Yet with competition in AI growing, a regulatory framework could be introduced by countries rather than outright bans according to Effah Boateng, senior consultant and Europa Research.
He argues that introducing industry-standard regulations for AI is crucial to ensure that they are developed and used ethically, while fostering innovation and maintaining public trust.
As for the decision itself, Boateng says it was “completely understandable” given Italy’s concerns about privacy and user protection.
“It’s important for Open AI to be transparent in how they collect data while ensuring private information has not been accessed without permission,” he says.
Boateng thinks AI systems with advanced capabilities can offer significant benefits when used responsibly. Additionally, he says embracing AI technology should be done with a strong emphasis on ethical consideration and data protection.
“It takes time for society to adapt and establish regulations that ensure safety for all users. The internet in the late 90s experienced a similar trajectory, transforming various industries such as the entertainment and the financial sector,” Boateng adds.
UK view
A UK government report indicates that over 50,000 people work at 3,170 AI-geared companies in the country, which generated a combined £10 billion in revenues last year.
The report adds that AI suppliers contributed £3.7 billion in value to the UK economy and have attracted £19 billion in private investment throughout 2022.
The figures are indicative of a sector which is likely to continue stimulating investment as the UK continues with its goal of becoming an AI superpower by 2032.
While the concerns surrounding ChatGPT are valid, the UK has set out a framework, rather than new legislation in a whitepaper released last week.
According to Claire Trachet, CEO and founder of business advisory Trachet, the UK has taken a “light approach” to its generative AI regulation, which may be tied to the growing investment the sector has been receiving.
Despite, several industry experts still claim that the UK lags behind in its regulation of AI.
Concerns about the risks of generative AI have recently come to the forefront in the US, and conversations were sparked by the likes of Steve Wozniak, Apple’s co-founder and Elon Musk, CEO of Tesla
These concerns stem from the potential risks AI systems can pose to society, including the fear that technology will advance so drastically that it will no longer need human interference
However, Christian Kinnear, managing director EMEA at HubSpot is encouraged to see the UK government looking to industries of the future to tackle issues being faced by businesses today.
“Entrepreneurs have opportunities here - to ride the wave of emerging technologies and keep up with the market’s digital demands by integrating as they innovate,” he says.
“They should seize government goodwill and financial and regulatory support to incorporate future ways of working to current systems as quickly as possible. This will expand our horizons and act as a lifeline through difficult economic times.”
Thus, Kinnear believes that the emergence of platforms such as ChatGPT signals AI-related growth that will form the “basis of much business expansion in the coming years”.
