The Effects of Artificial Intelligence and Modern Technology on Commercial Transactions for Commercial Transactions Law 2023

In light of the Fourth Industrial Revolution, the intervention of artificial intelligence in commercial transactions has expanded, and it has not remained a mere subject or subject of the contract, whether it is a material or moral product, but has gone beyond that to have a fundamental and effective role in concluding the contract as an electronic agent that makes the contract automated and concluded in whole or in part in an automated manner without human intervention. The UAE legislator was interested in regulating its use, whether under the Electronic Transactions Law of 2006 and the current one of 2021, and referred to this possibility under the Trade through Modern Technology Law of 2023; It considers it an information program that represents the original principal and bears the effects of the transaction concluded with the intervention of artificial intelligence despite not granting the electronic agent legal personality. The integration of artificial intelligence and modern technology into commercial transactions has profoundly transformed the landscape of commercial law. Artificial intelligence techs, including natural language processing and machine learning algorithms, are increasingly utilized for contract formation, risk assessment, and dispute resolution. Such technologies enhance efficiency, decreases human error, and advance transactional processes, offering substantial advantages for businesses and consumers. Modern technology, consists of digital currencies, smart contracts, and blockchain, has further revolutionized commercial transactions through offering unprecedented levels of security, transparency, and automation. Blockchain technology warrants irreversible and provable records, while smart contracts perform automatically when predefined conditions are met. This minimizes the need for intermediaries and enhancing integrity of the transactions carried out. Additionally, this paper addresses the legal and regulatory responses to these technological advancements. Jurisdictions across the world are grappling with the need to update existing laws or come up with new ones in order to address the challenges posed by AI and modern tech in commerce. The dynamic nature of technology calls for a flexible and adaptive legal approach in order to make sure that commercial laws remains to be relevant and effective.