Eric Schmidt is launching a project, philanthropic in nature which is worth $125mn. The project is intended to fund artificial intelligence research that will solve “hard problems” in the field. The project initiated by the former Chief Executive of Google is expected to work for rectifying issues such as bias, harm, misuse, geopolitical conflict and scientific limitations to the technology. 

The fund which is named AI2050 is being thought about during a time when the debates on the societal impacts of AI are ongoing at various levels. Governments and other organisations are finding means to neutralise the “toxic consequences” of AI and its impact on the economy. Social networking and the use of AI tools such as deepfakes in creating a negative impact on the public are some of the situations where AI has been losing the trust of people.

Schmidt stated that the hard problems list was inspired by the 100 years old, Hilbert math problems. According to him, many express their concerns about AI but very little are attempting to solve those. AI2050 is aiming to create, an AI technology by 2050 in which everyone will have confidence that it will be favourable to society. How AI can reduce socio-economic inequality, and develop powerful algorithms called liquid neural networks, are some of the researches that will be funded under the project.

Tech giants in US and China such as Google, Amazon, Meta and ByteDance, have faced criticism regarding their approaches on using data for surveillance purposes and computers propagating bias through unfair data inputs. Schmidt takes prevailing harsh remarks on corporate giants seriously as he looks forward to avoiding similar mistakes being committed. He believes that AI’s ability to change and target people’s belief systems will have a greater capacity for positive and negative impacts on society. 

The AI2050 will be paid out over five years to individuals in a “personal capacity. It will be co-chaired by Eric Schmidt and James Manyinka, Google’s new head of technology and society. Schmidt who still holds the role of a key AI powerbroker had chaired the US’s National Security Commission on Artificial Intelligence until October when it urged the corporation between US, Japan, South Korea and Europe to counter the Chinese when it was on the road to excel as an AI superpower.