The Current Trends and Application of Artificial Intelligence (AI) Technology
Question A
- The technology selected including what it does and how it works
Artificial intelligence (AI) is the demonstration of intelligence by machines similar to the natural intelligence portrayed by humans (Neapolitan, 2018). Artificial intelligence is, therefore, a system that has the ability to interpret data and uses this data in undertaking critical goals and complex activities similarly just like humans. Artificial intelligence serves as a great innovation that is helping individuals and intuitions to manage their work and deliver quality. In addition, businesses are in a significant way using artificial intelligence in their daily actions such that the online firms are able to acquire huge profits using a few employees The Current Trends and Application of Artificial Intelligence (AI) Technology.
Artificial intelligence is believed to work similarly to the robots. There are self-coordinated figures that resemble humans being and able to perform tasks as humans do. However, robots are traditional forms of artificial intelligence, and today, there are many forms of intelligence objects that greatly influence almost every sphere of human lives. The artificial intelligence technology works by being fed with information and data, which is coded, and this makes the objects being used able to interpret and work as efficiently as directed. In the world today, many government agencies and even private entities are using artificial intelligence to achieve their goals. The Current Trends and Application of Artificial Intelligence (AI) Technology These agencies include security, education, healthcare, trade, transport, agriculture, sports, and many other programs. The rise of artificial intelligence is commanding an essential niche in the modern world, and in the future, AI will be the only sure way of doing things (SAS, 2019).
Artificial intelligence technology works in different ways. For instance, through this technology, reading and writing are made simple. In succession to save time, the use of artificial intelligence is critical, as this gives individuals such as journalists, teachers, and students the ability to read. This is accomplished through the use of systems such as summarizebots, which are intelligence-powered. These works by reading through the articles, books, magazines, constitutions, and other written materials very fast and providing a detailed summary. This type of intelligence is significant and primarily used in saving tome to read voluminous documents, audios, and speeches (Nilsson, 2009) The Current Trends and Application of Artificial Intelligence (AI) Technology.
Besides, AI technology is able to write. This makes it easy for students and professional journalism to have a companion that can listen and write a comprehensive article and blogs necessary for their career. For instance, leading news media such as Reuters, Washington Post, and the New York times all depend on the AI in writing their articles. The best thing about the use of AI in these firms is that it is accurate, creative, and flawless compared to human beings. Besides, marketers are today, turning to the AI in an effort to craft their branding posts to get more customers. Similar to human beings, AI technology is able to see and translate the images even better than human beings. This is the reason there is a considerable application of machine vision where payment portals, face sensors on phones, self-driven cars, and police facial recognition are being used. In other areas, artificial intelligence is used in machine assembly, such as automobile assembly, which helps in maintaining the quality of the products (Neapolitan, 2018) The Current Trends and Application of Artificial Intelligence (AI) Technology.
Artificial intelligence is also able to hear sounds and understand them. For instance, security firms are able to use AI technology to identify gunshots and alert them about the location of the occurrence. The systems are essential in generation minutes for meetings after listening for an entire session. Interestingly, artificial intelligence technology is able to speak. For example, google maps have the direction responses where one is directed through audio means to their desired locations. Other features such as google Duplex are able to even schedule appointments and implement some tasks and are able to respond to issues raised by clients accurately. AI technology is also emerging as a great way through which smell is identified. This is achieved through the use of intelligence bots, where gas leaks and other chemicals are identified. Leading firms such as IBM are today using the AI technologies in identifying and coming up with new brands of perfumes. In addition, plans are underway to ensure that even healthcare facilities use AI technology in determining diseases. The AI will be able to detect chemicals such as aldehydes, which are strongly linked with stress and human illnesses such as diabetes, cancer, Parkinson’s disease, and brain injuries, among others (SAS, 2019) The Current Trends and Application of Artificial Intelligence (AI) Technology.
