As artificial intelligence (AI) emerges as a pivotal force in our society, it serves as a modern-day Morning Star – an emblem of innovation and enlightenment that heralds both possibilities and peril. The myth surrounding the Morning Star, often associated with the birth of Messiah and a fallen angel Lucifer, underscores the dual nature of AI: it has the potential to elevate humanity, yet it also possesses the capacity to sow discord if wielded carelessly. This brief note delves into the prospects and challenges of AI, highlighting its transformative power while cautioning against its darker implications. As Harari points out in his latest book Nexus, unlike previous technologies that merely enhanced human capabilities, AI can make autonomous decisions. He also warns about the potential risks from the misuses of AI: ‘Never summon a power you can’t control’.

At this stage, we may not know exactly what will be the implications of the AI, but what we know for sure is that it will change the humanity forever!

The Promise of AI

* Enhancing productivity. Artificial intelligence (AI) has significantly enhanced productivity across various sectors by automating routine tasks, optimizing workflows, and providing data-driven insights (OECD AI Paper 2024). A study involving 5,000 customer support agents demonstrated that access to an AI-based conversational assistant increased productivity by 14%, measured by issues resolved per hour. Notably, novice and low-skilled workers experienced the most significant improvements, suggesting that AI can help disseminate the knowledge of more experienced employees and accelerate the learning curve for newer staff. Additionally, research indicates that AI could automate up to 70% of a knowledge worker’s time, potentially leading to substantial economic growth. These findings underscore AI’s pivotal role in boosting productivity and fostering innovation in the modern workplace.

* Transforming Industries. AI is reshaping various sectors, from healthcare to finance, promising to enhance efficiency and productivity. According to a Report by McKinsey, exposure is concentrated in knowledge-intensive services – such as ICT, telecommunications, finance and professional services – which are already characterised by high productivity levels and growth. In finance, AI algorithms are already automating trading and risk assessment, leading to improved decision-making and fraud detection.

* Enhancing Daily Life. The integration of AI into daily life is profound. From virtual assistants that simplify tasks to recommendation systems that personalize entertainment, AI technologies are enhancing user experiences across platforms. A 2024 Gartner Report indicated that there’s a near-universal commitment to AI – 92% of organizations we surveyed plan to invest in AI tools in 2024, and 71% say they are certain or extremely likely to do so.

* Driving Innovation. AI acts as a catalyst for breakthrough innovations across disciplines. The capabilities of machine learning and natural language processing are opening new avenues for research and technological advancements. As stated in Fortune Business Insights Report, the global artificial intelligence (AI) market size was valued at USD 515.31 billion in 2023 and is projected to grow from USD 621.19 billion in 2024 to USD 2,740.46 billion by 2032, with substantial investment fueling the development of autonomous vehicles, smart cities, and sustainable technologies, aligning with global efforts to reduce carbon footprints.

The Perils of AI

* Ethical Quandaries. With the power of AI comes the responsibility to navigate complex ethical landscapes. The risk of algorithmic bias and the question of accountability for AI-driven decisions necessitate robust ethical frameworks. As AI systems become more autonomous, ensuring fairness and safeguarding human rights are paramount. UNESCO Recommendations on Ethics of Artificial Intelligence produced for the first time in 2021 with the core principle to protect human rights and dignity. It is applicable to all 194 member states of UNESCO, but there is a lot of work to do about the regulation yet.

* Job Displacement. While AI has the potential to create new jobs, it also poses a significant risk to existing employment, particularly in sectors reliant on routine tasks. The World Economic Forum’s “Future of Jobs Report 2023” anticipates that AI-driven automation could displace 85 million jobs by 2025. This displacement raises concerns about economic stability and the urgency for comprehensive reskilling initiatives to prepare the workforce for the changing job landscape.

* Cybersecurity Threats. The increasing reliance on AI also introduces new vulnerabilities, making systems more susceptible to cyberattacks. The rise of deepfake technology demonstrates how AI can be misused to create misleading content, posing significant risks to information integrity and public trust. According to the Global Cybersecurity Report 2023, business and cyber leaders believe global geopolitical instability is moderately or very likely to lead to a catastrophic cyber event in the next two years.

* Regulatory Challenges. As the capabilities of AI expand, so do the complexities of regulating its use. Creating effective and flexible regulatory frameworks is essential to promote innovation while addressing ethical and societal impacts. Policymakers are tasked with balancing the need for oversight with the promotion of technological advancement. In 2021, the EU proposed regulations aimed at Artificial Intelligence, setting the stage for a comprehensive approach to governance.

Conclusion

Like the Morning Star, AI illuminates the path to unprecedented opportunities while casting shadows of potential risks. As we navigate this transformative era, it is essential to strike a balance between embracing AI’s benefits and addressing its challenges. Through collaboration among stakeholders, from technologists, businessmen and policymakers to civic activists, we can cultivate an environment where AI serves as a force for good, enhancing our lives while upholding the values that define our humanity. The future of AI shines bright, but it requires vigilance, stewardship, and a commitment to ethical principles to ensure it does not follow the fateful trajectory of the fallen angel.