Generative AI: Opportunities and risks for property transactions

Context

On June 14, 2023, Orbital Witness held an event for #LondonTechWeek to explore how Generative AI will revolutionise property due diligence. I gave the keynote presentation to a room of partners and innovation specialists from commercial law firms, residential conveyancing firms and LegalTech companies.

Presentation

Here is the full 38 minute video of that presentation along a product demo at the 32min mark. The product I demoed is an internal tool our team of data scientists, software engineers and legal engineers built using a GPT-4 based agent and vector search. This tool was put to work on top of legal documents from HM Land Registry such as title registers and scanned PDFs of leases and deeds of variation that need to be OCR’d:

Slide Deck

Here is the complete slide deck I presented for my keynote with references below:

• Slide 4: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-ai
• Slide 5: https://a16z.com/2023/06/06/ai-will-save-the-world
• Slide 6: https://www.cliffordchance.com/insights/thought_leadership/ai-and-tech/generative-ai-the-big-questions.html
• Slide 9: https://openai.com/gpt-4
• Slide 10/11: https://ourworldindata.org/brief-history-of-ai
• Slide 12: https://arxiv.org/abs/1706.03762
• Slide 14: https://uk.news.yahoo.com/chatgpt-on-track-to-surpass-100-million-users-faster-than-tiktok-or-instagram-ubs-214423357.html
• Slide 16/17: https://writings.stephenwolfram.com/2023/02/what-is-chatgpt-doing-and-why-does-it-work
• Slide 18: https://ourworldindata.org/brief-history-of-ai
• Slide 19: https://twitter.com/bressane/status/1664939696907243520
• Slide 30/31: https://www.anthropic.com/index/100k-context-windows
• Slide 33: https://www.iit.edu/news/gpt-4-passes-bar-exam
• Slide 34/35/36: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4389233
• Slide 39: https://www.bbc.co.uk/news/business-57914323
• Slide 42: https://www.bbc.co.uk/news/world-us-canada-65735769
• Slide 45: https://arxiv.org/pdf/2201.11903.pdf
• Slide 52: https://fortune.com/2023/05/19/chatgpt-banned-workplace-apple-goldman-risk-privacy
• Slide 54: https://openai.com/policies/api-data-usage-policies
• Slide 55: https://azure.microsoft.com/en-gb/products/cognitive-services/openai-service#faq
• Slide 57: https://www.ben-evans.com/benedictevans/2020/5/16/not-even-wrong
• Slide 61: https://www.bbc.co.uk/news/technology-44351214
• Slide 62: https://en.wikipedia.org/wiki/GitHub_Copilot
• Slide 63: https://github.blog/2023-03-22-github-copilot-x-the-ai-powered-developer-experience
• Slide 64/65: https://github.blog/2023-03-22-github-copilot-x-the-ai-powered-developer-experience and https://github.blog/2022-09-07-research-quantifying-github-copilots-impact-on-developer-productivity-and-happiness

We’re hiring

If you are interested in the above challenges and are curious to know more about how we currently solve them, please see our open roles and get in touch with us via our Careers Page. If nothing quite matches your experience then still feel free to connect and message me, Andrew Thompson, directly on LinkedIn and I’d be happy to have a casual chat via video conference or over coffee ☕️.