Here are the details of why OpenAI is offering grants worth US$1 million

OpenAI, the firm best known for its widely used ChatGPT, an AI chatbot, said on Thursday that it will distribute ten equal grants from a US$1 million (Rs 8.27 crore) fund to assist democratic process experiments. The goal is to understand how artificial intelligence software should be managed to handle prejudice and other crucial aspects. The $100,000 (Rs 82.70 lakh) prizes will be given to those who propose persuasive frameworks that address key problems surrounding AI, such as whether AI should criticize prominent figures and how it should regard the median individual in the world. The specifics of this program were published by OpenAI in a blog post launching the fund.

Microsoft has recently embraced comprehensive AI regulation as part of its commitment to integrate AI into its products. Despite their support for regulation, large firms like Microsoft, OpenAI, Google, and many startups are racing to provide AI solutions to customers and companies alike.

Almost every business is interested in using AI's promise to increase productivity and minimize labor expenses. Simultaneously, there are fears that AI might spread disinformation or factual mistakes, which industry insiders refer to as hallucinations. AI has already been blamed for several well-accepted hoaxes. A recent example was a phony viral photograph suggesting an explosion near the Pentagon, which momentarily damaged the stock market. Despite growing requests for stronger regulation, Congress has been unable to approve significant legislation to effectively limit Big Tech's dominance.