In the past, when humans invented things that revolutionized human civilization, the general public would slowly know, and it would take years to reach them. For example, electricity, which changed human civilization, sadly has still not reached some of the remote places on Earth.
However, global connectivity has changed today’s world, which has made the AI revolution spread like wildfire to the end users. While AI brings its own set of advantages, the world is now confronted with unprecedented challenges. The urgency of understanding and mitigating these associated risks cannot be overstated, as there is no buffer time for us to act.
The potential of AI to impact every aspect of our lives and work is immense. However, given its scale, the risks it poses to vulnerable individuals, SMEs, and emerging economies could be nothing short of catastrophic.
The most pressing challenge lies in job sectors, as machines are poised to take over repetitive tasks such as coding, customer support, and content creation. Equally concerning are issues of data privacy, deep fake, and security. The global community must expedite the implementation of regulations to strike a delicate balance between innovation and ethics.
To be clear, it is not the AI that is bad; we humans might use this tool for both good and evil. Since humans in the past have shown shaky behavior, it is better to put checks and balances in place to mitigate risks.
The EU AI Act was the first step in this direction, and hopefully, China and the USA will do more to maintain the delicate balance of AI and ethics. The need of the hour is to compartmentalize the AI revolution in two dimensions: AI for all, i.e., the good of AI should not be the monopoly of a single company or country, and Global Regulation to safeguard against the risks of AI.
It’s not common for the whole world to agree on something, but like climate change, AI should have global regulations where the powerhouses take the responsibility of making AI beneficial for all and safeguarding society from its ripple effects.
The good news is that there is chatter about Responsible AI, and some governments are making domestic policies. Hopefully, we will witness more discussions on it in the United Nations.
Also, it’s paramount to understand that AI technology is still evolving, so it’s important that regulators take a perennial approach. This will allow them to not stifle innovation while mitigating the risks.
Companies use common people’s data to train AI, and critics are predicting AGI, which can be understood as super AI that can be dangerous to humans. Now, the question arises: If common public data is used and companies potentially make billions, wouldn’t it be fair to give them monetary benefits like stocks? This will make the use of data and privacy forefront priorities for both users and companies.
The policymakers should provide a platform for all the stakeholders, which should not only be compromised Tech companies but also other stakeholders like Academic Scholars, who can provide valuable insights, Women, who are often underrepresented in tech discussions, and non-tech companies, who may be the ones most affected by AI services. Their concerns should be given utmost importance in the AI regulation process. It would depend upon the different countries whether they can come on a single platform to make AI good for all or they would compete with each other for the monopoly. Tech companies are here to do business, and the most critical aspect of business is profit, which sometimes is amalgamated with decisions that can bring unprecedented challenges to society. Therefore, it’s vital to at least start talking about Responsible AI and push for global compliance to safeguard from its ripple effects.
