[Money Monster] Ep.76 – Evolution of object recognition technology / Legal tech, application of AI

Evolution of object recognition technology / Legal tech, application of AI / Korean & Chinese manufacturers to strengthen ties / 사물 인식 기술’ 의 진화 / AI와 만나 진화하는 법률서비스, ‘리걸테크’ / 경쟁을 넘어 협력관계로, ‘한*중의 중소 제조기업’

Evolution of object recognition technology

Along with the technical development, the object recognition technology has been diversified. Recognizing objects with a camera is the most common way of identifying things. Korea Transportation Safety Authority has recently implemented an object recognition technology to check overspeeding vehicles driving on the road. When filming the front with a highly functional camera installed inside a car, it is possible to check the speed and the distance between cars immediately. It is possible to secure evidence only by pressing the recording button after finding the vehicle in violation. So the process has been simplified in comparison to the existing method. A technology which can recognize objects only by knocking them, without additional device has been developed. When hitting the object with a smartphone, the object can be recognized by analyzing the data on the sound and vibration. Aside from a simple recognition of things, knocker technology can collaborate with a variety of services and industrial sectors. Attaching electronic tags like RFID is another way to recognize objects. A RFID-based autonomous robot was introduced to a library for the effective management of books. We introduce the evolution of diversified object recognition technologies.

Legal tech, application of AI

A lot of innovative technologies have recently been applied to traditional industrial sectors. And they have led the digitalization of the industries. The legal field has also faced significant changes. Consumers tend to feel burdened by the lack of knowledge of law and high expenses when they are involved in a legal dispute. And legal tech has emerged as a solution. AI technology which has been introduced to the legal market, has contributed to the development of the industry by helping consumers better understand the litigation procedure as well as legal knowledge. Vulnerable people who have to face a trial without a lawyer or consumers who have to proceed with lawsuits without a lawyer are the main users who need legal technology services. Also, there is a service that can check the precedents which are similar to the client’s case based on the data. A user can predict the result of the judgement, so the necessary documents can be prepared in advance, more effectively. The search of legal information used to take about 2-3 days in the past. However, it takes only 30 minutes when using the program, so lawyers can concentrate more on the analysis of precedents. Also, ordinary people usually have difficulties with completing various contracts, but it can be written conveniently thanks to the implementation of legal technology. When entering the information on the contract written by the client, the AI-based system can analyze the contract in real time. The system can provide information on the necessary terms of agreement and . the users by excluding the risk factors. We look into legal tech, which has contributed to enhancing the working efficiency of lawyers and supported the general consumers to proceed legal procedures by themselves.

Korean & Chinese manufacturers to strengthen ties

The manufacturing industry has shaken the global market. The world has agreed to revitalize the manufacturing sector, as it is the core of the national economy. Korea and China have especially promoted economic growth based on the manufacturing sector. However, it is difficult to keep the existing manufacturing sector which has focused on competition, because of the rapid changes taking place in the global market. Ever Deck is a Korean manufacturer of eco-friendly construction materials. And the company has been in a close partnership with Hunan Taohuajiang Bamboo Technology in China and the firm has produced and exported construction materials. The company has boosted cooperation with a Chinese business after it heard about the excellence of Moso Bamboo material, which is difficult to be obtained in Korea. After going through the initial processing stage with bamboo in China, the second processing is carried out in Korea. Based on the trust it has gained in the global market, Ever Deck has provided advice to its cooperator about the advancement into the Korean as well as the global markets. We explore Korean and Chinese manufacturing businesses which have curved out new spaces in the global market by boosting cooperation, instead of competition.

#RecognitionTechnology #LegalTech #Bamboo