What is Algorithmic Monoculture?

Algorithmic Monoculture is the widespread use by many different organizations of identical or very similar AI programs, algorithms, or training data. This sameness creates a significant risk because a mistake, bias, or other weakness in the shared technology can affect many systems or organizations. For example, if several banks use the same program to decide on loan applications, a hidden bias in that program could cause each bank to unfairly reject applicants from similar backgrounds.