AI and ChatGPT, Market Strategies and Market Forecasts

ChatGPT and Generative AI: Market Shares, Market Opportunity, Market Forecasts, 2023-2029

Much is unknown about how generative AI, ChatGPT, will influence the world economy and society, and it will take time to play out. There are clear signs that the effects could be profound. Generative AI models are becoming more popular as they scour every shred of data available on the web and use those outputs to train AI programs to generate output. These models have entirely transformed the AI game by taking assistive technologies to new levels, introducing new capabilities to nontechnical subjects, and reducing programmer application development time.

ChatGPT computer programs leverage blockchain and DLT technology to move written text contracts to digital automated process, bringing less cost and more assurance of correct payment in less time. An agreement, managed digitally as a ChatGPT is handled through code. With a ChatGPT, execution of a business transaction is automated from order, through delivery, to final payment.

A ChatGPT is self-executing computer code that represents an agreement whose execution is automated and enforceable. A ChatGPT is automated so that the core business terms, the actual transaction is independently executed by, computer code. No party can block or otherwise tamper with it. It constitutes legally binding rights and obligations of the involved parties just as paper contracts do, but with automated payments increasing efficiency.

ChatGPT leverage distributed ledger technology by allowing contracting parties involved in an agreement to conclude with certainty that consensus is consistent. They satisfy contractual conditions, lower transaction costs, lower risk, and eliminate the need for trusted intermediaries. Trust is supplied by the blockchain, the distributed ledger immutable protections.

ChatGPT apps execute automatically, once they are set in place, they cannot be modified. Due to the difficulty of adjusting a ChatGPT once it’s in place, it’s important for each party to be absolutely clear on the terms. If a dispute does occur, both the contract’s permanence and automatic execution could pose a barrier to enacting changes.

ChatGPT have increased adoption rates. Major industrial applications with the OOC Oil & Gas Blockchain Consortium, a powerful network of 10 major oil and gas players illustrates a new user base. ChatGPT backed by distributed ledger technology are giving shape to contracts of the future.

Regulatory compliance, contractual enforceability, cross-border financial transactions, material provenance, and document management benefit from ChatGPT unprecedented efficiency that accrues from the automation of contract terms.