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Should You Be Scared of AI?

Written by Monica Savaglia
Posted February 22, 2022

America wants to get artificial intelligence right.

There continues to be skepticism when it comes to advancing technologies, and rightfully so. It took me a while to decide to upgrade my smartphone because the next version included facial recognition. It just made me feel a little uneasy. How would the data I’m agreeing to share today (which may seem harmless) affect my future?

I grew up when the World Wide Web seemed relatively harmless. I would go into chat rooms and talk to strangers, and I didn’t think too much about it. Now, looking back, I’m a little surprised my parents allowed me to even go in those chat rooms. But I guess it was a different time. That naivety and innocence surrounding the internet soon faded. 

Technology started to shift more toward how tech companies could make the most money from the people using their devices or social media platforms. These tech companies put in terms and conditions that most users were clueless about. Even if users didn’t personally agree with what was inside those terms and conditions, do you think they would actually go so far as to not sign up and risk being left out from the latest services and smartphone upgrades? 

Now, there are many algorithms to “enhance user experience” while on smart devices and browsing the internet. I don’t really like being cynical. I think technological advancements can be great and benefit our society and lifestyles, but there have to be some ethics involved.

It’s Time to Define AI Ethics

Of course, I’m not alone in my skepticism. There’s been growing concern and controversy surrounding big tech companies and the extent to which they’re influencing and impacting entire generations. For some, the damage has been done, and it’s now a matter of trying to reverse the damage and prevent further detriment in the future. 

So it makes sense why the U.S. government is taking aim at artificial intelligence (AI) to ensure there will be defined ethics established before the technology advances further. Inside the National Defense Authorization Act for Fiscal Year 2022, which was recently signed by President Joe Biden, there are two significant pieces of AI legislation to become law: the Artificial Intelligence Capabilities and Transparency (AICT) Act and the Artificial Intelligence for the Military (AIM) Act.

The AICT and AIM Acts are the beginning of the federal government's mission to compete against bad actors who will use AI to put America’s security and economic interests at risk. The government will need to act aggressively and with transparency to instill confidence in Americans and the rest of the world. This is just the beginning of establishing AI ethics, but it’s going to be an important step. America needs to get it right because the technology is advancing quickly.

A report by Research and Markets indicates that the global AI market is forecast to grow at a strong CAGR of 39.7% from 2021 to 2026. There are going to be many industries that will turn to AI to enhance business models and procedures, and, of course, enhance user experiences. I’ve been paying particularly close attention to how AI is advancing within two specific industries: health care and e-commerce.

AI in Health Care

The advances happening in the healthcare industry because of AI are astounding. Some hospitals are implementing machine learning solutions to make the waiting process in emergency rooms more efficient and less time-consuming. When more patients can be treated, that is an automatic win for patients and hospitals alike.

AI also allows hospitals to help develop pharmaceutical drugs and even diagnose illnesses like cancer by analyzing data and patient records to better understand the patient and their health. This type of analysis can find important health indicators that might go unnoticed by a doctor, which could be lifesaving for some people. 

AI has become an essential tool for oncology as it can be used to help diagnose and treat certain cancers. Researchers are developing machine learning software that can examine tissue for cancerous cells, and the results are breathtaking. AI developers from Beth Israel Deaconess Medical Center at Harvard Medical School created a system that can detect metastatic cells in lymph nodes — 92% of the time the system's analyses were accurate and successful. 

AI could help save lives and keep people healthy.

AI in E-Commerce

Artificial intelligence has been transforming e-commerce into an even bigger powerhouse. AI algorithms and learning technologies make it possible to optimize the way people buy and sell goods online. Tasks that were usually done manually can now be done by AI technology, making it easier for business owners to focus on customers and business models without having to be weighed down by mundane tasks and paperwork involving payroll, inventory management, and marketing.

AI helps provide exceptional customer service thanks to chatbots and virtual assistants that are available for 24/7 online support. AI technology has also personalized the e-commerce shopping experience. Algorithms can sort through data based on a customer’s behavior to provide better predictions of what a customer might need or want. This kind of personalization improves a customer’s journey and can increase the probability that a customer will see something they like and buy it.

Artificial intelligence can be a great force for our future, but as I said earlier, the time to establish AI ethics has to be right now or else it could become a much bigger issue in the future that we might not be able to control.

Until next time,

Monica Savaglia Signature Park Avenue Digest

Monica Savaglia

Monica Savaglia is Wealth Daily’s IPO specialist. With passion and knowledge, she wants to open up the world of IPOs and their long-term potential to everyday investors. She does this through her newsletter IPO Authority, a one-stop resource for everything IPO. She also contributes regularly to the Wealth Daily e-letter. To learn more about Monica, click here.

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