(NewsUSA) - Artificial intelligence (AI) is transforming our societies and economies in almost unimaginable ways, according to experts at the Special Competitive Studies Project (SCSP), a bipartisan nonprofit organization. Today’s AI powers personalized, precision medicine; gene therapy; vaccine discovery; drug design; and cancer screening. AI also is revolutionizing crop management, reducing waste, and supporting the development of alternative energy sources.

However, on a global scale, smart regulation is needed to make the most of AI.

The European Union has developed a proposal to regulate AI (the AI Act), but it falls short on security issues, SCSP team say. Meanwhile, the Chinese Communist Party has made clear their intent to control emerging technology.

The United States and the EU must come together rather than drift apart on AI, and the EU’s AI Act is likely to hinder innovation with a strategy of “regulate first and work out the details later.”

The SCSP analysts outline how the U.S. and EU might move forward with AI management to preserve global leadership in this essential area.

Promote innovation with responsible regulation. Technology has become the organizing principle of the contest for global order. Most of the democratic world agrees at least on basics of what AI should and should not be allowed to do, according to the SCSP. Democratic partners won’t agree on all the details of a plan for regulation, but these minor differences need not prevent cooperation on larger issues of strategic alignments and economic ties. A balance is needed between regulation and innovation, the SCSP experts explain. AI systems must be built and used safely, responsibly, and ethically.

Invest in resources.  Democracies must marshal the resources and diplomatic will to collectively build the digital apps, software, and platforms that support everyday governance, commerce, and life, which means government-supported investment in global digital ecosystem projects. The transatlantic alliance should spend more time on cultivating our rich ecosystems of universities, companies, and innovators, rather than belaboring the risks of innovation.

Upgrade alliances. From a diplomatic standpoint, democracies need a new alliance framework with investment in our collective comparative advantages for technologies, not only AI, but also 5G and chip technology. In addition, democracies must build strategic partnerships to keep control of the digital infrastructure of the future and align on maintaining standards based on technical, not political, criteria.

Key questions for the successful future of AI include how to unlock data for the good of society while upholding our values, how to encourage AI researchers to solve our big societal problems, and how to get more young people excited about studying to become AI engineers, according to SCSP.

“We need to shift our mindsets toward an optimistic view of AI and look forward to harnessing its benefits, rather than automatically hitting the regulation button,” the SCSP experts emphasize.

Visit scsp.ai for more information.