Know ChatGPT but don’t forget NI

CHENNAI: Recently, there has been a buzz about ChatGPT and how it can impact various aspects of our lives. The possible connection it may have with the financial and economic sector is one of the most frequently discussed subjects.

Built using machine learning and artificial intelligence, it is a ChatBot created by OpenAI. A chatbot is a computer programme that mimics human speech while attempting to be as realistic as possible. Essentially, an effort to make its talks sound as close to a human as feasible, to minimise any noticeable differences.

Besides dominating social media, ChatGPT has already passed the bar exam, in USA, the medical licence exam, and the MBA exam! It is being extensively used to automate processes, compose articles, tweets, calculate equations, and complete assignments. Unquestionably, the platform has potential.

But, will the crypto world feel any impact ? The answer is - yes!

Over the next few years we will see a powerful synergy and convergence in AI and cryptocurrencies development and have the potential to be closely linked. AI and blockchain are two technologies that have not yet reached their full potential and both are examples of specialised technologies that only a select group of people have learned about and used. AI will be able to produce any form of digital goods. Products that are impossible to tell from those made by a human mind. They might even be able to manage our investment portfolio or develop a coin for us.

We can’t reasonably expect to exist in a society where one thing is indistinguishable from another. The origin and journey of every digital asset may be verified using the blockchain due to its open structure and immutability. As visibly demonstrated by NFTs (Non-Fungible Tokens) which have a wide range of applications, with digital art being just the tip of the iceberg.

The above issue can be resolved if we use NFT technology to identify and distinguish each digital object. We would always be able to distinguish between human- and bot-generated content.

Right now, none of us can be certain that I was the person who really put all of these words onto a keyboard to create the article. In fact, I’m about to let you in on a little secret: OpenAI’s AI also produced all the photographs in a recent post of mine. The program name is DALL-E.

Blockchain will benefit from all the technologies that will increase digitisation, including ChatGPT, precisely as it tries to increase security in the digital realm. Additionally, cryptocurrencies will gain. Finance and IT will become increasingly intertwined in the future. Bitcoins will undoubtedly steal from both sides.

To sum up, this is what ChatGPT comes up with:

“Both AI and cryptocurrencies have been used to automate financial processes. AI can help predict cryptocurrency prices, while cryptocurrencies themselves can offer greater security and transparency in financial transactions. In the future, we are likely to see more and more integration between AI and cryptocurrencies, with AI being used to automate cryptocurrency trading processes and cryptocurrencies being used as a means of payment to purchase goods and services provided by AI systems.”

A word of caution though. ChatGPT may be a great tool, but nothing ever will replace NI - Native Intelligence.

​(The writer is founder, India Blockchain Alliance)