With Artificial Intelligence (AI) being adopted on a large scale by industries, Geoffrey Hinton, known as the AI godfather turns the tables saying “AI can be taking lots of mundane jobs.” He believes a universal basic income might be the solution.
According to Hinton, AI will boost productivity and generate more wealth. However, unless the government intervenes, it can make the rich richer and hurt the people who might lose their jobs.
Hinton suggests a cautious approach to AI development and says “In just 5 to 20 years, AI could be an extinction-level threat for humans.”
Is AI a Boon or Bane?
AI is poised to revolutionise various industries by enhancing effectiveness and efficiency. Companies such as InSilico Medicine, BenevolentAI, Atomwise, and XtalPi specialise in leveraging scientific data for drug discovery, while others like Antidote and BullFrog AI optimise clinical processes using patient data.
Reports from Mckinsey show that the semiconductor industry is currently earning between $5 billion and $8 billion annually from AI/ML, which is only about 10 percent of its full potential.
On the other hand, around 38 percent of jobs in the United States are at high risk of automation, while 30 percent of jobs in the United Kingdom are also at risk, as reported by Statista. According to the World Economic Forum’s “The Future of Jobs 2018” report, about 52 percent of current job tasks will be performed by robots from 2025.
Industry reacts!
While AI may affect some entry-level jobs, it is also expected to generate new opportunities in fields such as data annotation, data science, machine learning, analytics, and cybersecurity, among others. However, to use the potential of AI, there is a need for appropriate reskilling and upskilling. So, as the debate over “ Is AI a boon or Bane?” continues, what does the industry have to say about it?
“ India stands at a crossroads, needing robust regulatory frameworks to tackle the ethical and legal complexities of AI deployment. Ensuring transparency and accountability in AI systems, safeguarding data privacy, and preventing algorithmic biases are paramount,” Siddharth Chandrashekhar, advocate and counsel, Bombay High Court, highlighted.
“AI is here to complement and empower humans, not replace them. The rise of AI in the workplace should be viewed as an opportunity for humans and machines to work together in harmony,” Payal Nambiar, CEO and director, B-Square Group, said.
“ India, already home to the third-largest AI talent pool globally, is expected to become a major hub for AI development, creating numerous job opportunities. For those not keen in taking up development roles, there will be opportunities in areas like data collection, data annotation, and training AI models,” Devroop Dhar, co-founder and managing director, Primus Partners, concluded.
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