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This is Why Global Governments are Scrambling to Regulate Artificial Intelligence

Monday, July 24, 2023 10:44 AM | Baystreet via QuoteMedia

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This is Why Global Governments are Scrambling to Regulate Artificial Intelligence

The United Nation’s Secretary-General Antonio Guterres just warned artificial intelligence could pose a substantial risk to global peace and security. "Generative AI has enormous potential for good and evil at scale," he said, as quoted by France 24, noting that while it could help end poverty or cure cancer, the technology could also have "very serious consequences for global peace and security." With that warning, he also reiterated support for a UN entity to support efforts to govern the use of AI, which could be modeled after the International Atomic Energy Agency, for example. In fact, one of the companies out with a first-of-its-kind perspective on global artificial intelligence (AI) governance that combines the legal expertise of the world’s largest law firm, Dentons, the AI acumen of VERSES, and guidance from the Spatial Web Foundation is VERSES Technologies Inc. (CBOE: VERS) (OTCQX: VRSSF). Other companies likely to be involved in governing AI, include Microsoft (NASDAQ: MSFT), Nvidia Corp. (NASDAQ: NVDA), Apple (NASDAQ: AAPL), and Alphabet (NASDAQ: GOOG, GOOGL).

Plus, little is known about what might lie ahead for AI and its impact on society. It’s why, across the globe, “Governments are moving fast in an attempt to address this, using existing legal frameworks or introducing new standards and assurance mechanisms. Recently, the White House proposed an AI Bill of Rights,” added the MIT Sloan School of Management.

Look at VERSES Technologies Inc. (CBOE: VERS) (OTCQX: VRSSF), For Example

VERSES Technologies, a cognitive computing company specializing in the next generation of artificial intelligence, today announces the release of a landmark AI industry report "The Future of Global AI Governance.”

The report offers a unique perspective on global artificial intelligence (AI) governance that combines the legal expertise of the world’s largest law firm, Dentons, the AI acumen of VERSES, and guidance from the Spatial Web Foundation.

The report introduces socio-technical standards that have the potential to reshape how we confront the challenges of governing AI on a global scale by addressing interoperability, explainability, and the advancement of intelligent and autonomous systems. We believe as technologies evolve at an exponential pace, the need for developing and adopting such socio-technical standards grounded in human rights and values is becoming increasingly apparent.

The report proposes an International Rating System for Autonomous Intelligent Systems (AIRS) in response to a potential blind spot in regulatory efforts which are focused more on the commercial activities of AI developers than the mechanisms of AI systems themselves which could lead to mass disinformation, job loss, societal destabilization and physical harm. The primary goal of the report is to provide governments, regulators and legislators with a pragmatic framework that both informs and provides a roadmap for future policymaking and compliance.

“We must address the challenge of governing potentially self-regulating AI to ensure alignment with human values and prevent potential risks. By implementing global socio-technical standards and establishing an international AI regulatory sandbox, we believe we can harness the immense benefits of AI while safeguarding against its potential perils," stated VERSES CEO, Gabriel René.

Notably, the research points to the development of socio-technical standards by the Institute of Electrical and Electronics Engineers (IEEE), the world's largest association of technical professionals.

These socio-technical standards are designed to bridge the gap between technology and society, prioritizing adaptability, collaboration and multi-stakeholder participation. They are designed to assist governments and regulators in fostering trust and efficient integration of AI technologies. Such standards can facilitate the concept of “law as code,” where regulations are converted into a machine-readable format, optimizing rules for digital service delivery and automated decision-making processes. This ensures explainability and enables human control over AI and Autonomous Systems.

"The Future of Global AI Governance” also brings to light the immense benefits AI can unlock if effectively globally governed while underlining the urgency to future-proof our ability to align, oversee and override AI systems.

“This report represents a significant step towards comprehending the complexities of AI governance and highlights how socio-technical standards can shape its future trajectory. As the world rapidly embraces AI technologies, the insights offered in this report we expect will undoubtedly serve as a vital resource for policymakers, industry stakeholders and researchers alike” says George Percivall, Distinguished Engineering Fellow and Vice-Chair of IEEE Standards Working Group on the Spatial Web.

“We are thrilled to collaborate with VERSES and the Spatial Web Foundation on this important report. The challenge of regulating AI raises complex and often novel questions of law and policy for clients and stakeholders. We hope this report provides a new way of thinking about AI regulation and provides important insights for key stakeholders as they wrestle with the right path forward on AI regulation and try to strike an appropriate balance between innovation and moderation,” said Peter Stockburger, Partner at Dentons US LLP.

"The Future of AI Global Governance” and its companion piece “Executive Summary” are available for download at .

Other related developments from around the markets include:

Microsoft and KPMG announced a significant expansion of their global relationship that will reshape professional services across a number of business-critical areas including workforce modernization, safe and secure development, and use of Artificial Intelligence (AI) solutions for clients, industries and society more broadly. The industry-leading collaboration between the two global organizations includes a KPMG multibillion-dollar commitment in Microsoft cloud and AI services over the next 5 years that will help to unlock potential incremental growth opportunity for KPMG of over US$12 billion. The expanded alliance will enhance KPMG client engagements and supercharge the employee experience in a way that is responsible, trustworthy and safe.

Nvidia Corp. announced that electronics manufacturers worldwide are advancing their industrial digitalization efforts using a new, comprehensive reference workflow that combines NVIDIA technologies for generative AI , 3D collaboration, simulation and autonomous machines. Supported by an expansive partner network, the workflow helps manufacturers plan, build, operate and optimize their factories with an array of NVIDIA technologies. These include: NVIDIA Omniverse, which connects top computer-aided design apps, as well as APIs and cutting-edge frameworks for generative AI; the NVIDIA Isaac Sim application for simulating and testing robots; and the NVIDIA Metropolis vision AI framework, now enabled for automated optical inspection.

Apple announced the availability of new software tools and technologies that enable developers to create groundbreaking app experiences for Apple Vision Pro — Apple’s first spatial computer. Featuring visionOS™, the world’s first spatial operating system, Vision Pro lets users interact with digital content in their physical space using the most natural and intuitive inputs possible — their eyes, hands, and voice. Starting today, Apple’s global community of developers will be able to create an entirely new class of spatial computing apps that take full advantage of the infinite canvas in Vision Pro and seamlessly blend digital content with the physical world to enable extraordinary new experiences. With the visionOS SDK, developers can utilize the powerful and unique capabilities of Vision Pro and visionOS to design brand-new app experiences across a variety of categories including productivity, design, gaming, and more.

Alphabet will hold its quarterly conference call to discuss second quarter 2023 financial results on Tuesday, July 25, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The live webcast of the earnings conference call can be accessed here . A replay of the webcast will be available through the same link following the conference call. Please visit the Investor Relations website at on July 25, 2023 to view the earnings release before the conference call.

Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for VERSES Technologies Inc. by VERSES Technologies Inc. We own ZERO shares of VERSES Technologies Inc. Please click here for disclaimer.


Ty Hoffer
Winning Media

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