This thesis provides an analysis of the potential issues of using ChatGPT, as despite its benefits it does have its concerns that may deter societal progress. The thesis first provides insight into how ChatGPT generates text and provides insight into how the process of generating its outputs can lead to a variety of issues in the output such as hallucinated and biased output. After explaining how these issues occur, the thesis focuses on the impact of these issues in important industries such as medicine, education, and security, comparing them to popular open-source models such as Llama and Falcon.