Promises and Perils of AI

Artificial intelligence (AI) is a rapidly emerging transformative force across a diversity of domains, including healthcare, education, finance, security, entertainment, and transportation. In this chapter, Promises and Perils of AI—Understanding Its DUAL Capabilities, the dual capabilities of AI are explored. On the promising side, AI fosters innovation in various domains by enhancing the efficiency of systems by automating complex tasks. However, on the other side, it comes with significant perils. Algorithmic bias, data privacy concerns, lack of transparency, and fear of job displacement are some of the perils that need attention. The contrasting dimensions of AI with respect to various domains are presented in this chapter, supported by real-world case studies. Ethical implications, recommendations for researchers and policymakers, and the strategies for the development of responsible AI systems are discussed. Finally, the need for balanced governance, continuous evaluation of AI systems, human intervention, and a collaborative approach to harness AI’s power and mitigate its risks is emphasized.