THINK GLOBAL CONFERENCE 2021 - Technological advancements in international commercial claims and ..
[Music] hello everyone i'm honored to be able to talk to you about the latest technology advancements which can help international commercial claims recovery and death recovery i'm peter stransky ceo and founder of iciba i've been building an operating dispute recovery platform now let me start with some statistics so in us litigation costs for small medium businesses are more than 100 billion every year and business impact in uk for small medium businesses is more than 40 billion every year in the uk only those two countries almost 150 billion lost every year and that doesn't count on measurable time lost and destruction for companies now not small part of it is related to international trade now that's why it's important to be able to use the technology which is advancing every day for being able to better resolve the disputes or prevent them so what are we talking about when we talking about legal issues in international trade typically breach of contracts uh the disputes about the contract terms and validity of their of the contracts transit related disputes payments of course warranties conformity of goods ipr disputes and on the practical side of things what is the applicable law do i understand the legal process i have to go through and do i have access to the right legal assistance what will be the costs liabilities what is the enforceability uh what is the eligible card and how i can communicate with the counterpart a number of additional issues which we might be facing so traditionally we trying to address all those issues by using domestic law and courts in our contracts or use of arbitration causes which is definitely on the rise and sometimes for good reasons sometimes not actually as helpful using small claims courts uh which are the mechanisms uh available in certain countries added security for the payments of various kinds and using specialized lawyers which we have access to or in-house councils to make sure we can address those issues either upfront or in timely manner now there are several uh statistics showing that commercial disputes are actually barrier to international trade so not only export import duties and action uh rates fluctuations but also the fact that the disputes are having unknown cost uncertain outcome and it's a stress and destruction for companies and potential liability so how technologies can help now if you look at the technologies in uh the uh international trade related to commercial claims and disputes on potential disputes uh we can look into uh for or separate them into four pr which is transactional industry solutions preventative applications actual dispute resolution and tools for dispute resolutions and the infrastructure solutions now when i'm mentioning technology is what i'm exactly so database integrations and cloud technologies and online access yes that's how early it is uh for technology to be applied in the legal space related to the international trade and the ability to transact and approach information online is of course driving down the cost and makes it easier it's bringing some additional of potential issues which is either related to cyber security or to variety of the contracts now you definitely heard about blockchain and distributed ledger technology and many applications which are related to the claims international trade are using distributed ledger technologies and blockchain in supply chain management contract management payments uh and other areas and it's clear that blockchain is one of the ris one technologies which will be uh available in a number of solutions as their implicit part because of its uh uh attributes and therefore will be more will be more absorbed as a technology rather than standing out as a separate or isolated technology now blockchain also allows something called smart contracts but before going there uh e-signatures is actually uh interesting uh technology which is uh making strides into the mainstream and becoming quite a norm in number of industries for good reasons because driving down the cost of transacting with no surprise kowitt was quite instrumental into the acceptance of these signatures because of not having the ability to do the vect signatures which in some industries still quite traditional uh and this will evolve into the smart contract so that means uh the algorithms which will be defined at the time of the agreement and uh making uh the based on the conditions uh automatic uh transactions uh as prevention against uh potential contract breaches or non-performance in certain areas and those smart contracts are built on top of the blockchains or are effectively part of the blockchains either a mainstream or public ones like ethereum or private ones or specialized ones for certain type of the industries which is for example in uh several type of uh the supply chain uh solutions which can use custodials so that means uh the solutions where there's a third party which is responsible for managing the uh the information and relationships all non-custodial solutions where there's no third party it's purely based upon two parties using smart contracts and therefore uh transacting uh in between each other uh and with no surprise uh ai machine learning which uh i would say similarly as a blockchain is becoming part of a number of solutions uh and like in a visible part so anywhere there is a need to deal with uh a large amount of the data and make sense out of those data which is including e-discoveries uh counterparty scorings uh contract analysis where the number of applications in using ai machine learning being able to predict also the outcomes of disputes based upon looking into the documents and we will see definitely more of that going forward so now let me move into the areas where those technologies are being applied and what services are available and in each area i'm using some examples uh which are just a snapshot of the potential solutions there's a number of solutions in each area uh for the specific specific use or specific situations so transactional or industry solutions are effectively uh applying technology in order to create a cause and loop for certain type of transactions or in certain type of the industries or second type of use cases uh as an example available trade which is uh the uh invoicing uh and uh factoring platform for uh trading in asia with underlying ability to score uh the vendors as well as clients and provide therefore a safe way how uh to get the access uh to a credit uh uh and being able to therefore uh trade at uh individual terms and prevent the commercial dispute in this case um snapdragon which is the solution to protect your goods against the counterfeit online specifically online sale of the company very good uh using uh your registered ip and therefore it is both preventing uh the potential dispute or rather loss uh as well as uh being able to identify that that's something what's going on so you can take the necessary actions uh against the uh infringing party or another example shieldpay which is specifically addressing the professional services being able to uh make the transaction so it means providing the services the payments uh the uh the bills of the provided services automated and therefore take away any potential disputes or make the disputes easily to be resolved now more general preventative solutions which allows to uh make the steps higher or when you entering into into the contracts or which are specifically related to ipr uh in order to be able to positions also better for the potential dispute or or preventing the dispute because of the quality of the contract for example so it's a wide range of contract drafting uh in number of uh jurisdictions where uh what is the big advantage is that you don't need a lawyer to have the latest uh uh type of the contract for your specific type of the transaction uh which will be adhering to to uh the latest uh updates in the law but also will be specific for the jurisdiction which is uh applicable or which you want to use for