Law by Algorithm

Digitization, blockchain technology and Artificial Intelligence (AI) are fundamentally changing the fabric of societies, influencing lawmaking, legal scholarship and legal practice. The authors of this volume investigate the real-world developments that can be observed in this process, how established legal doctrines are being challenged, the regulatory issues societies face as a result, and how AI can be used in lawmaking and adjudication. By analyzing these four interrelated areas, the authors discuss conceptual issues of regulating AI, examine the impact of new technologies on commercial transactions and corporate governance, investigate civil liability rules for AI applications and explore key features and problems of digital dispute resolution. A recurring theme is that although "Law by Algorithm" might massively increase overall societal welfare, it runs the significant risk of benefitting only a few. To make it work for the good of all is a mammoth task - and one this volume hopes to contribute to. "AI's capabilities have made enormous recent leaps; many expect it to transform how the economy operates. In particular, activities relying on human knowledge to create value, insulated until now from mechanisation, are facing dramatic change. This is impacting the legal system in two directions simultaneously: the automation of processes, and the development of legal governance for automation. Eidenmueller and Wagner here present a thought-provoking and insightful treatment of a number of key issues that are engaged. It will be essential reading for lawyers, scholars, and policymakers wishing to understand and participate in these developments." (John Armour) AI has the potential for ground-breaking changes to our economy and society, but also to its private law framework. This book provides an extremely thought-provoking contribution to the thinking towards the private law for the digital economy. (Dirk Staudenmayer)