Microsoft (MSFT) CEO Satya Nadella told attendees at this year's World Economic Forum in Davos on Tuesday that he believes in blockchain, web3 and metaverse innovations, but feels the sector needs a "ChatGPT moment".
"Blockchain is a technology that has a set of use cases, we at Microsoft support it today. A distributed database is a good thing, it has its uses.
"All of these three things, web3, blockchain and the metaverse, are all going to happen.
"But you need to have the killer apps, what is the use case that gets broad adoption, what is the ChatGPT moment for blockchain?"
Artificial intelligence (AI) tool ChatGPT was launched in November 2022 and has since racked up over a million users.
Read more: ChatGPT: three steps to master this AI tool
The new application's agility in capturing mass appeal has outpaced the more slowly evolving blockchain industry that began in earnest when Satoshi Nakamoto published the bitcoin (BTC-USD) white paper in 2008.
ChatGPT has eclipsed web3 as the prime tech buzzword of 2023. But, as the year progresses, whether it will be as disruptive to our personal and professional lives as has been forecasted remains to be seen.
Microsoft is going all in on ChatGPT, an artificial intelligence (AI) technology that could power a new search engine that could disrupt the dominance of Google (GOOG).
This will value the San Francisco-based firm at $29bn, and industry analysts say that Google should pay close attention to the deal.
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What is ChatGPT?
ChatGPT is trained on a massive data set, and has been described as one of the most powerful language processing models ever created.
It is a highly articulate artificial intelligence application which can write computer code as well as different types of text from haiku to jokes, corporate emails, business plans, academic essays and even piece of original fiction in the style of any writer you want, from Joyce and Dostoyevsky, to Shakespeare.
What sets it apart from previous AI chat tools, is how it can respond to user prompts in natural-sounding language, responses that could easily be mistaken for a chat with a real human.
ChatGPT uses a combination of natural language processing, machine learning, and graph theory to measure a chatbot's ability to understand and respond accurately to customer inquiries.