According to the United Kingdom’s competition watchdog, there is a “real risk” in the artificial intelligence (AI) industry. The AI industry could develop in a way that could end up with only a few firms dominating the market while consumers are bombarded with harmful information, stated Cointelegraph.
With insights from a report published on September 18, 2023, the Competition and Markets Authority looked into AI foundation models, and mentioned that while AI can change how people live and work, “these changes may happen quickly and have a significant impact on competition and consumers.”
Sources revealed that the competition regulator warned that, in the short term, if competition is weak or developers fail to heed consumer protection law, users may be exposed to significant levels of false information or AI-enabled fraud.
“There remains a real risk that the use of AI develops in a way that undermines consumer trust or is dominated by a few players who exert market power that prevents the full benefits being felt across the economy,” Sarah Cardell, CEO, told Cointelegraph.
(With insights from Cointelegraph)