Further, it is fascinating that in agriculture, there are already AI robots that are able to identify textures and appearance through touch. For example, these robots can identify fruits such as raspberries that are ready for marketing and picks them and puts them in baskets (Samek, 2017). The cameras, smartphones, and computers are today very active in touch, and it is the best and fastest way through which communication happens. AI technology also works by identifying emotions from people. They are able to tell the body language. Facial expressions and other elements and interpret them, including the reason individuals are behaving in a certain way. In other aspects, the AI technology is used in playing games such as poker, chess, Go, and others with incredible performance. These systems are able to compete with humans, and in many instances, they surpass human abilities such as in games. The AI systems also work through creating creative pieces such as poetry, music, visual arts, and even taking photos and can debate and research specific topics (Tegmark, 2018) The Current Trends and Application of Artificial Intelligence (AI) Technology.
These are great examples that showcase the abilities of artificial intelligence technology and the way it works. It is able to work on every sense of human being and in many instances, outperforms them in these texts. The inclusion of AI technology in the daily lives of human beings helps in making activities fast and straightforward. They have also transformed business by reducing the number of workers and remuneration costs (SAS, 2019) The Current Trends and Application of Artificial Intelligence (AI) Technology.
- The origin of technology
The source of artificial intelligence has existed for a long time. For instance, the ancient Greeks came up with myths concerning robots, and also Egyptians and Chinese engineers developed automation. The advent of advanced artificial intelligence is also traced back to the classical philosophers who attempted to define human thinking as a combination of a symbolic system (Verma, 2019). However, this field on AI was not developed until in 1956 during the Dartmouth College conference in New Hampshire (Jordan, 2015). It is during this conference that artificial intelligence word was coined. However, coming to achieve the reality of AI was not easy. It was surrounded by many challenges and critics who felt this technology would never materialize. As a result, the funding by the government concerning this technology dropped, and starting from 1974 to 1980, little activities were happening regarding AI technology development. The united states congress saw no meaning of continuing to fund the project and instead proposed funding of other more profitable projects. Starting from the 1980s, the efforts to revive the technology gained momentum when the Japanese and British governments began competing in funding the project. After great attempts from the early eighties, these efforts were again thwarted from 1987 when market Lisp Machine collapsed. Still, the efforts to use and revive the artificial technology came to light in the late 1990s when the states began to be used in data mining, logistics medical diagnosis, and to many other sectors (Verma, 2019) The Current Trends and Application of Artificial Intelligence (AI) Technology.
The prosperity and advancement of AI technology during the early years of the 21st century was due to the desire to solve specific tasks and the linking of AI with economics, statistics, and mathematics. These fields yielded great results, and researchers described even more mathematical techniques using technology. In addition, the ability depicted by the Deep Blue computer when it defeated Garry Kasparov (a world champion) in chess was an eye-opener to the researchers (Jordan, 2015). In years later, significant advances were made, where exhibition matches started in 2011 and involved question and answer session among individuals and computers. The computers, through the use of AI technology, portrayed high speed in solving problems, were also able to manufacture massive data into meaningful pieces. Going forward, that is, from 2012, companies such as Google used the technology on a large scale to more than 2 700 projects as it was now able to produce flawless results with little or no errors (Jordan, 2015) The Current Trends and Application of Artificial Intelligence (AI) Technology.
The availability of neural networks as a result of cloud computing infrastructure led to increased datasets and tools. In another instance, the coming of firms such as skype that was vital in translating languages. It was a great achievement of AI, and also the arrival of the Facebook platform that is able to do translations to the blind saw the AI technology rise to another level. Vast improvements in this technology geared support from around the world. A survey observed that one in every five firms had incorporated this technology in their processes in 2017. In the future, there are plans to develop robust AI technology, which will be more productive and task-oriented than the present weak AI technology being used across the world (Jordan, 2015).
Question B
1.Any current or potential ethical considerations
The extensive use of artificial intelligence across the world has elicited immense questions concerning its ethical considerations. The technology is being applied in almost every aspect of life and can talk, read, write, sense, emotion, look, and debate with humans. In many industries, the technology is working well and serving to improve the profitability and competition of businesses. However, these milestones have not been without ethical challenges, which creates criticism about the continued use of AI technology (Rigby, 2019) The Current Trends and Application of Artificial Intelligence (AI) Technology.
