Jan 12, 2017 10:38 AM EST By Amanda Foster, UniversityHerald Reporter

Artificial Intelligence is fast tracking its way to modern technology. Which is why the tech industry is looking to ensure that society is well protected from it through the Ethics and Governance of Artificial Intelligence Fund.

This was made possible by Reid Hoffman and Pierre Omidya, LinkedIn and eBay founders. According to Hoffman, it is urgent that the positives coming from artificial intelligence is beneficial to society and minimizes harm.

Which is why these tech billionaires have recently donated $20 million total to the cause, as reported by The Guardian. The fund will go to academic research that will work on difficult ethical problems when it comes to artificial intelligence. Hoffman stresses that education, health care, transportation, criminal justice and the economy involve decision-making. And if artificial intelligence is to be used on these areas, then specific researches must be done to insure that the technology is built under ethical and moral codes.

Aside from Hoffman and Omidya's donations, The Knight Foundation also contributed $5 million, and the William and Flora Hewlett Institution, plus Raptor's Jim Pallotta, have also donated $1 million each.

MIT Media Lab and the Berkman Klein Center at the Harvard University will both serve as the academic institutions for this research initiative. Both schools, centered on science and technology, will bridge the gap in global challenges when it comes to artificial intelligence and its effect on social sciences. According to Jonathan Zittrain, co-founder of Harvard University's Berkman Klein Center, the shift of reasoning and judgment away from people can have its pros and cons.

But these MIT and Harvard researchers are not acting alone. They will also be working with other potential collaborators from both public and private sectors, as reported by Robo Hub. In this manner, they hope to have a collaborative work that encourages an open dialogue from different intersections.

Watch the video below by the MIT Media Lab to further understand the challenges of artificial intelligence:

See Now: Covert Team Inside Newsweek Revealed as Key Players in False Human Trafficking Lawsuit