A mix of predictions from Sue McLean, including some thoughts on the currently hot technologies
From Sue McLean
· We will spend more time drafting terms for chatbots, than apps.
· The largest digital transformation projects will be in Industrial IoT.
· The Information Commissioner’s Office won't issue a mega-fine.
· (If they haven't already), financial institutions will accept that their standard meaty tech contracts don't work when partnering with small FinTechs and will come up with more appropriate starting points.
· Companies will start developing their own AI policies and frameworks. The government's AI plans to set up a government department for AI, AI council and Centre for Data Ethics might come to fruition, if Brexit doesn’t zap all energies. And maybe we'll finally learn what those proposed ‘data trusts’ actually mean in practice.
· With respect to one of the hottest technologies on the block(chain), I expect we might starting moving down from Gartner's peak of inflated expectations to, if not a trough of disillusionment, a more realistic level of discussion about the technology. Blockchain will become increasingly mainstream, education levels will rise, we will see some successful applications of the technology, while other pilots and proof of concepts will fail or won't progress any further.
· On the other hot topic, Initial Coin Offerings (ICOs), I expect we will see continued regulatory interest and enforcement of bad actors. In reaction, we will see the sector trying to create self-regulatory frameworks and best practices, with fewer mega-rounds and more careful consideration of how to run token sales and vet participants.
Sue McLean is a Technology and Fintech Partner at Baker McKenzie