Healthcare is among the sector that is prominently using artificial intelligence. Nurses, researchers, physicians, and nutritionists in healthcare centers have been able to get a reprieve through the use of AI services. This is because even dangerous diseases such as skin cancer can now be effectively diagnosed using AI. The diagnosis is said to be accurate compared to that done by a trained dermatologist. The use of AI methods of diagnosis and treatment is also being seen as the better option in reducing the extensive training periods that is today used in medical schools. However, the use of AI technology in medicine and healthcare raises many ethical issues. The privacy and security aspects of healthcare are challenging when using artificial intelligence (NCB, 2018). In many instances, AI technology makes it hard for patients to be assured of their privacy and security. This is because the systems are only meant to diagnose or treat diseases, and there is no way they are able to assure individuals of their privacy. The use of technology in healthcare is also not dependable as second and third parties can always retrieve data. Again, the use of this technology is dependent on personal data, and coding making is ineffective in providing the privacy and security that is needed in healthcare (Rigby, 2019) The Current Trends and Application of Artificial Intelligence (AI) Technology.
Reliability and safety in healthcare is an important aspect. Today, there are immense ethical challenges as a result of the reliability and security of AI systems use in hospitals. For example, health information and data are ever-changing. However, the coding of AI systems is inflexible and relies on repetition, data multiplication, and coding to deliver the outcomes. However, when the studies advance, there are challenges of offering reliable data from the previous systems, which their continued use may affect the health of people. In addition, there are little explanations about the way of reporting a publication of AI information should be done. This brings into focus the use of this technology in healthcare and its reliability.
Further, there is little coordination and collaboration among governments, healthcare industry, and academia in coming up with guidelines to be used in enhancing AI to provide reliable data and reports. Besides, there are still issues with data reliability of data sources that are used in feeding the artificial intelligence systems. The collection and research methods used should be highly proven and ones that will ensure AI systems are able to process, interpret, and analyses reliable data for effective treatment of patients (Tegmark, 2018) The Current Trends and Application of Artificial Intelligence (AI) Technology.
Artificial intelligence also faces issues of fairness and inclusivity. Through the use of AI systems, there are challenges of not providing fair and balanced data and information to all groups. This is because the information submitted to the AI systems is dependent on the data fed to this technology. However, when different data sets are used to treat and handle similar cases, then there is a diversity of results hence rendering the AI system unfair. The fairness of the systems can only be achieved only when the systems can be tried in every region and provide similar results regardless of the person using it. For instance, an unskilled person should use the imaging services of AI in remote villages and acquire related information like the ones being used in advanced cities (Lohr, 2017) The Current Trends and Application of Artificial Intelligence (AI) Technology.
There is also an issue of accountability and transparency in this technology. The AI technology lacks accountability as at times when the system fails; the responsible firms tend to ignore and even refute claims of flaws in the system. Besides. There is a lack of transparency as much of the information concerning the application of this system is not readily available. There are issues in identifying errors, unintended outcomes, and biases in the AI systems (Tegmark, 2018) The Current Trends and Application of Artificial Intelligence (AI) Technology.
- Positive and negative economic benefits
Artificial intelligence technology has massive positive economic benefits. The technology has essential capabilities that are attractive to every industry and which is raising the demands for this simplified system. For instance, in healthcare, the use of AI is essential in facilitating the diagnosis of significant illnesses, making medicines, and even in X-ray reading. The AI models are set in reminding the patient on time to take medications and the best ways to stay healthy. They are influential in many instances and are helping the hospitals to cut the enormous costs of diagnosis and doing readings from X-rays and other machines. These activities were carried out by human beings who have to be trained for several years. Thus, through the use of AI services, the economic benefits, and the effectiveness of the healthcare facilities will be achieved. The intelligence systems are also available to patients of diabetes and hyper (hypo)tension, which helps them in monitoring their blood sugars and blood pressure without having to go through the healthcare facilities. This saves people money and time hence becoming a great benefit to individual economies (Jordan, 2015) The Current Trends and Application of Artificial Intelligence (AI) Technology.
