Navigating Murky Waters: The Saudi-Chinese AI- Blockchain Venture and Binance’s IRI Commitment Review

An intricate depiction of Saudi Arabian and Chinese figures engaged in a symbolic tech exchange, in vivid art deco style. Low, warm light seeps into a room filled with Arabic motifs and Chinese architectural elements. Convey a mood of cautious optimism, tinged with the shadows of potential risks and uncertain outcomes. Show digital symbols hinting at AI, Arabic, and blockchain technology.

A fascinating new development in the intersection of AI and blockchain technology comes as Saudi Arabia and China partner to develop an Arabic-based AI system. The novel system, with the moniker of AceGPT, stems from a collaboration between the King Abdullah University of Science and Technology (KAUST) in Saudi Arabia and two establishments in China, the School of Data Science at the Chinese University of Hong Kong, Shenzhen (CUHKSZ) and the Shenzhen Research Institute of Big Data (SRIBD).

In layman’s terms, the aim of this technologically robust partnership is to create an AI assistant tailored for Arabic speakers, capable of responding to queries in Arabic courtesy of the large language model (LLM) built on Meta‘s LlaMA2. However, the system’s functionality is cautioned to be potentially lacking in non-Arabic languages.

Despite tremendous potential, concerns have arisen over the system’s implementational measures, including potential misuse or mishandling of sensitive information, dissemination of harmful content, and the neglect of safety checks. While developers emphasize judicious and responsible use, the call for extensive security checks remains discernible.

This venture comes as part of Saudi Arabia’s aim to become a regional leader in emerging technologies such as AI and blockchain, previously having charted collaborations with entities like the Hong Kong Monetary Authority for token and payment advancements. Yet, regulatory constraints have been evident, for instance U.S. regulators halting the export of high-level semiconductor chips used for AI development to select Middle Eastern countries.

In a parallel storyline, the Binance-initiated Industry Recovery Initiative (IRI), rolled out in the aftermath of the FTX collapse, paint a mixed picture in their objectives and delivery. The IRI had a capital commitment of $1 billion, of which only $15 million have seen allocation, inciting skepticism on its effectiveness and commitment.

While the IRI, which boasts of support from industry bigwigs such as Animoca Brands and Aptos Labs, claims to have funded 14 projects, the lack of disclosure regarding these investments casts a veil of ambiguity. Amid an industry gasping for funding with crypto-related venture funding witnessing a 70% dip in Q3 2022, the IRI’s commitment stands under a critical lens.

Although technology has always been a potent enabler of possibilities, it’s an open secret that its adoption comes with complex challenges. With the maturation and expansion of AI and blockchain technologies, it becomes increasingly critical to remain cautious of potential misuses that may accompany these tech marvels whilst dissent over the accountability of recovery funds holds an increasing clamor in the crypto world.

Source: Cointelegraph

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