Generative AI- Opportunities and Risks

Abstract

Generative Artificial Intelligence (GenAI) is an extension of AI creative capabilities. It goes beyond pattern recognition and creates a variety of information, both in text and image forms, autonomously. The practice has incited innovations in different fields, such as technology, finance, medical care and industries. The ability of GenAI to promote productivity, innovation, and democratization of content creation is clear. Nevertheless, there are major challenges associated with the development of GenAI. Unbiased content, deepfakes, misinformation, identity theft, and advanced cyberattacks cause ethical, privacy, and security issues. Further, GenAI tools are quickly being adopted, something that spells doom to employment, especially in areas that are prone to automation. The chapter gives an extensive summary of the use of GenAI and risks involved. It reviews the ambivalent nature of GenAI technologies, including their positive and negative effects. The research notes that to balance both the negative impacts and the positive, it is necessary to have a strong regulatory system, code of ethics, and technology security to have the benefits of GenAI. This chapter facilitates responsible integration of GenAI into the society, technology, and industry through a balance between innovation and accountability.

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