Generative Artificial Intelligence: Principles, Potentials and Challenges

In recent years, we have witnessed the raise of several generative artificial intelligence (AI) products and services which have strong disruptive capabilities. Majority of these AI-based products and services are also very popular since their public availability. These generative AI products and services have a lot of potentials to do the common office works, writing codes, doing accounting tasks, predicting common patterns, generating creative contents, marketing products and services, increasing efficiencies in the systems, translating to different languages, designing products, and many such things. These effects of generative AI are phenomenal and it is going to start a large scale automation in the product design and service sectors. In addition to the benefits, several challenges are associated with generative AI. Starting from the bias to security risks to fake content creation, there are many challenges with these products and services. In this paper, we go through the basic principles of generative AI and then study its present and future prospects. We analyze its perilous effects and the common challenges with a few examples. Overall, generative AI can be beneficial tool if it is used positively under appropriate regulatory systems.