OpenAI, the creators of ChatGPT, are witnessing widespread adoption as industry giants like Microsoft Corp. (NASDAQ: MSFT), Shutterstock Inc. (NYSE: SSTK), and Bain & Company integrate this transformative technology. Recently, Apple Inc. (NASDAQ: AAPL), previously slower to embrace AI, announced a partnership with OpenAI to incorporate ChatGPT into Siri and other parts of its operating system.
This integration promises enhanced convenience and assistance for Apple's extensive user base. However, the deployment of AI technologies is not without risks. Potential negative implications include the creation of deepfake videos, dissemination of false information, enabling of plagiarism, and production of biased results. High-profile lawsuits from celebrities and artists have underscored these dangers, raising public awareness about the darker aspects of AI.
A survey conducted in August by Pew Research revealed that 52% of Americans are more concerned than excited about the increasing use of AI, a rise from previous years. The survey highlighted that individuals who are more aware of AI are significantly more likely to express concerns over its adoption. Additionally, 53% of Americans believe AI is doing more to harm than help in keeping personal data private.
Despite these concerns, when used responsibly, AI has the potential to significantly improve various industries. Brand Engagement Network Inc. (NASDAQ: BNAI) – or BEN – exemplifies this responsible use of AI. BEN develops generative AI and AI avatars to enhance customer service, productivity, and overall business performance, particularly in markets with significant workforce gaps. BEN’s approach involves using smaller data parameters compared to larger models like ChatGPT, allowing for scalable and tailored AI solutions.
Central to BEN’s business model is a security-first approach. Unlike many unsecured AI systems that depend on unknown data sources, BEN trains its AI on client-provided data and adheres to stringent data management and privacy protocols. The company’s AI platform is HIPAA and SOC 2 Type 1 compliant and secured in an Amazon (NASDAQ: AMZN) Web Service environment, ensuring secure support for multiple companies.
Security is especially crucial for BEN as its AI solutions are increasingly applied in data-sensitive sectors like healthcare and finance. For instance, BEN’s AI assistant, Skye, helps patients taking Metformin by relying on specific pharmaceutical data provided by drug manufacturers and accredited medical groups. Skye avoids the common issue of “hallucinations,” where AI systems generate misleading or false answers, by using validated data sets.
Paul Chang, BEN's Co-CEO, referred to their AI approach as “retrieval AI” in a recent interview. This method could potentially be replicated for numerous drugs on the market. The healthcare sector presents a significant opportunity for BEN, with the company reporting that 145,000 organizations could benefit from its AI solutions. In finance, the addressable market is over 227,000 organizations, while in the automotive industry, more than 450,000 companies could leverage BEN’s platform.
BEN's emphasis on security and reliability has attracted notable partners. MedAdvisor Solutions (ASX: MDR), a leader in pharmacy-driven patient engagement, is partnering with BEN to bring AI assistants to pharmacies to enhance patient outcomes. Similarly, Provana, a specialized knowledge process management provider, is integrating BEN’s AI into its contact center solutions. All of BEN’s customers share a common need for secure, reliable, and responsible AI.
As AI adoption continues to grow, the focus on responsible and secure implementation, as demonstrated by BEN, will be essential in improving quality of life without compromising privacy or data security. The question remains whether other players in the AI market can meet these high standards.
