ChatGPT, an artificial intelligence language model developed by OpenAI, is one of the most advanced and powerful language models in the world. Trained on a massive dataset of human language, ChatGPT is capable of generating coherent and contextually relevant text in response to a wide range of prompts and questions. As such, the implications of ChatGPT are wide-ranging and significant, with the potential to impact numerous areas of society.

Including the ability to write an introduction to an article about itself. ChatGPT is next-level artificial intelligence. The possibilities are endless - which can be daunting in the AI space. Upon being promoted to write a summary about itself, even ChatGPT gave discussion on its flaws and limitations. The fact that it can give a critical analysis on itself is a type of self-awareness that even some people don’t possess, let alone other artificial intelligence tools. But what are those implications and how can we maximise its benefits?

ChatGPT gives Google a run for its money as a search engine. The days of googling and sifting through websites with irrelevant information are over. Rather, a simple question to ChatGPT results in a quick summary of the information specific to your question. If you need a citation, one will be provided. In a world where time is money, this is a valuable tool.

However, ChatGPT is not without limitations. You can be provided with incorrect or biased information, which means it is still necessary to validate your information with other sources. As a law student I have been utilising ChatGPT for case summaries before I read a long decision filled with jargon and incomprehensible terms. For famous historical cases, these summaries are excellent but for the more obscure cases, ChatGPT is not reliable.

In what other areas can you utilise ChatGPT? ChatGPT can create an exercise and meal plan according to your needs, rewrite your work for clarity and write complex code. If you are applying to your dream job, input the job’s description and your qualifications and ChatGPT will tailor a resume and cover letter specifically for you.

Not only does ChatGPT have the capability to be your personal assistant, it might also be effective as your stock broker. Finder.com recently found that ChatGPT’s stock picks over a span of 8 weeks made a gain of 4.9%. This was in comparison to the ten most popular investment funds in the United Kingdom, whose picks returned a loss of 0.8%.

Algorithmic trading and other intelligent tools are not new, but if a concept like ChatGPT can beat institutional funds then that is an area to watch out for. According to finder.com, 8% of the people surveyed said they were already using ChatGPT for financial advice while a further 19% said they’d consider using it for financial advice. While these are not big numbers, ChatGPT is relatively new on the scene and with this initially positive feedback, it has potential to grow.

But it’s not all sunshine and rainbows. There are a lot of consequences from the wide-spread availability of using this technology – as well as open doors for new problems in the future. For example, ChatGPT is a concern for universities and other educational bodies due to the risk of plagiarism. There is uncertainty as to how you can use ChatGPT and whether it constitutes plagiarism, but even when students are directly copying from ChatGPT it can be difficult for markers to detect although OpenAI is launching tools such as AI classifiers to combat this problem.

There are also other concerns aside from plagiarism. If you use ChatGPT for creating a resume for your dream job as suggested earlier, you are giving it large amounts of personal data. Not only does ChatGPT log every conversation you have including your device and browser data, you’re giving away more identifiable data.

In April of 2023, the Italian government placed temporary restrictions on ChatGPT to prevent it from collecting the personal information of Italians’ which resulted in OpenAI making the chatbot unavailable in Italy. Access has since been restored but to comply with Italy’s data protection agencies they have added age verification. OpenAI has since said it will “provide a new form for European Union users to exercise their right to object to its use of personal data to train its models.”

It is not just regulators that are concerned about artificial intelligence like ChatGPT, but also the creators themselves. On March 22, Elon Musk-backed Future of Life institute called for a six month pause of developing new artificial intelligence and additions of ChatGPT.

In the open letter, they highlighted that “Advanced AI could represent a profound change in the history of life on Earth, and should be planned for and managed with commensurate care and resources.” However, Elon Musk received criticism as there are suspicions he is creating his own version of ChatGPT.

ChatGPT is definitely the new shiny thing on the block with an array of benefits and interesting features, but the possibility for a nefarious impact on humanity exists and is a genuine concern that governments and regulators should prevent. Only time will tell what happens next.

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