In a recent announcement, The Massachusetts Institute of Technology said that it wants to create a new college specially dedicated for the science of artificial intelligence. The University committed a total of USD 1 billion for the program with the main focus on “responsible and ethical” uses of the technology.

Along with that, the university also said that it would add a total of 50 new faculty members and create a hub of inter-disciplines for dedicated work in the fields of computer science, Artificial Intelligence and other related fields.

A big amount of the new funds is slated to come from a gift from Stephen Schwarzman, chairman and co-founder of the financial giant Blackstone. The college will also be named after him.

“As computing reshapes our world, MIT intends to help make sure it does so for the good of all,” said MIT President Rafael Reif.

A statement by MIT said that the crucial initiative represents the single largest investment being done in computing and AI by an American academic institution.

The grand initiative news comes at a time when there are growing concerns over the impacts of artificial intelligence on global institutions, and fears that China is going ahead that extra mile compared to United States in this field.

“There is no more important opportunity or challenge facing our nation than to responsibly harness the power of artificial intelligence so that we remain competitive globally and achieve breakthroughs that will improve our entire society,” Schwarzman said.

“We face fundamental questions about how to ensure that technological advancements benefit all — especially those most vulnerable to the radical changes AI will inevitably bring to the nature of the workforce.”

The new college is expected to open in the month of September of the year 2019. The college will have a new and dedicated building and that will be completed in the year 2022.

There have been speculations over the use of Artificial Intelligence with many experts saying that the technology may overcome human power of intelligence finally to overtake us. This may even result in the extinction of human race. Amid these concerns, many scientists are advising to take all precautions beforehand to face the risk in case we come across such a situation. Artificial Intelligence tries to mimic human intelligence in various forms. But that does not mean that it can be limited to a form. It can be coded for any kind of software.

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