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P E E R T O P E E R : I L T A ' S Q U A R T E R L Y M A G A Z I N E | F A L L 2 0 2 3
We need to create an environment that fosters
innovation. This involves not only providing the necessary
resources and infrastructure, but also creating a culture
that values creativity, encourages experimentation, and
accepts failure as a part of the innovation process. It also
involves creating a regulatory environment that supports
innovation, while still protecting privacy and ensuring
ethical AI use.
The Way Forward
So, how do we continue to govern
data and AI without hampering
innovation? The answer lies
in crafting dynamic, future-
oriented regulatory frameworks
that safeguard individual privacy
and uphold ethical AI practices,
while simultaneously nurturing
an environment conducive to
technological progress. This
necessitates an ongoing, inclusive
dialogue among policymakers,
technologists, and other
stakeholders, coupled with a
steadfast commitment to adapt
and evolve in stride with the
ever-changing digital landscape.
One approach is to adopt
a principles-based regulatory framework, which sets out
broad principles that must be adhered to, rather than
prescriptive rules. This approach can provide flexibility
for innovation, while still ensuring that the use of data and
AI aligns with societal values and norms. It can also be
more adaptable to technological change, as the principles
can be interpreted and applied in different contexts as
the technology evolves. "For AI regulation to remain
effective in protecting fundamental rights while also
laying a foundation for innovation, it must remain
flexible enough to adapt to new developments and use
cases, a constantly changing risk taxonomy, and the
seemingly endless range of applications."
Another approach is to promote self-regulation
and industry standards, which can complement formal
regulation. This can involve developing codes of conduct,
ethical guidelines, and best
practices for data and AI use.
It can also involve certification
schemes, which can provide
a market-based incentive for
companies to adhere to high
standards of data and AI
governance.
Conclusion
Ultimately, our ability to
balance these competing
interests will shape the
trajectory of our digital future,
determining whether we can
harness the full potential of
data and AI to drive innovation
while preserving the
fundamental rights and values
that define our societies. This is
not just a challenge for policymakers and technologists; it
is a challenge for all of us. As we navigate the data wave,
we must all play a role in shaping a digital future that is
innovative, inclusive, and respectful of our privacy and
rights. The AI market is projected to reach a staggering
$407 billion by 2027, experiencing substantial growth
from its estimated $86.9 billion revenue in 2022. So the
time to act is now.
F E A T U R E S
"So, how do
we continue to
govern data
and AI without
hampering
innovation?"
