Artificial intelligence and the world economy

Artificial intelligence by most definitions is the intelligence displayed by machines in contrast to intelligence displayed by humans and animals.

In the computer world, it is the device that perceives it's environment and take actions that maximizes it's chances of successfully achieving it's goals.

The beginning of modern day AI can be traced back to the classical philosophers attempt to describe human thinking as a symbolic system but it wasn't until 1956 at a conference in Dartmouth college ,in New Hampshire where the term Artificial intelligence was coined.

Artificial intelligence started gaining serious popularity in 1997 when IBM's Deep blue became the first computer to beat a chess champion when it defeated Russian grand master Garry Kasparov.

Now, many people fear artificial intelligence but this is also coincided with the fact that the Oxford University have predicted that AI will take about 47% of jobs in the future.

Though other fears towards AI are as a result of publications on magazines, news papers or movies which portrays AI as robots that eventually outsmart humans and then try to bring humanity to extinction. 😂

But since the 90's ,we've seen AI being integrated into various sectors.

For example

AI in Banking
Digital banking has become wildly popular in the financial system this is as a result of the competition among banks in which they now strive to provide convenience to customers in order to retain or attract new ones.

An example of this are emotionally intelligent robots that deals with customers requests and problems in real time.

AI is also used in the stock market for analysis and predictions.

AI in Recruitment
Some companies suffer from under staffing as specific skills are needed for specific jobs.

Now this poses a major challenge for recruiters but then a smart computer can analyze a huge amount of data on company details, culture code, hiring trends and job offers so the right person can be matched to the right company.

AI In Agriculture
Commercial farmers Who own acres of land which will be used for farming or livestock rearing canuse artificial intelligence to grow their crops and feed their livestock while saving time and energy.

Drones can monitor the condition of the soil and determine whether it needs watering or seeding, sensors around the cows check their health and nutrition, cameras monitor vegetables and fruits and are taught to detect irregularities such as dehydration and unwelcome insects.

AI IN Health care
AI has proven to be a fore runner when it comes to health care . Many famous application of AI on health care include data management and analysis.

The electronic patient record and machine learning now predict outcomews based on information about symptoms, patterns and lifestyle .

AI can can also be found in heart rate pumps, insulin pumps and apps that provides real time answers to patients problems and requests.

AI in Transportation
The transportation sector face the challenge of commuting billions of people daily while reducing delay and improving user experience. So, one of the cleverest application of the AI can be found here.

Sensors can be attached to buses to predict wear and tear and avoid accidents. In the car, the AI provides the driver with real time information on traffic jams, weather conditions, arrival time etc.

But the most obvious application of AI is the self driving cars, this will see drivers become passengers as their cars will be run by a smart computer which can neither get tired or distracted hence reducing accidents.

So from all I've mentioned, you'll be able to get an idea of the amazing impact the AI has made on human lives.

In my next next post, I'll be talking about the negative impact of AI
Sources :
https://www.google.com.ng/amp/s/www.yenlo.com/blog/5-applications-of-artificial-intelligence-that-are-used-and-useful%3fhs_amp=true

https://www.google.com.ng/amp/s/amp.livescience.com/49007-history-of-artificial-intelligence.html

https://en.m.wikipedia.org/wiki/Artificial_intelligence