Once COVID-19 has been declared a worldwide pandemic by World Health Organization (WHO), then the business of law came to a halt as the rest of the world. Many organizations, governments, and industries have to experience the impact of this global pandemic.
Arbitration is one of the most acceptable means of dispute resolution internationally. Enterprises, arbitrators, outside counsels, and in-house counsels sought the alternative means to get the arbitration proceeding back to normal, but the ‘new normal’ is ‘technology-empowered digital Arbitration.’
Technology innovation in international arbitration is driven by not just the COVID-19 pandemic rather Industry 4.0 revolution and the need for faster proceeding under various compliances and intellectual property rights. The disruptive technologies made significant changes in the way the arbitration world works. Big data search is now easy with technologies; especially Machine Learning (ML), Artificial Intelligence (AI), Virtual Reality (VR), Data Collaboration, and block-chain help a lot.
International Arbitration (IA) is not the same as it used to be for ages; what we see today is an improved version with multiple changes in the past for the better proceeding. The 360 ° digitalization stepping in with specific technology means arbitration to drive the ADR ecosystem’s future. Here, we are discussing the technologies available and the must-have for futuristic pleadings.
From the above, we can see that the online file and document repositories for secured document sharing, secured document collaboration platform for managing evidence, Machine Learning (ML) & Technology Assisted Review (TAR) for document review, and Artificial Intelligence (AI) based voluminous case document review are available. Along with this, the case management system, virtual hearing tools, Natural Language Processing (NLP), and online volume submissions are already in the initial phase of creating a futuristic ecosystem. Video conferencing and secured data collaboration has been instrumental during this pandemic to streamline the business of law.
Ideally, a data collaboration solution enables different teams to store all related information and documents in a central repository in a secure environment. It helps edit, manage, and share documents with other parties in a single solution. Knovos Arbitrate is one of the smartest data collaboration and arbitration management solutions. It simplifies arbitration case management by these features.
Knovos Arbitrate gives complete control over arbitration management for arbitration practitioners and law firms. It simplifies arbitration case management with its innovative technologies and ease of use. Knovos Arbitrate narrows the scope of futuristic technology in the arbitration world. Well, this is one of the technology innovations in arbitration pleadings. We will be discussing other technologies in our next blog of this series. For more, stay tuned.