AI Revolutionizes Contracts: Legal Costs Plummet?
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About this video
Legal reviews cost businesses a fortune. What if AI could resolve contract disputes? See how digital agreements and smart adjudication could revolutionize commerce, saving time and money. Is this the future of law? #AIlaw #legaltech #contractlaw #artificialintelligence #legalinnovation #NEARprotocol
Transcript
102 wordsCaptions as YouTube publishes them, usually machine-generated, so product and people names can be misheard.
- 0:00
And actually contracts is a very expensive process. Half a trillion to a trillion dollars spent on effectively legal review of contracts a year and that's just drag on all the commerce like if you need to kind of involve you know lawyers and reviews etc. and if you need to adjudicate it later. What what we've built is a protocol that allows effectively two parties or multiple parties to come in into a digital agreement, digital contract and then if
- 0:31
something goes wrong, if the outcome is not satisfactory for for either of the sides, it can go into AI education.