There has been a lot of recent attention paid to artificial intelligence and its regulation. A consortium of nations signed a statement promising, among other things, an ethical approach to the development of AI. And, as Trump takes over the reins of the US Presidency, there is a lot of attention on how regulation, or deregulation, as the President seems to prefer, will affect cryptocurrency. Other forms of technology also face regulatory challenges and evolution across the world.

Gambling

Gambling, especially online, faces regulatory transformation in regions including states across the US and countries like Canada and Australia. National or statewide authorities are responsible for the issuing of iGaming licenses, which include oversight of fair gaming practices.

With the introduction of casino mobile apps and, more recently, Discasino games, offered on the popular messaging and communication app, Discord, regulated licenses enable players to find iGaming services they can trust.

Regulators encourage fair gaming. Casinos have to make money, and like retail casinos, online casinos have a house edge. This effectively creates a winning margin for casino websites to ensure they make a profit.

However, while some illegal and unscrupulous sites claim to offer, for example, a Return To Player ratio of 97%, on a particular slot machine, analysis may show that the figure is much lower. Regulatory bodies require casinos to conduct third-party analyses to prove the fairness of gaming.

Casinos and iGaming companies typically store a lot of personal and even financial data about their customers. If the site, or its servers, are hacked, all of that data is at risk. Individuals not only stand to have money taken out of their accounts but also to lose their card and bank details. Regulation ensures that servers are secure and that websites use the latest security protocols to prevent theft and hacking.

Blockchain And Cryptocurrency

Another way that some modern iGaming sites protect players, and especially their financial data, is through the offering of cryptocurrency and the use of blockchain technology. Blockchain itself is a relatively new technology.

Bitcoin was the first technology to use blockchain in its current form, and it launched in 2009. Today, there are more than 17,000 cryptocurrencies all developed on blockchain networks, and there are separate blockchains that do not necessarily have cryptocurrencies associated with them.

Cryptocurrency is pseudonymous which means users can obfuscate their financial and personal data and prevent others from being able to see it or access their accounts. But, blockchain gets its pseudonymity from the fact it is decentralized so no bank or financial institution administers or manages payments. This also means there is no group ensuring the security of payers and payees. As such, there have been cases of illegal payments and fraudulent activities.

Cryptocurrency is also highly volatile, and while this can work in the investor’s favor, offering very high potential returns on relatively modest investments, it also means the investor is at greater risk of losing everything.

Because it is such a new technology and continues to evolve, governments have yet to really catch up with the introduction of appropriate regulations. But, they are coming. Governments have started to regulate exchanges and crypto services, and securities commissions are looking into how best to manage cryptocurrency payments.

AI

Another technology that has exploded in use in recent years is that of artificial intelligence. AI has the potential to change the way we live, and especially the way we conduct business.

It is already being used to quickly and efficiently collect and interpret data. However, some areas of its use are highly contentious. It has been used in creative industries to imitate existing work and create everything from 3D designs to scripts and more. It can even be used to create deepfake videos.

Hollywood writers went on strike over its use, and the video games industry has faced similar arguments over its use. Governments are attempting to regulate its use, but also want to try and position themselves as being leaders in the development of AI.

At a recent meeting of some of the world’s most powerful nations, everybody but the UK and US agreed on a framework as a means to help ensure the privacy and security of users.

Internet Of Things

The Internet of Things is a network of connected devices, many of which are found in smart homes but can also be found in our persons, in our cars, and in other locations. Many might seem innocuous.

Smart lights and smart fridges, for example, are hardly controversial. However, the Internet of Things has seen a proliferation of, for example, doorbell cameras. There is minimal issue when the camera footage only covers your property, but if the footage spills over into a neighbor’s property or even public land, it raises security an privacy issues: issues that are typically covered by privacy regulations.

And, even when footage from your home is captured, there are rules about how the footage can be used when it contains the images or even voices of other people. Further regulations have also been introduced concerning general cybersecurity for IoT devices. Devices like a lightbulb might seem innocuous, but they connect to your home network and could potentially create a backdoor into your system.

Hackers and thieves could use your smart speaker, coffee maker, or other Internet of Things device to gain access to your financial accounts and other personal details. And, as IoT devices become more popular and even more integrated into our daily lives, regulations will also need to expand.

Other Technologies

Technological advances have the potential to improve our lives, but they can also create risks and, in some cases, can be exploited by unscrupulous third parties.

Typically, regulations are introduced by governments and government agencies to help protect users and to offer a means of tracking and punishing those who are guilty of exploiting these technologies.

Social media, search engines, virtual reality, and smart speakers are some other recent examples of how technologies have had to be regulated but, before that, it was TV, radio, and the Internet.