Leveraging the Use of ChatGPT: Exploring Its Real-World Applications Including Their Related Ethical and Regulatory Considerations

Abstract

ChatGPT is powered with generative AI and has unlocked the realm of creativity and intelligence to offer virtually all services required by its users. ChatGPT is an AI language model that can understand human language and generate its proficient and coherent responses in human language for the given prompts. ChatGPT has numerous applications such as in education and training, healthcare and medicine, banking and finance, travel and tourism, journalism and media, research and development, customer service and support, and sales and marketing. Despite the fact that ChatGPT is an impressive AI tool and used in almost all application areas, it is not without its flaws and may not always provide accurate or reliable information. Therefore, its use by individuals and businesses requires a quality control over its generated contents to ensure its accuracy and consistency. Moreover, its use in any application area also requires appropriate ethical and regulatory considerations, in addition to the verification of its responses by humans. This paper will explore twenty real-world applications of ChatGPT and its corresponding operations in these application areas. Furthermore, it will also discuss the necessary ethical and regulatory considerations for each application area to highlight its associated ethics, regulations and other risks for users.

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