Amid the enthusiasm for AI technology, Bloomberg recently revealed its AI model, dubbed as BloombergGPT, to perform various natural language processing (NLP) tasks. The AI, which has been trained on a large dataset of financial information, is being seen by some as the “harbinger of the next wave of corporate AI.” Comments on the potential implications of the AI range from claims that financial markets are about to be gamified "on an unprecedented level” to predictions that it could replace financial analysts.

The news came at the same time as Italy blocked another AI entity, ChatGPT, and opened an investigation over suspected violations of data protection. While the authorities continue to investigate the risks posed by AI technology, its application to revolutionize traditional processes such as law and justice is gaining traction.

The application of AI and blockchain to transform the legal system was recently investigated in a report by The Economist. With the help of ‘smart contracts’ and other digitally-automated processes, AI-based systems are seen as having the potential to improve not only the speed and accuracy of court judgements, but also the transparency and cost efficiency of the judicial process. This will require the development of specific secure infrastructures and protocols to ensure the security and privacy of digital data, as well as to guarantee reliable and just outcomes.

Overall, AI technology is continuing to gain traction, particularly in the finance and justice sectors. In spite of the potential risks and ethical implications, companies such as Bloomberg are pushing ahead with the development of AI-based systems and technologies to transform their services. While it remains to be seen exactly how effective and safe these systems are, their potential applications couldn’t come soon enough for those looking to enhance their businesses.



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