Note: Views presented in this article represents the perspective and opinions of the author and do not necessarily represent Coinlive or of its official policies.

Artificial Intelligence (AI) has rapidly become an integral part of our lives, from virtual assistants on our smartphones to autonomous vehicles navigating our streets.

It is clear that AI has the potential to revolutionise countless industries, but with great power comes great responsibility (a timeless and apt quote from Spiderman that I cannot get out of my head).

The rapid advancement of AI technology has raised critical questions about its safety, ethical implications, and the need for international regulation.

AI safety standards are of paramount importance. Without them, AI can pose significant dangers.

Think Terminator-goes-rogue kind of scenario.

President Joe Biden Signs Executive Order on AI Safety

The Biden administration recently unveiled a comprehensive executive order that ushers in a new era for artificial intelligence (AI).

President Joe Biden explained at the signing event at the White House:

"One thing is clear: To realize the promise of AI and avoid the risks, we need to govern this technology -- and there's no other way around it, in my view. It must be governed.”

This directive sets rigorous standards for AI safety, security, and ethical use within the realm of government.

It also builds upon commitments from 15 major industry leaders, introducing six pivotal measures aimed at fortifying the integrity of AI systems and safeguarding consumer privacy.

Source: Reuters (US President Joe Biden signing the executive order on AI in the White House with Vice President Kamala Harris looking on)

AI Governance

Under this directive, developers of cutting-edge AI systems are mandated to disclose safety test results and essential data to the government, ensuring transparency and accountability.

The National Institute of Standards and Technology is actively engaged in developing standardised tools and tests to guarantee the safety, security, and trustworthiness of AI systems.

Additionally, recognising the potential for AI to be misused in the creation of dangerous biological materials, the administration is instituting new screening standards for biological synthesis.

The executive order places a strong emphasis on combatting AI-fuelled fraud and deception, promising to establish standards and best practices to differentiate AI-generated content from authentic communications.

Furthermore, building on the AI Cyber Challenge initiated in August, the administration is advancing a cybersecurity initiative that leverages AI tools to identify and rectify vulnerabilities in critical software.

A national security memorandum is also in development to provide further directives on AI security.

Privacy concerns inherent to AI are not overlooked.

The executive order calls for safeguards and urges Congress to enact bipartisan data privacy legislation, propelling the development and research of privacy-enhancing technologies.

Simultaneously, the administration is actively working to ensure equity, protect civil rights, and maximise the benefits for consumers in AI applications, all while closely examining the technology's impact on employment.

AI-Driven Future

Crucially, the United States (US) is taking a proactive role in global AI regulation dialogues, aligning with six other G7 countries on a voluntary AI code of conduct.

This international commitment aims to establish clear AI standards that uphold individual rights, enhance AI procurement, strengthen AI deployment, and ensure relevant employee training.

In its entirety, this executive order represents a resolute stride toward responsible AI governance, underscoring the Biden administration's commitment to the principles of safety, security, and ethical AI use.

Ethical Dilemmas in AI

While AI's decision-making abilities are improving, it is crucial to remember that AI systems learn from the data they are provided.

In the absence of stringent guidelines, there is a risk that AI algorithms could unintentionally perpetuate biases and discrimination present in the data, leading to ethical dilemmas.

Furthermore, in more critical applications, like autonomous vehicles and medical diagnosis, ensuring AI systems perform reliably and safely is a matter of life and death.

The challenge lies in finding the right balance between fostering innovation and protecting human interests.

AI should serve humanity rather than jeopardise it, hence it is imperative to address the global nature of AI.

AI does not respect geographical borders, and so, international cooperation is key.

The creation of a global framework for AI ethics and regulations is essential to avoid a fragmented landscape that could hinder progress and invite ethical concerns.

Ensuring AI does not perpetuate biases or undermine privacy is a complex task.

Advanced AI systems can identify patterns and make decisions, but they lack the ethical compass that humans possess.

As AI becomes more integrated into our daily lives, its ethical implications become increasingly apparent.

*Disclaimer: Cryptocurrency investment is subject to high market risk. The statements made in this article are for educational purposes only and should not be considered financial advice or an investment recommendation. Always DYOR. Never invest more than you can lose — you alone are responsible for your investment.