Unless you’ve been living under a rock since the end of 2022, you’ll be aware of how AI has become a handy tool that people use to prevent banking fraud and conveniently spellcheck documents to a groundbreaking piece of technology that can write entire, specialist documents on a range of services from medicine, finance, and law. Once the initial hysteria cleared up and the dust settled, a range of experts from within the industry delivered some pretty astonishing monologues regarding how this technology will wipe out and streamline entire industries and, if it isn’t properly regulated, how it could become a hazardous force.
1 – It Signals A Seismic Shift In Society
It’s not all doom and gloom. While AI is developing in leaps and bounds, it’s also best to stay grounded and not get caught up in some Terminator-like conspiracy. Yes, there is ground to be cautious, but that’s the same with any technology set to change our lives. Back in the 1990s, conspiracy theorists lapped up the idea of the Y2K bug, with some even using it as an example of why the internet and technology were inherently bad for society. You’d be challenged to find anyone who will argue that the internet is faultless, but as a whole, the benefits it has brought to society have been positive.
However, people are scared by a change to the status quo, which is what AI brings, so while considerable investment can cause concern, it also signals an exciting opportunity for companies within the AI industry. Interestingly, this isn’t unique to AI. Other disruptive innovations have surfaced over the last decade that have been met with the same sort of fierce trepidation by people who don’t understand how it works. Cryptocurrency can remove large sections of the cumbersome and antiquated traditional banking industry. For a sector that has been able to adjust and work with fierce regulation, it is now reaping the benefits, with colossal investments coming in and the development of reputable companies that use cryptocurrency as a payment method, like crypto casinos.
Ten years from now, cryptocurrency casinos might be providing a real challenge for traditional casinos. They are considered more secure, with no personal or financial information being exchanged hands or stored on a server. The decentralized nature of a crypto casino allows you to connect your wallet and send it immediately without a bank having to oversee the payment. Online crypto blackjack games are just one of the many ways casino companies are utilizing and pushing ahead of companies within the casino industry that offer more traditional services.
However, the investment coming in from big investment companies signals a shift toward a more crypto-lenient society. In many ways, this draws similarities with AI – which is expected to boom alongside crypto and gambling companies throughout the next decade.
2 – A Futuristic Society Is Closer Than We Think
Usually, the idea of a robot conducting a thorough medical examination or being able to break down the intricacies of a court case is something from a science-fiction film. However, AI experts believe we’re not far from a world where AI can perform more menial tasks in medicine, allowing doctors and surgeons to focus on the human-specific elements of the job.
AI can break down symptoms quicker and browse millions of diagnoses within milliseconds. This frees up time for medical professionals to explore the AI diagnoses to see if they agree, making the process more efficient and allowing the doctor to focus on specific treatment areas. In healthcare, these developments are not far off in developed nations, and the same applies to law and finance, where AI is permeating and playing a more significant role every year.
3 – It Takes Focus Away From The Regulation
Regulation of this industry will be one of the most crucial of the century. This regulation will allow the sector to flourish within tight parameters, ensuring that the technology doesn’t start to cause serious harm. It will be exhilarating if this regulation works clearly and allows this technology to impact our society positively. China has already taken great strides in providing this legislation, leaving no stone unturned and acting within less than three months of the stark warnings provided by the creator of ChatGPT.
Conversely, the concerning aspect is if the legislation, particularly in America, isn’t as robust or transparent, it could lead to the misuse of the technology, which could cause major societal issues. The current state of cryptocurrency is an example of how not to regulate globally, with some countries providing lucid regulation allowing the sector to flourish, and countries like the United States with a disjointed, prolonged attack on the industry without giving absolute regulatory clarity.
4 – It Could Lead To A New Tech Boom
The current tech boom, for many economists, has lasted nearly 20 years, and “booms,” by definition, do not tend to last that long. Usually, they will range from a couple of years to around a decade. The .com bubble, The Roaring Twenties, and China’s recent economic growth are all examples of classic booms.
However, just when it looked like the tech sector was running out of steam after revolutionizing the smartphone and mobile device industry, it’s now brought AI into the picture, which has the potential to be just as revolutionary, potentially more so, than mobile phones and the internet. This is more exciting than concerning, but it is certainly something to mull over.