Most people are not very familiar with the concept of artificial intelligence (AI). As an illustration, when 1,500 senior business leaders in the United States in 2017 were asked about AI, only 17 percent said they were familiar with it. A number of them were not sure what it was or how it would affect their particular companies. They understood there was considerable potential for altering business processes, but were not clear how AI could be deployed within their own organizations.
Despite its widespread lack of familiarity, AI is a technology that is transforming every walk of life. It is a wide-ranging tool that enables people to rethink how we integrate information, analyze data, and use the resulting insights to improve decision making. Our hope through this comprehensive overview is to explain AI to an audience of policymakers, opinion leaders, and interested observers, and demonstrate how AI already is altering the world and raising important questions for society, the economy, and governance.
In this paper, we discuss novel applications in finance, national security, health care, criminal justice, transportation, and smart cities, and address issues such as data access problems, algorithmic bias, AI ethics and transparency, and legal liability for AI decisions. We contrast the regulatory approaches of the U.S. and European Union, and close by making a number of recommendations for getting the most out of AI while still protecting important human values.
Even though some people believe intelligent machines could one day replace humans, having
intelligent robots in the workplace would create safer and more efficient work environments
which complement humans instead of completely replacing them. Currently people use artificial
intelligence to make intelligent machines to help those in need. Manufacturers have been using
AI in machines for many years with factories becoming more automated each day. Robots are
taking over the world by infiltrating a multitude of job sectors and replacing the need for human
input in various roles involving transportation, medical procedures, military applications, and
even industrial and commercial fields. This paper will discuss how artificial intelligence will
benefit our life and how robots can be used to complement human’s work rather than replace
When people think about intelligent robots most people jump to the idea of robots becoming
sentient and trying to compete with humans. It is important to understand these fears and why
people believe this way. Intelligent robots will complement humans in our everyday lives. Smart
cars are becoming more popular because they can drive completely automated. Self-driving cars
will be safer than human drivers, so when there are more automated cars there will be less
accidents because of this. Automated cars have sensors that detect anything we can perceive such
as a stopped car in front of us or changing road conditions. Artificial intelligence can enhance
things as simple as household appliances all the way to medical neural networks that can
diagnose diseases or perform operations. As society changes and embraces a more automated
lifestyle there will also be new jobs created to monitor, enhance and repair these automated
In the 17th century Descartes, a French philosopher, proposed that the bodies of animals were the
same as complex organic machines. This is important because in Descartes idea it suggested
artificial intelligence was possible if people could already create complex machines. Another
important discovery happened in the 17th century, which established the creation of the first
mechanical calculator. Blaise Pascal, a French mathematician and inventor, solved the issues
with Wilhelm Schickard’s failed attempt at the mechanical calculator.
In the 19th century Charles Babbage and Ada Byron, also known by her married name of Ada
Lovelace, designed a programmable mechanical calculating machine. This analytical engine was
proposed but was not competed by Babbage and Lovelace due to inadequate funding. Another
important discovery in the 19th century would be the creation of Boolean algebra by George
Boole. He created a modern symbolic logic which led to the creation of digital computer circuits.
In the early 20th century a Spanish civil engineer and mathematician named Leonardo Torres y
Quevedo wanted to prove thought could be simulated by machines. He created a technology
known as El Ajedrecista, (which is Spanish for Chess player), in 1912. Quevedo’s device was an
autonomous machine he used to prove that mathematics could replicate what people perceived as
thought by having it play chess. The machine did not play using the complete set of chess pieces
but rather just a king and rook vs a king. This system was created using a simple algorithm that
would not always win the game in the minimum number of moves but would checkmate the other player every time.
The system also did not have a limit on fifty moves for the 50-move
rule. If the player used an illegal move El Ajedrecista would signal the move as illegal and would
not continue playing It was mentioned in these myths and in stories since then, but the birth of artificial intelligence
began around 1950. In 1956 a group of scientists from different disciplines conversed about the
construction of an artificial mind. In 1956 John McCarthy introduced the term Artificial
Intelligence at the Dartmouth College AI conference. McCarthy was a math professor that
introduced this term because he thought every aspect of learning and intelligence could be
precisely calculated where a machine could simulate it. The Dartmouth conference of 1956 was
when artificial intelligence emerged as a formal academic discipline (“A brief history of artificial
intelligence,” n.d.). Artificial intelligence is basically when a computer can comprehend data and
make decisions based on what it detects.
Alan Turing was a mathematician that published “Computing Machinery and Intelligence” in
1950. He thought of this hypothetical machine in 1936. This was the beginning of artificial
intelligence because he introduced something known as the Turing machine. A Turing machine
accepts variables and has a response based on what values were entered.
In speaking of ‘the’ Turing machine it should be made clear that there are infinitely many
Turing machines, each corresponding to a different method or procedure, by virtue of
having a different ‘table of behavior.’ Nowadays it is almost impossible to avoid
imagery which did not exist in 1936: that of the computer. In modern terms, the ‘table of
behavior’ of a Turing machine is equivalent to a computer program. (Hodges, 2002)
There is a multitude of ways that artificial intelligence is changing our day-to-day life. In some of the largest industries in the world, this ever-growing technology is rearing itself as a force to be reckoned with. Already we are seeing artificial intelligence creep into our education systems, our businesses, and our financial structures.
Artificial intelligence powered education programs are already helping students learn basic math and writing skills. These programs can only teach students the fundamentals of subjects, but at the rate this technology has changed, it’s safe to say it will be able to teach higher level thinking in the future. Artificial intelligence allows for an individualized learning experience. This type of technology can show what subjects a student is suffering in and allow teachers to help focus on building up specific skill sets.
Over half of all students 14 and under surveyed reported using either a smartphone or laptop for homework each day.With the expansion of technology knowledge and accessibility, we are seeing the very road map of education change. In the future, a combination of artificial intelligence tutoring and support software will give an opportunity for students anywhere around the globe to learn any subject at their own pace and on their own time.
Artificial intelligence is able to process a significant amount of data in a short amount of time — more data than any human or computer program has ever been able to process. This allows banks to provide more targeted and individualized wealth management advice to their customers. For example, with risk assessment and artificial intelligence the time it takes to apply and be approved for a home or personal loan could be a matter of hours instead of months. This is due to AI’s capability to work faster at unearthing and analyzing customer information.
Fiscal Tiger says that “artificial intelligence is capable of understanding each individual customer’s financial situation is a real possibility for the future of personal banking.” At this stage in the technology game, banks are already utilizing AI customer service with automated tellers, chat bots, and voice automation. Seven leading United States commercial banks have invested in AI applications that will serve as a part of their customer service to improve performance and increase overall revenue.
Bank of America reported that they would invest $3 billion in technology innovation in 2016. Artificial intelligence works to help financial service companies decrease their overhead risks, generate more money, and maximize their already available resources. Artificial intelligence is even changing the way that infamous Wall Street will one day operate. Eventually quantitative analysts will be replaced with a machine learned system that can build upon previous trading algorithms automatically updating and making their trading decisions more effective.
As with most changes in life, there will be positive and negative impacts on society as artificial intelligence continues to transform the world we live in. How that will balance out is anyone’s guess and up for much debate and for many people to contemplate. As an optimist at heart, I believe the changes will mostly be good but could be challenging for some. There would be challenges that might be faced (and we should be thinking about how to address them now) as well as several of the positive impacts artificial intelligence will have on society.