Renowned attorney Yukiyo Mitsu at the Atsumi & Sakai law firm highlighted the urgency for Japan’s stronger engagement in the field of generative AI to avoid lagging behind in global business utilization. The third consortium meeting held in Tokyo delved into the latent potential and challenges of generative AI. As other major economies like the United States and China invest heavily, forging ahead with large public and private sector initiatives, Japan finds itself among the third tier in AI development.
This position is not only due to financial investments; it relates to AI governance as well. While countries such as the UK, Canada, Singapore, and South Korea forge ahead, Mitsu vividly pointed out that Japan’s AI regulatory framework is noticeably trailing behind. While the EU and the US were undertaking detailed examinations of AI risks and considering hard-law regulations since around 2019, Japan remained focused on soft-law guidelines up until recently, which may not suffice against international misalignments and malicious exploitations of AI.
Mitsu articulated four key risks of Japan’s current approach: vulnerability to malicious attacks, existing laws acting as obstacles to AI utilization, a lack of ethical compass for AI tech development, and potential complications in international business due to varied AI laws and regulations. Emphasizing the need for prompt AI legislative regulation and revision of current laws, Mitsu sees law not as a shackle but as a strategic tool for swift, compliant business expansion.
Mitsu also remarked that Japan should leverage its traditional industries, creating a unique AI ecosystem by combining AI with strengths like imaging, finance, gaming, agriculture, and disaster management. Such interdisciplinary innovation could drive Japan’s AI industry forward and contribute to regional revitalization and global competitiveness. The key, according to Mitsu, lies in casting aside preconceptions and embracing a more agile mindset towards AI’s transformative potential in diverse fields beyond the usual sectors.
Current Market Trends:
Globally, there is a surge in both the development and application of generative AI, with technologies such as GPT-3 and Deepfakes becoming more sophisticated and widely used. Industries from healthcare to entertainment are adopting AI for tasks ranging from data analysis to content creation. There is a particular trend towards integrating AI into everyday business operations to improve efficiency and reduce costs. AI as a service (AIaaS) is also gaining popularity, allowing companies that may not have the capabilities to develop their own AI systems to utilize advanced AI tools.
Forecasts:
The global AI market size is expected to continue its rapid growth. According to a report by Grand View Research, the AI market size is expected to reach USD 733.7 billion by 2027, growing at a compound annual growth rate (CAGR) of 42.2% from 2020 to 2027. This growth can be attributed to increased data generation, advancements in computing power and storage, and an expanding range of AI applications.
Key Challenges:
One of the key challenges in AI development is ensuring ethical usage and addressing biases inherent in AI systems. There is a growing discussion around the moral implications of AI, particularly around privacy, surveillance, and the potential for AI to perpetuate racial, gender, or socio-economic discrimination. Another challenge is the potential job displacement due to automation and AI, which raises questions about re-skilling and job creation. Additionally, as AI technology becomes more potent, the risks of malicious use, including deepfakes and cyber-attacks, become more pronounced.
Controversies:
The ethical use of AI is a hotbed for controversy, with debates centering around the development of autonomous weapons, surveillance, data privacy, and the “black box” nature of some AI algorithms that make it difficult to understand how decisions are made. The differing approaches to AI regulation around the world also raise concerns about the “splinternet” and the ability of global businesses to operate across borders with diverse regulatory environments.
Advantages and Disadvantages:
The advantages of developing a robust AI strategy include increased efficiency, cost savings, new product and service innovation, and enhancement in quality of life. AI can also boost economic growth and competitiveness on a global scale.
In contrast, the disadvantages may encompass the aforementioned job displacement, privacy concerns, the potential for exacerbating inequalities, and security risks. Furthermore, without adequate regulation, there could be a misalignment of AI development with social values and ethical norms.
Japan, as mentioned by attorney Yukiyo Mitsu, has the potential to create competitive advantages by integrating AI with its existing traditional industries. However, it needs to address its softer approach to AI regulation to ensure both domestic and international alignment and security.
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The source of the article is from the blog revistatenerife.com