OpenAI ChatGPT Write Smart Contracts In Seconds - Legal Binding & Easy - Selling iPhone Cars Rent

THE FOLLOWING DESCRIPTION BELOW WAS WRITTEN BY OPENAI CHATGPT. I SIMPLY ASKED CHATGPT TO WRITE ME A YOUTUBE VIDEO DESCRIPTION OF WHAT A SMART CONTRACT IS. CHECK IT OUT BELOW 👇

Welcome to our latest video on smart contracts!

A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein are stored on the blockchain.

Smart contracts allow for the automation of a contract's terms and conditions, which means that the contract will be automatically executed when certain conditions are met. This can save time and resources and reduce the potential for errors and disputes.

Smart contracts are often used in the context of cryptocurrency transactions, but they have the potential to be used in a wide range of industries and applications.

Some of the key benefits of smart contracts include increased efficiency, reduced costs, and increased security. Because smart contracts are stored on the blockchain, they are secure and cannot be altered once they have been executed.

Overall, smart contracts are a powerful tool that have the potential to revolutionize the way we do business and interact with each other.

Thanks for watching! Be sure to leave your comments and questions below and don't forget to subscribe to our channel for more videos on blockchain and other emerging technologies.

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[iaincampbell]

My understanding is that this is just a regular contract not a smart contract? AFAIK smart contracts utilize blockchains like Ethereum. This can facilitate things like automatic payment when conditions are met etc. Watched this expecting you to say something like please create a smart contract for the ETH blockchain with the following features and conditions....

Also for some applications particularly you'll need to be quite careful about AI generated contracts as you don't know how much of the training data pertains to your jurisdiction's relevant legal landscape.

This will be less of an issue in some contracts than others but for rental agreements/licenses to occupy this area often has a lot of legislation and case law to consider. Granted the legislation will just override the contract...would it know when to explicitly state that the parties agree that certain provisions of laws won't apply which will apply automatically unless such clauses are inserted etc? For some laws there's nothing you can do...other provisions can be voluntarily decided as not being in effect by the parties etc.

My feeling- for simple contracts you might get a usable start point from this but read it very very carefully. For more complicated things this might get you an initial draft to take to a professional who knows what they're doing (and is liable for mistakes). Of course they may already have an existing template they would have adapted so it might actually be easier not to use chatGPT or to use it for ideas of what sort of custom clauses might protect a landlord etc for inspiration as to what to ask to have inserted. That said when these models are trained for this specific purpose on up to date relevant data and case law it's going to be fascinating.

Lastly, it will probably help get better output for your purpose if you also specify the jurisdiction for which you want the agreement (England & Wales, Scotland, US (maybe which state if state laws are relevant over there don't know your system to well), Germany etc..)

That at least gives it some chance of being aware of some relevant legal considerations.

The training data clearly does include a lot of relevant things it was able to engage in a discourse in a about whether marmalade was a type of jam in EU law terms for instance. Which is highly technical small print!