The newest version of ChatGPT, GPT-4, has caused a stir online by showcasing its ability to identify vulnerabilities and exploits in Ethereum smart contracts. According to its developer OpenAI, GPT-4 boasts ‘human-level performance on various professional and academic benchmarks.’

In a recent prompt dialogue with Coinbase Director Conor Grogan, ChatGPT was able to ‘highlight a number of security vulnerabilities’ in a smart contract before verifying a method to exploit the code. What’s even more fascinating is that the same contract had been hacked in 2018 using the same method suggested by ChatGPT.

While ChatGPT’s broad knowledge base makes it a useful tool for developers to review, suggest and provide insights to Ethereum smart contract development, it still requires human input for specific business logic and prompts.

At the ETHDubai conference, attendees discussed how ChatGPT and AI-powered tools can be a blessing for developers. Blockchain developer Salman Arshad highlighted the cost-efficiency of ChatGPT, as it offers a timely and cost-efficient way to review code without the need for expensive smart contract auditors.

Arshad emphasized that ChatGPT and AI-powered tools are not enemies of developers but rather complementary tools that can help them achieve more work in less time. “You know what your company wants to do, you can tell ChatGPT and it can perfectly transform your commands into a smart contract, auditing process, document or white paper,” he added.

Another blockchain developer, Syed Ghazanfer, praised ChatGPT for its collaborative nature, saying that it remains far more beneficial to a wide range of users than the potential threat of automating processes and replacing human workers. Ghazanfer also highlighted that ChatGPT remains a useful tool for developers, automating processes like reading and condensing full documentation.

While ChatGPT is proving to be a significantly useful tool for developers to solve coding problems, it won’t replace developers. Instead, it promises to be a useful tool for security audits of smart contracts and Web3 platforms. One statistic to note is that the cost of smart contract auditing ranges from $5,000 to $10,000 per contract, which is a significant cost for startups and small businesses. By using ChatGPT, developers can save time and money while still ensuring their smart contracts are secure.


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