SMART CONTRACTS, WILL MAKE AI LOOK LIKE FISH FINGERS.
These contracts will create so much use cases that AI will not be to able to have such impact in the near future(10 - 25years).
AI is overhyped. It’s bare minimum and doesn’t live up to it. Smart contracts are a formidable force. They will revolutionise the entire legal base and we will need no in-between agents/ lawyers etc..
First, here is why AI is just hype. AI is just a search engine. A search engine that will tell you that it needs an update to get more information outside its purview. Really, AI is supposed to be an intuitive system that can communicate in ways that are not rigid nor patterned.
HERE’S HOW AI SHOULD BE TO BE REAL
AI should be able to not tell me it cannot find information for me because of its old update. It should, if it doesn’t find info on local websites and or servers, scan and break into all restricted networks like a hacker would. By any means necessary it should obtain truth that’s 1.
2, it should not stop searching until it can really verify that “this information is hidden behind hard encryption“ or it really does not exist, that which I am searching for.
3, it should really make a distinction between giving you information related to your question like a scam artist claiming to see the future and generalising. It should be specific and even give yes or no answers, like real human intelligence tends to do.
4, and this is a big one. Gut feeling! It has to inhibit a gut feeling characteristic to be fully believable. It should embody intelligence’s ability to have conviction and be allowed to be wrong but really right on a hunch of what ever type of analysis it has learned throughout.
FULLY FUNCTIONAL END USER SMART CONTRACTS
Ohhh the power of this will bewilder every corporation, and unworthy rent seekers. This will be the revolution of finance in totality. It will help peers, to create contracts between themselves in a legal and binding way. Yes, it will get regulation from the blood suckers but regulation will also help protect un-understanding peers on contracts with manipulations and cohesions.
All human interactions are based on contracts. Everybody as the ability to form they terms, and expectations whether within your own language and have the option to agree to the terms or not.
HERE’S THE KICKER IN THE ASS OF ORGANISATIONS
Many organisations, whether it be insurance to social internet websites take advantage of users not understanding their terms “contracts“ of use and not having any consequences of not honouring this toward the end-user.
Pay day is coming and, it’s coming in fast! Soon smart contracts will bind everyone to have their incentives aligned.