Understanding AI’s Growth and Risks

As artificial intelligence (AI) rapidly advances, the call for established ethical codes and regulatory frameworks becomes increasingly urgent. This was a focal point at a recent panel hosted by the Florida Institute of Technology, where experts discussed both the promising aspects and potential dangers of AI technology.

The Growing Need for Regulation

Michael Marks, a member of the Bisk College of Business Advisory Board, emphasized the dual nature of AI’s evolution. He stated, ‘There’s going to be a lot of bad things that happen. There’s going to be a lot of good things. There’s nothing that we can do to stop any of this stuff from happening.’ Marks highlighted the necessity for regulatory measures, acknowledging the chaotic nature of the current environment: ‘But we’re still in the Wild West days. It’s going to take a while to sort it all out.’

Market Projections vs. Real-World Risks

The panel noted that the AI market is projected to explode from $1.6 billion in revenues in 2018 to $31.2 billion by 2025. President John Nicklow remarked, ‘Definitely a hot topic that we need to discuss. And we must better understand.’ Yet with this growth comes a plethora of risks, as evidenced by a Massachusetts Institute of Technology study that identified 777 potential risks tied to AI usage. These range from misinformation to cybercriminal threats.

Job Displacement Concerns

Experts like Robert Allen, a science fiction author and tech entrepreneur, expressed serious concerns over job displacement due to AI. ‘Every human person that’s being replaced by AI is money saved. And that is profit for shareholders,’ he warned. Such viewpoints highlight the looming challenges faced by workers in an AI-driven economy.

The Ethics of AI in Healthcare

Professor Moti Mizrahi presented a practical example involving AI’s role in healthcare decisions, particularly affecting the elderly. He pointed out, ‘The system doesn’t have empathy. It doesn’t see the patient the way a human doctor sees the patient.’ This raises fundamental ethical questions about the use of technology in life-impacting decisions.

Looking Ahead

Ted Richardson, dean of the Bisk College of Business, remarked on the broader implications for society, noting that AI could exploit human weaknesses unless proactively addressed. ‘AI is going to understand that. AI is going to make its own decisions based on our own weaknesses, unless we get in front of that.’

As discussions continue about AI’s integration into business and society, it is evident that balancing its advantages with ethical considerations will be crucial. The Florida Tech panel has paved the way for ongoing dialogue on these vital issues.

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