AI Regulation, Global Governance and Challenges

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The spontaneous pace of innovative growth in AI technologies over the past few years has continued to provoke a spectrum of reactions, ranging from curiosity and enthusiasm to concern and outright fear.

One thing, however, is fairly certain – there is an ongoing global race for AI dominance.

On the one hand, this is fueled by the comparative drop in computing costs, and on the other, by the rapid adoption and application of AI tools by users in varying capacities.

Business owners, companies and professionals in different sectors are coming to terms with the massive potential for growth, cost efficiency, reduction in human error and improved profit margins that AI offers.

At the same time, the risks and inherent danger of ‘Wild West’ AI have become so apparent, necessitating the need for regulation and AI governance.

State of the AI

The launch of ChatGPT by OpenAI in 2022 was a wake-up call for innovators in the AI space.

Prior to its release, while companies like Google, Microsoft and Meta were already on the AI train, not much success had been realized – especially in the public domain.

BlenderBot 3 was the subject of harsh criticism, Galactica had to be pulled down after three days and Tay didn’t survive 24 hours on Twitter.

The commercial success of ChatGPT unleashed a wave of AI technologies with a new focus on tools and applications that allowed for direct user interaction.

Google launched Bard – now Gemini – as a direct competitor, while Microsoft’s $13 billion investment in OpenAI allowed it to integrate generative AI technology into its search engine – Bing.

Other sectors are not left out in the ‘AI revival’ – financial institutions employ AI solutions for fraud detection with algorithms that leverage behavioral analysis, natural language processing and pattern recognition to identify fraudulent activities.

In the healthcare industry, AI is helping to improve patient experience and diagnosis, interpret X-ray results, manage healthcare data and more.

The need for regulation

As companies and businesses increasingly incorporate AI technology into their products, decision-making processes and service delivery, the spotlight is on the data process behind these algorithms and the AI outcomes.

Misinformation, perhaps, remains one of the biggest genuine risks of generative AI.

In 2022, an image purportedly showing an explosion near the Pentagon made the rounds on social media and…