Manufacturing industries are also gaining huge benefits due to artificial intelligence. The abilities of AI in factories are immense and monitors almost every detail of the industry, starting from the data in the streams to the loads and product demands and later producing the required amounts in time. In other cases, the use of AI services such as robots is becoming extensive in automobile assembly lines where vehicles are purely assembled through the use of AI services. This reduced the lead time, and the manufacturing factories are able to function with a few workers. The products delivered from the use of AI are of excellent quality as little instances of human error occurs. Manufacturing of other products such as smartphones, kitchen appliances, and security equipment is purely being done through AI. Through the use of this technology, manufacturing companies are able to withstand the enormous global competition, economic recessions, and tariffs hence becoming of great economic importance (Lohr, 2017) The Current Trends and Application of Artificial Intelligence (AI) Technology.
Retail industries are also reaping big from the utilization of artificial intelligence. This industry is benefiting due to the ability of AI services to offer personalized product options and recommendations to the customers. For instance, online retail outlets such as Amazon, Alibaba, Baidu, and others have resorted to using AI systems in their platforms. This is whereby the websites are modeled and equipped with AI systems to monitor, recommend, and provide feedback to the client’s needs. Through the use of this technology, the online retail shops are emerging as the modern way of shopping as the culture of shopping among people is changing. People are today comfortable with indoors business and are shunning away from hectic and congested physical supermarkets and malls. Instead, people want to do most of their shopping and communication online ad purchasing through online platforms is the modern way of doing things. To manage the millions of clients, these online retail centers cannot achieve using human employees, and this explains the importance of artificial intelligence. Also, Social media platforms such as Facebook, Twitter, Instagram, snapchat, and others are using artificial intelligence in monitoring the behavior of users and chats and selecting exciting features such as images and memories to be shared with users (Jordan, 2015). Such uses of AI are critical, and helping the global retail outlets to compete ad serve customers better
The banking sector is not left out on the use of artificial intelligence. Through the use of AI services, the banking sector has been able to enhance precision, effectiveness, and speed in offering monetary services. In the modern world, the banking institution is able to make fast transactions and at the same time; the AI systems can effectively identify fraudulent activities in accounts. The effectiveness of the baking sector is critical in the global economies as it ensures that money is transferred to the clients in every region of the world in a fast manner. Through the use of AI in the banking sector, only a few management personnel are required in the banks, which saves the sectors massive amounts that could be used in paying employees, and also the efficiency of the services increases client’s trust with the banking institutions (Jordan, 2015) The Current Trends and Application of Artificial Intelligence (AI) Technology.
However, there are several negative benefits that AI technology has brought to the economy. For instance, there are massive losses of employment globally as companies turn to cheap ways of serving their clients using AI services. There are also considerable losses to the companies as to when the AI systems make a mistake, then the entire product line gets terrible, and the reversal of these errors is costly. In addition, the AI systems are specialized in a manner that they only focus on just a single task making it expensive for companies with multiple tasks. Further, intelligence systems use coded data for them to operate. Programming these data codes is a demanding task and one that is costly and which makes it hard for every firm to afford the AI services (Prakken, 2017) The Current Trends and Application of Artificial Intelligence (AI) Technology.
Question C
- Public opinion on technology such as the media, consumers, and community
The public has varying views regarding artificial intelligence technology. The impact of technology on the media, consumers, and community are evident where support and criticism on the technology have been put forward. People have a belief that through the use of AI systems, there are substantial ethical violations to aspects of privacy and individual security. The rising of terrorism and the fraudsters across the globe is believed to be a result of media. This is because, through media such as social media, individuals provide massive personal data and locations, which are becoming an easy target for cybercriminals to attack. The consumers also feel that through this technology, a lot of great products have been produced and that it is the game-changer from the traditional methods of production. The community is, however, the most affected part of the society by the AI technology as there are all types of influence the technology is bringing and affecting children, parents, and families in a meaningful manner (Stewart, 2018) The Current Trends and Application of Artificial Intelligence (AI) Technology.
The consumers feel that AI technology is an excellent thing as it is enabling firms to produce goods of high standards and without quality issues. This is because, through AI systems, there is no point of error as the data fed to the streams is what is produced. The consumers feel that the ability of the technology to put every feature in a product in its rightful place without error is a good move towards the quality of lived and giving them value for their money. In addition, the consumers are positive about the use of this technology as they feel that through its use in industrial production, there are vast possibilities that the goods produced will be of lower prices than those of human employees. This is because the systems are helping firms in cutting costs of paying large salary of employees, which translates to lower rates of products. Besides, consumers are faced with issues of ethical violations as a result of the extensive use of AI technology in production. They believe that through the use of robots in doing simple jobs of production, then the human workers will be rendered jobless. This is seeming like a way of eliminating individuals from companies that results in poverty and suffering (Prakken, 2017) The Current Trends and Application of Artificial Intelligence (AI) Technology.
