How might AI Regulations evolve internationally?

Statista reports that the current value of the AI market of $100 billion US dollars is expected to increase twentyfold by the decade’s end, reaching $2 trillion US dollars.

Ubiquity with AI is a genuine possibility and a near reality as we speak. Approximately 77% of devices currently use a form of artificial intelligence.

With this nearing ubiquity comes many questions. It can be a murky area because such pervasiveness can be invasive and potentially catastrophic. As such, expect AI to become stringently regulated on the global stage as it grows in prevalence and use cases.

There’s a reason for AI’s growing ubiquity. Namely, it’s an exceptionally useful tool that makes our lives easier. Below are some primary advantages related technologies offer.

Limiting human error

AI provides a level of accuracy and precision for specific tasks that humans plainly can’t emulate. The related technologies make decisions based on previously gathered information set by unique algorithms. When properly programmed, errors related to the learned and assigned tasks are virtually non-existent when performed by AI.

One example is how robotic surgery procedures improve patient safety.

Productivity that never fades

Humans need rest. In fact, studies indicate we’re only productive for about three to four hours daily.

AI doesn’t need any breaks to keep performing at peak efficiency, thinking faster than we do and performing multiple tasks simultaneously and effectively. Artificial intelligence-based tools don’t get bogged down by repetitious work–such is the unflappable strength of their algorithms.

We see this level of productivity with online chatbots, which provide 24/7 support through AI and natural language processing.

Driving innovations

AI spearheads innovations in many industries, such as helping doctors detect breast cancer in patients earlier than ever.

The above advantages only scratch the surface but have been highlighted to show why AI is making such monumental waves.

The benefits of AI discussed above might make it seem like we’ve discovered a benevolent innovation that will take society to new, utopian places. Unfortunately, we live in a grey-shaded world, and there’s another side of the coin.

With great power comes an even greater potential to do wrong. Thus, AI must be regulated stringently and here are a few reasons why:

AI Can Be Employed For Malicious Purposes

The following malicious actions can be bolstered via AI:

• Cyberattacks
• Infrastructure and framework attacks
• Adversarial machine learning

AI is jaw-droppingly powerful in many ways. Thus, it presents a significant threat when it gets into the wrong hands.

A question of ethics

Existing digital laws (such as ones pertaining to user and data privacy) should also apply to AI.

Regulations should revolve around mandated robust cybersecurity capabilities for anyone using AI and handling data-heavy algorithms.

Tech companies should also remove AI algorithm biases and discrimination if the related tech deals with sensitive issues. This means ensuring no purposeful biases and that all naturally occurring ones are eliminated (when flagged) to avoid at-scale reproduction.

Regulating ethical AI facets will foster transparency, trust, and accountability amongst developers, users, and stakeholders.

Protecting human rights and safety

Many AI-related safety risks exist, such as generative AI being used to create malicious deepfakes or spread misinformation.

AI can be used to help build questionable weaponry, too (like building a dirty bomb). There are also autonomous weapons and AI-driven warfare to consider.

Regulations are needed to prevent these potential threats to our safety. AI should not be weaponised to put us in harm's way.

Preventing negative societal and economic impacts

There’s a strong possibility that AI could displace 800 million jobs by 2030. This could lead to decades of despair for many. A plan should be implemented to protect those who might be replaced by AI (e.g., through subsidised training).

Our economy also might face threats from AI-driven monopolies. Catching up will be impossible due to network effects–the industry heavyweights will have all the data, preventing competition.