizing the document review process by automating repetitive tasks and enhancing workflow efficiency. By minimizing the time spent on manual reviews and initial content creation, legal professionals can allocate more time to in-depth analysis and client engagement.  What Is AI Document Review?  AI document review leverages artificial intelligence and machine learning algorithms to efficiently analyze and categorize vast quantities of electronic [...]

Do you know last year several businesses in the US suffered 3200 data breaches? And the approx. 350 million individuals were affected. So, cybersecurity incidents have become a nightmare for businesses now. We all are on the web today and so are cyber attackers. As businesses are bracing up for cyber risks so are attackers. They deploy a multitude of technology and tactics to hack valuable business information. Be it client data, financial data, or administrative data, everything is accessible to them. However, one can’t fully protect its business but can take preventive measures. That’s where implementing a cybersecurity incident [...]

Contract management is all about binding, guiding, and setting the velocity for every transaction, agreement, and partnership in the business landscape. However, the market is continuously evolving, and we can visibly see the rise of new technologies. For instance, in the procurement and supply chain industry, Gartner predicts that by 2027, 50% of organizations will support contract negotiations through the use of Artificial Intelligence contract risk analysis. Also, in their survey, 100 procurement leaders emphasized that contract lifecycle management is expected to be the area where Gen AI can have the most impact. That’s why businesses should understand the significance [...]

Chatgpt took the world by storm in 2023, capturing collective attention and introducing “Gen AI” across business sectors. This innovation became more ubiquitous with its large language models (LLMs). We are all fascinated by the unique ways businesses use technology. However, one aspect that has witnessed immense transformation is generative AI in contract management. Top legal firms, corporate legal departments, and procurement teams leverage AI to manage contracts. It is the best way to attain efficiency, innovation, and accuracy in the contract management lifecycle. What is Generative AI? To simply put, Gen AI uses artificial intelligence algorithms to analyze existing content [...]