Over the past decade, the world of technology has changed out of sight. Over the next decade, it’s likely to change further. Here are some terms you need to know, and how they might apply to conveyancing.
Artificial intelligence (AI)
Definition: Involves using systems or machines that mimic human cognitive functions, such as problem-solving, pattern recognition, and decision-making.
Example: Siri, Apple’s virtual assistant, uses AI to interpret and respond to user requests.
Definition: A subset of AI that uses algorithms to produce new content, creating images, sounds, and texts that are often indistinguishable from those produced by humans.
Example: ChatGPT by OpenAI uses generative AI to create coherent, contextually relevant text based on the input it receives. It could potentially be used as the basis for carrying out legal and conveyancing work.
Definition: A cornerstone of AI, allows computers to learn from experience and make decisions without being explicitly programmed.
Example: Netflix’s recommendation system uses machine learning to analyse a user’s viewing habits and then suggest movies and TV shows tailored to their preferences. The same could be used for predicting likely patterns in the law and conveyancing.
Definition: The use of technology, especially computer systems, to control and operate processes and systems with minimal or no human intervention.
Example: The automated checkout kiosks in supermarkets, which allow customers to scan and pay for items without cashier intervention. It could be applied to many conveyancing processes and to client interactions/
Definition: A software simulating human conversation, often used for customer service.
Example: Many websites, such as banks and other large companies, use chatbots for FAQs. Conveyancers could use them to do the same.
Definition: A decentralised digital ledger recording transactions securely.
Example: Bitcoin uses blockchain for secure, transparent transactions. The same technology could potentially be used to secure property transactions.
Definition: Large datasets analysed for patterns, trends, and associations.
Example: Retailers use big data to analyse purchasing habits and tailor marketing. When combined with other tech, such as machine learning and generative AI, it could have a powerful effect on property law and conveyancing.
Read the latest in tech terms and waves and expert insights into the future of Australian conveyancing by downloading the digital magazine, Australian Conveyancer: Tech that will change the game, Edition 1.