EXCLUSIVE: VERSES, DENTONS US and Spatial Web Foundation Collaborate Over AI Industry Report

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

What Happened? 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 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. 

Why Does It Matter? The report's primary goal is to provide governments, regulators, and legislators with a pragmatic framework that 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 aim to bridge the gap between technology and society, prioritizing adaptability, collaboration, and multi-stakeholder participation. They help governments and regulators foster 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. 

Price Action: VRSSF shares closed higher by 5.55% at $1.64 on Friday.