The advancements in the field of artificial intelligence were quite significant for crypto in the year we are living out the last days of, 2023. We have experienced a critical period for investors with the increasing demand for Nvidia shares and the impressive rallies experienced by AI altcoins. Moreover, this year was like a projection of the future. So, what happened in the field of artificial intelligence in 2023?
Significant Developments in Artificial Intelligence
In November 2022, OpenAI launched ChatGPT. It reached 1 million users in 5 days, and this was a clear indication. It grew at an immense speed, showing how the internet could quickly accept new ideas under current conditions. When compared to different products, the speed at which GPT reached 1 million users was unparalleled compared to big names like Facebook, Twitter.
As the hype in the field of artificial intelligence grew in 2023, we saw AI-focused altcoins appreciate more than 10 times in value. So, what were the milestone developments we experienced in artificial intelligence for 2023?
Biden’s Executive Order on Artificial Intelligence
On October 30, US President Biden signed a 63-page decree that was extremely important for the rest of the world. Since November 2022, I have been saying that people began to see artificial intelligence as something tangible thanks to GPT. Now that everyone has seen and experienced what artificial intelligence looks like, it was time for the US to take action.
Many of the provisions in the decree instruct various US government departments and agencies to provide more guidance or to write reports. The risks of artificial intelligence were addressed in this decree. The main risks were as follows;
- The impacts of automation on the labor market
- The effects of artificial intelligence on civil rights and privacy rights
- Unlimited growth and its effects
United Kingdom Artificial Intelligence Safety Summit
Less than 48 hours after Biden signed the decree, officials from 28 countries went to the UK for the Artificial Intelligence Safety Summit. UK Prime Minister Rishi Sunak organized the summit and established the Artificial Intelligence Safety Institute under the leadership of former technology investor Ian Hogarth. This was an initiative to test the security and risks of AI language models.
Participating countries signed a declaration emphasizing the responsibility of those who create and develop language models and committing to cooperation. The summit also hosted some decisions including demands for explanations of security policies from companies developing the most powerful AI models.
Participants will reconvene in May and November of 2024 in South Korea and France, respectively.
While the two superpowers of the world, USA and China, participated in this program at the same time, America is considering limiting chip sales to its rival because of unforeseen risks.
EU Artificial Intelligence Act
The artificial intelligence act, which began in April 2021, reached its final stage in June 2023 after more than two years. An agreement was announced on December 8. Fundamental models trained using a sufficiently large amount of computing power will be systematically defined as “high level” and will face regulations such as transparency and cybersecurity requirements. The risks of large language models like Google’s Gemini or GPT launched by OpenAI will thus be mitigated.
In addition, the temporarily adopted law will ban certain artificial intelligence uses such as emotion recognition systems used in workplaces or schools. Artificial intelligence products used in education, security, and other fields will be subject to strict scrutiny.
Conclusion and Expectations for 2024
Next year, regulations are expected to mature even further. In June, US Senate Majority Leader Chuck Schumer said he would push Congress for comprehensive crypto law. The year 2024 will also be an election period for the US (in November), and the Senate will need to work hard on crypto and AI regulations.
UN Secretary-General António Guterres announced an artificial intelligence solidarity body in October 2023. This body will publish reports for a new UN artificial intelligence agency by the end of 2023 and a second by the end of August 2024. A summit will be held in September 2024.