for that specific trait uh or contract uh then uh the example is siegel legalzoom and a number of others the patent applications uh or patent search and then the consequent application where the example is kiss patent that you can do do it online for the fixed price uh using certain technologies in order to be able to simplify the entire process for yourself which is very useful or trademark uh research plus uh uh managing all your your own trademarks and uh the applications using the platform called trademark now as as you can see uh what what is and why i'm using those examples what what is the connecting dots here is that you don't use actually traditional legal services for for that the lures are kind of on the back end uh or are not needed because it's the services which are using the processes which are already implemented using technology now moving on to the actual speed resolution uh there's a number of dispute resolution platforms uh so for online dispute resolution as such uh which you can you don't see here on the list but that's uh definitely something but uh we will see more and more as alternative speech resolution um uh uh implementation uh what also uh i'm mentioning here uh the technologies which i would consider kind of crude technologies but they are pretty important and they were they were changing in last couple of years the way how you can approach the arbitration so things like uh actions of the documents or or zoom or other video conferencing software which allows you to participate in the hearings without need to travel to the actual venue which is of course driving down the cost and increasing the flexibility uh and then also financing solutions or companies like lex share in us uh which are allowing you when you enter the litigation uh to potentially find the financing if you need it for your dispute in patent trademark area on or anything else anyone who does have experience with the u.s litigation knows that uh discovery sort of means a research of the documents and collecting of the information can be pretty costly uh so one of the examples of uh the technology application every law which is driving down the cost make it makes that entire process much easier for everyone involved or ejust which is the marketplace to connect with the arbitrators for different jurisdictions different type of uh records uh aaa uh london court of arbitration and so on so forth or another type of solution which is red points uh making it easier to remove the counterfeits um which are infringing on your brand as well as collecting the evidence for the actual uh litigation uh which you might uh you might uh take uh on uh because someone is infringing on your brand on your trademark and then uh the infrastructure solutions which are i mentioned already some of the e-signature uh which are allowing to make the international trade transactions contracts and potential disputes easier to resolve or prevent them as such so buy so transferwise as the company was known recently as one of the examples for international transaction solutions with low fees and being able to transact fast uh then decline one of the prominent e-signature platforms allowing also uh document management and effectively transact completely electronically or box on for the document management uh with securing the access to recommend making the exchange of any documents so for example your trade secrets documentation that you're making uh or or the information about your goods when you're making a transaction with the international party uh transparent and and also secure so what to be ready for what's coming and what we as a companies in involving international trade should be uh making sure we don't we don't miss and we do internally so there's a number of new solutions which uh you can start using uh now what is important is to understand you also are under certain level pressure to adapt those solutions because if the country parties start using the e-signature platform or you know the uh the payment transactions in certain environment or the exchange of the documents you have to adapt you have to be able to use those solutions as well which also leads into implementation of the technologies within within your own companies so connect them uh to your internet processes to make it make it more seamless now what is great news is that it's becoming uh cheaper and simpler because of apis because of so-called local no-code development so where you can set up your workflow connected to external systems without need of external developers and costly and lengthy development process there's also important to uh to acknowledge that there is a need for training and education of the of your teams when using those new solutions uh and that comes even down to uh such things like how to use the email making sure that you protect yourself [Music] in the sense of against fishing there is a lot of phishing attacks so the what's happening all these solutions which are preventing or helping with commercial disputes is also bringing the attention of the cyber crime uh and your teams needs to know how uh to uh transact how to use those solutions how to protect uh themselves and your company and add up relatively quickly to new solutions so there will be more solutions coming even though it's of course important to mention that especially the part which is the actual uh dispute resolutions will be probably the last uh to implement technologies and become completely and seamasters because dealing with the court systems and core processes uh which are laterally conservative and uh therefore uh you on your end uh should be able to adapt to the new solutions quickly as they coming and to be able to select the best ones which means test and evaluate and see the recommendations for your particle industry so now just quickly about dispute recovery platform which is one of the solutions uh in the commercial disputes especially uh for commercial claims and litigations above domestic and international in u.s and uk uh where we're bringing zero cost for the climate as well as sense of approach no need for the direct involvement and completely risk-free approach so evaluating the claims providing the information about the situation of the claim and taking over the resolution process if the claim allows to be done so so thanks a lot for your attention hopefully uh some of these information shared very useful and if there is any additional information uh you might uh want to get you can see my contact please reach out and i will be happy to answer any questions you might have at this point thank you very much again thank you so much for that very informative presentation we are now open for quest while waiting for questions if you want to connect more with mr stransky you can reach him directly you can visit his virtual booth at the arena or you can send him a direct message also his contact details is shown on the screen and if if i if my i may add uh uh to the people who participate in this session uh do you notice day to reach out uh on anything related uh to international commercial litigations especially and as i mentioned we are active in uk us but also we understand some other jurisdictions and we love to partner and we like like to help so any any questions or any inquiries please reach out so i think all the questions are already answered during the presentation any final words before we end this session sir well uh i would like to uh just thanks a lot organizers for uh having the uh opportunity to talk about the technology advancements uh in the field of international trade and commercial claims and i believe that this part of the business which a lot of companies are not necessarily excited about will be becoming much smoother and effortless and cheaper because of the technology so i wish all the participants uh not to need such technology such as service and also good luck at the event and enjoy the rest of your day thank you so much sir for for being a speaker here at our team global conference and thank you guys for joining this session have a great day you
2021-05-05 09:19
