Digital Economy and Acceleration of Technology

Abstract

This new chapter investigates the impact of technology on the world economy and the creation of new marketplaces for digital and technology-related goods. It begins with a review of new but established technologies such as digital platforms, blockchain technology, and smart contracts. From there it discusses the impact of technology, more specifically, legaltech on the practice of law and access to justice. It then reviews the issues related to the rapid development of advanced forms of artificial intelligence (AI). It notes the broad recognition that AI will be highly disruptive to existing industries and to society as a whole. It then delves into the avenues to regulate AI to prevent the abuse and manipulation of consumers known as dark patterns. This includes a review of the first comprehensive law on the topic—the 2024 EU Artificial Intelligence Act (AI Act). The chapter concludes by discussing the issues related to technology including the burgeoning market for non-fungible tokens (NFTs) and the future creation of the metaverse.