Legal Technology 3.0

We are, however, fast approaching 3.0, where the power of computational technology for communication, modeling and execution permit a radical redesign, if not a full replacement, of the current system itself. If the Internal Revenue Code were enacted in computer code rather than natural language, a good technological parsing engine (rather than the limited biological parsing engine of a lawyer's brain) could give tax advice quickly and cheaply. Indeed, regulatory compliance could be built directly into computational objects such as a share of stock built as a "smart security," keeping track of ownership and applicable trading rules. Online dispute resolution looks significantly different from current courts, as the offerings of Modria already demonstrate.