Technical Overview of AI and Its Participation in the Contract Formation

Apart from being a buzzword, AI is a rapidly developing, complex, interdisciplinary research area. Seen as a technology capable of learning from experience and acting autonomously without human intervention, AI can be one of the, if not the most disruptive and transformative piece of technology developed by humanity. To date, AI applications can be found in a vast spectrum of available technologies, starting from consumer appliances and up to fully autonomous vehicles. The impact of AI can be felt in various areas, such as financial markets, state administration, healthcare, transportation, physical and digital infrastructure. The global economy at large is benefiting vastly from the advancements in AI research and development. According to some estimates, AI could potentially create 3.5 trillion US Dollars (USD) to 5.8 trillion USD in annual value in the global economy. Moreover, considering significant investments made by leading tech corporations worldwide to the research and development of AI, companies’ total AI absorption level is estimated to reach about 50 per cent by the year 2030.