From revolutionizing academic essays, clearing exams, creating visual arts, to even finding a missing child, AI has infiltrated every aspect of our lives. Its potential knows no bounds, continually dazzling us with its remarkable capabilities. In the year 2023, generative AI has taken centre stage, with ChatGPT surpassing one million users in a mere 5 days after its public release vis a vis Facebook and Netflix which took 10 months and 3.5 years respectively from its launch to reach 1 million mark.

AI may appear rosy and promising, but let's not forget that every rose has its thorns. It is crucial to shed light on the darker side of this technological marvel. Just like any other innovation, AI carries its own set of risks and concerns that demand our attention.

Think about it - can we wholeheartedly trust AI systems that often operate behind closed doors? (Nahh!) When we can't grasp how an AI system comes to its conclusions, it can breed doubt. If the inner workings of AI are too complex or opaque, it becomes difficult to trust its output. This makes transparency a critical factor in building confidence and ensuring the responsible adoption of AI.

Job displacement caused by AI is a hot topic these days. Whenever the world undergoes a paradigm shift, such as the advent of the steam engine or computers, this topic pops up. While AI promises increased efficiency and productivity, its tendency to automate tasks - puts many jobs at risk of becoming obsolete. This displacement tends to affect low-skilled workers more, having far-reaching social and economic consequences, aggravating income gap and leaving many individuals unemployed or struggling to adapt.

Take, for example, the recent film and TV writers' strike in the US. The writers were concerned about the lack of career progression and the potential for AI to replace them. They also objected to the use of their past work as training material for AI.

Another aspect is concentration of power. As AI development and ownership concentrate in a small number of large corporations, it intensifies inequality and limits diversity in AI applications. Smaller businesses often struggle to compete with these giants who accumulate wealth and power.

Now, let's discuss the aspect, we all were waiting for!

With vast amounts of personal information collected and processed by AI systems, the risk of unauthorized access or misuse becomes a real threat. This data can be used to identify individuals and compromise their privacy. Moreover, hackers can leverage AI to develop more advanced cyberattacks, bypass security measures and exploit system vulnerabilities.

You might have heard of scams where scammers use AI to sound like distressed family members and deceive people. Many cybercriminals also use AI to design malware with higher levels of sophistication and speed. Additionally, AI text generators and image editors can create remarkably accurate fake content, making it difficult for people to distinguish between what's genuine and what's not.

Remember the allegations against ChatGPT for giving biased replies for Trump and Biden, a few months ago?

It highlighted how AI systems can inadvertently perpetuate societal biases due to biased training data or algorithmic design. There are also instances where generative AI creates visual content that isn't completely accurate or factual. All of this can be attributed to how AI models are trained using data, and skewed data can lead to skewed results and misrepresentations.

With AI being extensively utilized, it becomes essential to establish fresh legal frameworks and regulations that tackle the challenges posed by this technology (including matters such as liability and intellectual property rights). It is imperative for our legal systems to adapt to technological advancements and ensure the protection of everyone's rights.

Now the aspect, which nobody wants us to touch upon!

AI makes us lazy and overly dependent on machines. We rely on it for everything, and that can diminish our cognitive abilities. We become less productive and even less creative. We start expecting AI to come up with all the brilliant ideas while we sit back and relax. It's like we're losing our mojo, our critical thinking skills, and our human intuition. Furthermore, as our communication and interactions become increasingly driven by AI, we risk losing empathy, social skills, and human connections.

Coming to the most critical risk, the development of AI that surpasses human intelligence can raise long-term concerns for humanity. The potential consequences could be unintended and catastrophic, as advanced AI systems may not align with human values or priorities, posing a significant risk.

At the time of his resignation from Google, the British-Canadian cognitive psychologist and computer scientist Geoffrey Hinton, told "Right now, they (AI) are not more intelligent than us, as far as I can tell. But I think they soon may be." He told that chatbots could soon overtake the level of information that a human brain holds.

Bottom Line:

To wrap up, although AI technology holds the promise of simplifying our lives, it's crucial to recognize and address the associated risks. By being proactive, well-informed, and responsible, we can harness the benefits of AI while mitigating its potential pitfalls. Understanding the technology, its strengths and limitations are essential steps for individuals.

It is important to remember that in most cases, humans remain indispensable in strategizing how to use generative AI, prompting it, and monitoring its output. Generative AI will likely reduce repetitive tasks rather than replacing workers, and it will also create new jobs in related fields. Being mindful of the information we share, can help protect our personal data from falling into the wrong hands.

At a societal level, fostering responsible AI development, transparent systems, and collaborative approaches can help ensure ethical practices and prevent power imbalances. By striking a balance between embracing AI's potential and mitigating its risks, we can navigate the future with confidence.