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:''That’s selling a naked call option. Faking it till you make it. Ironically, it calls for careful dressing up.” | :''That’s selling a naked call option. Faking it till you make it. Ironically, it calls for careful dressing up.” | ||
:::—Venkatesh Rao, ''The Premium Mediocre Life of Maya Millennial'' (2017)<ref>You should really read this, which you can do [https://www.ribbonfarm.com/2017/08/17/the-premium-mediocre-life-of-maya-millennial/ here]</ref> | :::—Venkatesh Rao, ''The Premium Mediocre Life of Maya Millennial'' (2017)<ref>You should really read this, which you can do [https://www.ribbonfarm.com/2017/08/17/the-premium-mediocre-life-of-maya-millennial/ here]</ref> | ||
===What is new about technology=== | |||
{{Author|Ray Kurzweil}} will tell you we are at an inflection point where our technology is so good, and developing so quickly, it is about to become self-aware. Not only that, the ''universe itself'' is about to wake up and become self aware.<ref>See {{br|The Singularity is Near}}. Now there is [https://www.newscientist.com/article/mg24632800-900-is-the-universe-conscious-it-seems-impossible-until-you-do-the-maths/ a view that the universe is ''already'' self aware], only it operates at level of abstraction so far above our own mortal plane that we can’t see it — we are to its consciousness as our brain’s individual neurons are to ''our'' consciousness — and this idea has force (even if it ios a shade unfalsifiable). But that is not what Kurzweil is saying.<ref> | |||
They haven’t passed that cup of Kool-Aid to the [[JC]] yet, so set him old forth on what he knows. The startling developments in technology in the last forty years hail from three interconnected places: | |||
*'''Moore’s law''': the exponential increase in processing power, and decrease in size and cost of processors themselves; | |||
*'''The network effect''': The exponential increase in our own digital interconnectivity | |||
*'''The transition from analogue to digital''': The extraction of [[data]] from its [[substrate]], such that data can be transferred from place to place ''without'' being buried in an analog medium of some kind. | |||
===Why is reg tech so disappointing?=== | ===Why is reg tech so disappointing?=== | ||
[[Document assembly]] has been around for a good 15 years — they thought it was “Lawyer-killing disruptive technology” in 2006<ref>See Darrel R Mountain’s OUP monograph on the subject from 2006 [https://academic.oup.com/ijlit/article-abstract/15/2/170/683915 “Disrupting Conventional Law Firm Business Models using Document Assembly”]</ref> and, well, the [[Mediocre lawyer|cockroaches]] — ''we'' cockroaches — are still here, ladies and gentlemen, and [[document assembly]] technology ''still'' doesn’t work very well. And nor, for all the promise, do many of the other heralded applications in the vanguard of the reg-tech revolution. The things that were supposed to revolutionise legal practice - put junior lawyers out of work — the chatbots; the natural language parsing; the data-extraction — these applications still seem to be eluding us. | [[Document assembly]] has been around for a good 15 years — they thought it was “Lawyer-killing disruptive technology” in 2006<ref>See Darrel R Mountain’s OUP monograph on the subject from 2006 [https://academic.oup.com/ijlit/article-abstract/15/2/170/683915 “Disrupting Conventional Law Firm Business Models using Document Assembly”]</ref> and, well, the [[Mediocre lawyer|cockroaches]] — ''we'' cockroaches — are still here, ladies and gentlemen, and [[document assembly]] technology ''still'' doesn’t work very well. And nor, for all the promise, do many of the other heralded applications in the vanguard of the reg-tech revolution. The things that were supposed to revolutionise legal practice - put junior lawyers out of work — the chatbots; the natural language parsing; the data-extraction — these applications still seem to be eluding us. | ||