Generative AI uses artificial intelligence algorithms to create new content, such as text, images, or videos. When applied in the context of blockchain, generative AI can be used to generate unique digital assets stored on the blockchain. These assets may include digital art, music, or other creative works. Generative AI can also create more efficient and secure smart contracts, self-executing agreements stored on the blockchain. By using generative AI to develop smart contracts, developers can ensure that the contracts are more secure and less prone to errors or vulnerabilities.
The usage of AI has more than quadrupled over the last five years, according to a 2022 McKinsey poll, and investment in AI is multiplying. Generative AI tools, such as ChatGPT and DALL-E (a tool for AI-generated art), can alter how various professions are carried out. However, the full extent of that influence and the hazards still need to be determined. The creation of generative AI models, the sorts of issues they are most equipped to address, and how they fit into the greater field of machine learning are all concerns that we can handle.
Blockchain is a digital, decentralized ledger technology that records and stores transactions across a network of computers. Each block in the chain contains a record of multiple transactions and is secured through cryptography by the previous block. This creates an immutable record of all transactions on the network. Although blockchain technology is often associated with cryptocurrencies like Bitcoin, it has many other uses beyond digital currencies. It can create secure, decentralized systems for various applications, including supply chain management and voting systems.
A smart contract is not the same as a standard legal contract. It would be more accurate to describe it as computer software, similar to an automated digital escrow agent, ensuring the agreements between parties do things.
Smart contracts are programs with code that cause specific actions to be taken when particular conditions are met. This automated execution process ensures everyone keeps their end of the bargain. Many smart contracts are enforceable in court like conventional ones, so if one party cannot fulfill their commitments, there may be legal repercussions.
Blockchain technology, a decentralized, digitally distributed ledger with a cryptographic foundation, powers intelligent contracts. Instead of being on a single server, it exists on a network of computers. Furthermore, it is immutable, which means that no contractual party may change the terms or conditions of the smart contract once it has been distributed to the decentralized network without the network's consent.
Smart contracts are one of the most transformative innovations to arise from the blockchain industry. They're used to help automate transactions without the need for an intermediary. They're one of the key enablers of blockchain's highly touted decentralization, yet there's still lots of room for improvement, which is where ChatGPT could potentially help, as reported by Cointelegraph.
For instance, ChatGPT could streamline smart contract creation for developers by helping with the development and testing of the underlying code. Developers are already familiar with using "copilots," such as in GitHub, but generative AI can vastly improve these tools. Smart contracts are written in programming languages like Solidity, but the process is complicated and error-prone. The problem is that developers often write hundreds of lines of code manually, and even a tiny mistake can have profound implications.
Research conducted by Bloomberg Intelligence predicts that the generative AI market will grow into a trillion-dollar market, reaching a fantastic value of $1.3 trillion within the next decade. The generative AI market currently occupies less than 1% of the overall market share. This rapid growth signifies the immense potential of this technology and its widespread adoption across various sectors.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.