ArbTech Lexicon: A Glossary of Key Concepts and Terminology in Law and Technology
In the rapidly evolving landscape where law and technology intersect, understanding the specialised terminology is essential for effective communication and comprehension. As innovation continues to shape the legal field, a vast array of concepts, words, and phrases have emerged, each carrying specific meanings that may not always be intuitive to the uninitiated. To bridge this gap and empower both legal professionals and curious minds alike, we present the ArbTech Lexicon.
This comprehensive glossary serves as a valuable resource for navigating the intricate realm of law and technology. From artificial intelligence and blockchain to data privacy and smart contracts, the glossary elucidates complex ideas, providing clear and concise explanations that demystify even the most intricate concepts. Whether you're a seasoned legal practitioner, a tech enthusiast, or an individual intrigued by the fusion of these domains, this glossary aims to foster a deeper understanding of the terminologies shaping today's legal landscape.
Dive into the glossary to unlock the meanings behind the jargon, discover the nuances of emerging technologies, and gain a comprehensive grasp of the evolving vocabulary that guides discussions in the realms of law and technology. Explore and empower yourself to navigate the dynamic terrain where legal expertise and technological innovation intertwine.
Augmented Reality (AR)
A digital technology that superimposes computer-generated data, such as images, sound, or other data, onto a user’s perception of the real-world environment. Unlike Virtual Reality (VR), which fully immerses the user in a simulated 3-D setting, AR enhances the existing physical world by overlaying virtual components that can interact with real-world elements. Users typically engage with AR through a variety of devices, including smartphones, tablets, smart glasses, or specialized AR headsets. One of the first mainstream applications of this technology was in televised sports during the mid-1990s, where features like the yellow first-down lines in American football and virtual flight paths for hockey pucks and golf balls were superimposed on the screen to enhance viewer experience. In a standard AR setup, a user might hold up a smartphone or wear smart glasses that utilize a camera to capture the real-world view. The device’s software then processes this view, adding digital overlays that can range from simple text or icons to complex 3-D models or animations. These overlays are integrated into the user’s field of view in real-time, effectively merging the virtual and real worlds. AR and Mixed Reality (MR) share many characteristics, such that MR has been described as an enhanced, more interactive form of AR.
See also Extended Reality (XR).
Blockchain
A digital ledger of encrypted transactions (‘blocks’) maintained by a network of computers. The duplication of information across the network of computers means that the blockchain system and database are decentralised. Blockchain technology was developed to support Bitcoin, the peer-to-peer electronic cryptocurrency transfer system. Beyond crypto-assets, potential applications for blockchain technology include the secure transfer of information (e.g., personal data), or the maintenance of a transparent system of record (e.g., land rights, supply chains and, looking into the future, transaction documentation such that document disclosure may be rendered obsolete!).
DAO (Decentralised Autonomous Organisation)
A generic term designating an organisational structure involving online participants, relying on blockchain systems, smart contracts, or other software-based systems. A DAO may take any form of organisational structure, centralised or decentralised in governance. As such, it currently defies specific legal treatment. Examples of DAOs include social structures set up to invest in or trade crypto-assets. Other DAOs maintain open-source software infrastructure, such as decentralised finance applications (DeFi), or are set up for charitable purposes.
DAO Model Law
A 2021 proposal for a uniform set of rules providing a legal infrastructure for DAOs that could be implemented across international jurisdictions. The legal status of DAOs (e.g., the personal liability of its members for a given DAO) is currently uncertain. The Model Law proposes a minimum level of protections that are generally recognised in legislation regulating corporate entities in major jurisdictions. The DAO Model Law is an initiative of the Coalition of Automated Legal Applications (COALA).
Extended Reality (XR)
An umbrella term that designates a spectrum of digital technologies that, through the use of computer modelling and simulation, and wearable devices, augment, simulate, or merge real and virtual environments. XR encompasses Virtual Reality (VR), Mixed Reality (MR), and Augmented Reality (AR), as well as other immersive technologies, each offering different level of user immersion and interaction with virtual elements. While VR fully immerses users in a simulated environment, AR overlays digital objects onto the real world, and MR blends both approaches to enable real-time interaction between physical and virtual elements.
Mixed Reality (MR)
A digital technology that blends real-world and virtual elements to create a unified environment where both coexist and interact in real-time. Unlike Virtual Reality (VR), which fully immerses the user in a simulated environment, or Augmented Reality (AR), which overlays digital objects onto the real world, MR combines aspects of both to allow for a more interactive and immersive experience. Users typically engage with MR through specialized headsets that are equipped with sensors, cameras, and sometimes motion controllers. In a standard MR setup, the user wears a headset that captures the real-world environment while also projecting virtual elements into the user's field of view. These virtual elements are contextually anchored to the real world, allowing for seamless interaction between physical and virtual objects. For example, a user could place a virtual television on a real wall and then proceed to interact with it using motion controllers or gestures. MR is increasingly being applied across a diverse range of fields, including entertainment, gaming, professional training and collaborative work, among others.
Tokenisation
The digital representation of ownership rights in pre-existing real assets (e.g., financial instruments or real assets) on the blockchain by storing the economic value and rights derived from these assets into digital tokens created on the blockchain. The tokens act as digital certificates of ownership for almost any object of value, physical, digital, fungible, or non- fungible. Separately, tokenisation also refers to the issuance of tokens that are “native” to the blockchain, which are built directly on-chain and live exclusively on the distributed ledger. These tokens may provide governance or voting rights, for example, for the participants in a DAO. Another example of tokenisation is the issuance of tokens that can be traded as in-game currency in online gaming platforms or metaverses.
Virtual Reality (VR):
A digital technology that uses computer modeling and simulation to create an immersive, artificial three-dimensional (3-D)environment for users to interact with. Through the use of specialized hardware—such as VR headsets with stereoscopic screens, motion controllers, and sometimes haptic gloves or full-body suits—users are isolated from their physical surroundings and fully immersed in a computer-generated world. The sensation of “being there,” known as telepresence, is achieved through real-time motion sensors that track the user’s movements, such as head turns and steps, and adjust the virtual viewpoint accordingly. VR finds applications in a diverse set of fields, including but not limited to gaming, entertainment, healthcare, education and professional training.
See also Extended Reality (XR), Augmented Reality (AR), and Mixed Reality (MR).
Web 3
The third iteration of the World Wide Web. It comes after Web 1.0, the internet as originally rolled out, which provided information and email interaction. Web 2.0 (read/write), the current version, is characterised by user-generated content (think influencers) and the dominance of social media. Web 3.0, a work in progress exemplified by the Metaverse, seeks to offer a read/write/own version of the web, in which users can choose to belong to online communities (e.g., DAOs) by acquiring tokens with a financial or governance stake, and interacting or trading with other users. Web3 is powered by blockchain technology.
Warning: This glossary is informative only, and a work in progress. No representations are made, or responsibility taken, for its accuracy. It does not constitute advice of any nature, legal or otherwise.
