Artificial intelligence (AI) is undeniably a hot technology at the moment, with the industry projected to be worth $22.6 billion by 2025. Over the past year, everyday people saw AI-generated images and filters across social media as well as Open AI’s tools, ChatGPT and DALL-E, explode seemingly overnight.
While AI shows significant signs of promise, it still has a long way to go before companies and consumers can seriously rely on it for important tasks. For example, ChatGPT is able to formulate text, but it is not advanced enough to be reliably accurate. The consumer publication, CNET, attempted to increase output by employing AI to write its articles, but the outlet has since issued massive corrections to its AI-written content.
At first glance, ChatGPT-making sloppy errors might not seem like the end of the world, but if we are going to leverage AI in life-or-death fields like medicine, it can’t afford to make any mistakes. To prevent catastrophe, leaders in the AI space need to collaborate with experts in other technology sectors to establish fail-safe methods to validate data and ensure that AI is providing accurate information.
The AI revolution
AI is poised to disrupt the technological landscape and positively impact multiple industries, from blockchain and fintech to healthcare. If used with integrity, AI could be as transformational as the internet was in the early 2000s. AI is limited only by the algorithms we create, the data we provide, and computing power.
From predicting cancer risk to preventing insurance underwriting burnout, AI will transform how we gather information and make critical decisions. This emerging technology can even remove racial and gender bias, making the outcomes from employee recruitment more fair and equitable.
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Another way AI can help level the playing field is through AI-powered trading bots. Many retail investors tend to make rash decisions — often driven by emotion — when buying and trading stocks and cryptocurrencies. However, using a data-driven approach removes human bias and could level the playing field for more everyday investors to make smart investments and strategies.
The dark side of AI
While AI technology has real potential to streamline mundane processes and make our lives easier, there are serious drawbacks that need to be taken into consideration. Many are apprehensive about AI and feel that it could lead to a dystopian future.
The internet has long been associated with hoaxes, misinformation and scams. The phrase “Don’t believe everything you read on the internet” is ingrained in our culture. Unfortunately, AI could lead to even more misinformation on the internet and sway public opinion for the worse. Here’s a truly terrifying concept: deep fakes or digitally altered videos that look nearly identical to celebrities, politicians or whoever the person behind the algorithm wishes to mimic. Perhaps even more disturbing is an AI firm that recently created a service that allows people to “talk” to deceased loved ones.
Beyond eerie use cases, AI simply just might not be conducive to productivity yet. A Stanford study found that programmers who use AI produce bad code. If we are going to integrate AI into our workflows, it needs to be more efficient and accurate.
The potential of merging AI and blockchain
To avoid disastrous errors, AI should be merged with other technologies to be made more accurate. While still in its infancy, blockchain is particularly promising in validating data. Verifying data through blockchain networks can ensure that AI is computing accurate data to produce accurate products and results. Blockchain’s data permanence is also great for building training sets for AI. Additionally, storing decisions made by AI within a blockchain database ensures that auditing remains quick, easy and accurate.
Moreover, decentralized AI networks could prevent big tech from monopolizing AI, and in turn, establish more user trust. AI may also be able to harness the power of blockchain oracles, as oracles check data from multiple sources to ensure information is accurate. In an adjacent space, many NFT artists already utilize AI, and it’s exciting to see what’s on the horizon at the intersection of these two technologies.
AI has the potential to improve society for the better, but in parallel, comes with enormous risks if not executed correctly. AI technology is fragile, requiring checks and balances as well as human oversight. We must hold AI accountable to prevent an inaccurate and dystopian future.
Arie Trouw is the co-founder of XYO and founder of XY Labs.
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.
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