Chapter 2: The Duality of Smart Technology

The advent of the smart technology era has brought forth unprecedented opportunities and challenging risks, extending beyond individual, organisational and societal boundaries. These vulnerabilities are deeply interconnected with contextual factors such as technology accessibility, user competence and the wide-ranging consequences of technology utilisation that necessitates context-aware solutions. In this policy recommendation that was presented to the UK policymakers, we specified that to pave the way for socially responsible smart technologies, companies must explore and address risks stemming from the connectivity and cognitive capabilities of smart systems throughout their lifecycle stages, encompassing data input, processing and output. We emphasised that effective risk management demands a multifaceted orchestration of proactive (push) and reactive (pull) measures to mitigate harm. Furthermore, we indicate that smart technology's transformative potential has the capacity to revolutionise competition across industries, redefining innovation. However, this transformation introduces substantial risks that extend beyond corporate boundaries, affecting individual well-being and safety. Consequently, responsible innovation and mitigation strategies are imperative. Finally, we highlighted that global consumer decisions about smart technology adoption tend to be influenced less by geopolitical factors and more by complex motivations that weigh technological promises against perceived risks. The pursuit of socially responsible smart technology represents a multilayered effort tackling challenges that transcend conventional boundaries while empowering technology developers to embrace innovation.