P2P

fall23

Peer to Peer: ILTA's Quarterly Magazine

Issue link: https://epubs.iltanet.org/i/1508143

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46 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?"

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