WEF 2024: AI Takes Center Stage in Global Discussions
Artificial intelligence could revolutionize the world we live in. However, its unregulated widespread adoption poses an existential threat to humanity. This concern brings AI to the forefront of discussions at the World Economic Forum in Davos this January, alongside critical issues like climate change and Russia’s war in Ukraine.
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It's important to note that WEF participants have been endeavoring to address the topic of artificial intelligence throughout 2023. The Forum hosted two summits during the year. Its experts released the Future of Jobs Report 2023, which forecasted a rapid rise in jobs related to AI and machine learning while predicting a sharp decline in the need for roles like cashiers and ticket sellers. The Forum's annual Global Risks Report identified AI-generated misinformation as a major threat to humanity. Moreover, the WEF established the AI Governance Alliance, including prominent corporations like Alphabet, Meta, and Microsoft, among others.
“The transformation opportunity that AI brings for all of society, for governments, business, communities and just human beings, can only be achieved if we have one strong public and private sector collaboration,” says Sabastian Niles, President and Chief Legal Officer at Salesforce (the developer of the eponymous CRM system).
Therefore, it's anticipated that the AI Governance Alliance will gather regulatory suggestions from all involved parties. The Alliance's members are also set to develop a comprehensive strategy for AI technology oversight. The WEF recognizes, however, that actualizing these plans may be challenging.
“Artificial intelligence by the name is not something that you can actually govern. You can govern the sub-effects or the sectors that artificial intelligence can affect. And if you take them on a case-by-case basis, this is the best way to actually create some kind of a policy,” says Khalfan Belhoul, Chief Executive Officer of the Dubai Future Foundation.
The principal difficulty is in harmonizing and standardizing these policies for worldwide implementation. The WEF also pays special attention to the dissemination of AI in both economically advanced and developing countries, encompassing broader access to gadgets, cloud services, and technical education.
Nevertheless, some WEF participants legitimately worry that over-regulation could strip the technology of its revolutionary capabilities.
My biggest fear for AI right now is stifling regulation putting a stop to this wonderful progress that otherwise would make so many people in the world have healthier, longer, more fulfilling lives,
shares Andrew Ng, founder of Coursera and DeepLearning.AI.
Simultaneously, he acknowledges that AI's application in certain fields carries grave risks. Thus, governments and businesses need to secure safety, such as in AI-equipped medical devices. Regulation is crucial in areas like autonomous transportation or financial services powered by AI.
“Compare AI to electricity. There are multiple use cases to be worked out, and yes, it can electrocute people, it can spark dangerous fires. But today, few if any of us would give up heat, refrigeration and lighting for fear of electrocution. And I think the same would apply to AI,” summarizes Mr. Ng.
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