The internet market is proliferating where people are left with few options wherein internet is free to use, and people are subject to share their personal data in order to access its services.
Algorithms are almost as penetrating in our lives as automobiles and the internet. Moreover, just as these tools are considered essential to our economy and society, and are hence regulated, we must ask whether it's also a time to monitor algorithms.
Algorithms are widely implemented to make decisions in the fields of education, employment, retail, finance, and many more.
Algorithms are replacing human intervention in the decision-making process in crucial ways. People have become used to with algorithms (especially artificial intelligence & machine learning based) from what kind of music to listen, which products to buy, social networking, health and diet recommendations, and what not!
Here we should not forget that algorithms are not just giving us recommendations about our choices and preferences but also being used to make life decisions such as in the employment sector whether who are going to get this job, in finance sector whether a person should get the loan or not etc.
Where we get benefits from algorithmic decision making, speed and efficiency it can also be biased in decision making. Algorithms are governing many areas of our lives, but instead of bringing more objectivity they are dangerous and unjust.
The future impact of European Union’s General Data Protection Regulation (GDPR) have on the use of algorithms, is that it is going to restrict the automated decision making on one’s behalf, and use of the personal information without user’s consent (which makes decision using their likes, interests, hobbies to predict at an individual level).
The law will also effectively create a “right to the explanation”, where a user can ask for the explanation about how their data are being used to make decisions about them. While marketers see this as a threat to their business potential, we see this an opportunity for the data scientists to take the lead and create a sustainable and robust framework which will avoid the misuse of user’s data and creates transparency among users.
We need to have a serious thought about the transparency between data collection and the benefits which we receive from its used by marketers. This is a very beginning of the algorithmic regulations we as a user, as a part of responsible society and the government needs to participate actively in this revolutionary process. Where we should have a clear understanding of the desired outcome, and the government needs to keep a periodic check whether the regulations themselves are correct and giving the result as expected.