The media is extensively used in the world today. There are many forms of media, and the ones overly used include social media and mainstream media. The media outlets serve as important avenues through which individuals interact and exchange news and ideas. The people believe that the advent of social media and internet technology powered by AI technology is critical in enhancing positive communications. Through these platforms, people have been able to date and marry, and others have gained useful friends and networks. The avenues are great sites for jobs advertisement and talent show and have significantly impacted the lives of people. In addition, AI technology helps social media sites such as Facebook to evaluate the people’s profiles in efforts to identify the criminals and also protect personal data from being shared. They also safeguard the underage children from joining the platforms as they can be exposed to harassment. However, the public feels that the use of AI technology in media is becoming monotonous as the issues are not be adequately dealt with by these systems. The aspect of reliability and security aspects are also at stake due to the use of these robots in media companies (Stewart, 2018).
The community has opposed the use of artificial intelligence technology big way. The communities believe that the coming of AI technology is a way of denying them an essential position in the job market. They believe that through continued use of this technology, education of their children will be rendered useless as the duties they learn to perform for years can be readily achieved by this technology. In addition, the communities have the opinion that AI technology has not been well studied to ensure that it works side by side with humans to achieve the best products and ensure there are mutual benefits. Communities are also afraid of the health outcomes from the use of this technology in healthcare and production. Some believe that the continued use of AI technology without plausible research may pose health threats to the people. For example, the evolution of chronic diseases such as cancer is closely associated with these technologies, which are believed to have extreme abilities in handling people and substances. For example, they are used in treating skin diseases, diabetes, and cancer. However, it is believed that to treat these diseases, they have to use human modeled data. The big question is, therefore, the reasons for using this technology in diagnosing and treating illnesses when the primary data is derived from human research. These are some of the critical questions the use of AI technology has on the people and ones that attempt to affect its inception negatively to other parts of the community (Stewart, 2018) The Current Trends and Application of Artificial Intelligence (AI) Technology.
4.Your assessment of how practical the initial planning and risk assessment was to the implementation and usage of the technology
The initial planning of the artificial intelligence technology was to support the work individuals were doing. It was meant to offer an alternative way of making processes faster and upgrading the production lines. The initial plans since 1956 were to connect the various algorithms and neural networks to ensure that work is done quicker and with excellent quality. The aim of the pioneers of this technology was not in any way meant to replace human beings from their works. It was meant to serve as a helper who would prove some elements of production that humans were not effective in providing. In the initial periods, the technology was effective and worked as planned. However, its later improvements and sophistication have resulted in the thinking that the industries can work entirely without the support of human employees. The managers are today investing heavily on the AI technologies in efforts to acquire the real-time production of goods at large numbers (Jones, 20-18).
The mindset of executive managers is how to capitalize on this technology in enhancing bounty production, and the primary reason for the making of this technology is being forgotten. The fast way through which the technology is evolving is a point to worry as with time, there will be mass unemployment, and the education will soon lose its value. This is because there will be no need to study medicine for many years, yet a simple AI system can perform therapeutic activities better. In addition, the ability of the technology to process information unabated is a great worry to humanity (Smith, 2019). This is because, with time, there are projections that the technology may get out of control where robots and ASI systems will derive, process, and manufacture information on their own. During this time, they will surpass the human knowledge, and the world will get into another conflict of trying to eliminate the technology. His was not the intention of the initial developers of AI technology. They wanted a world where vital processes are heard for humans to perform to be done through AI. However, replacing every other role of humans with the machine is unwise and one that depicts the way this technology may be abused (Rigby, 2019) The Current Trends and Application of Artificial Intelligence (AI) Technology.
The risk assessment during the initial plans of the development of AI technology was adequate and one that ensured there was a balance between humans and technology. The primary goals of the technology were to enhance general intelligence such that the natural thinking of humans could be incorporated into machine intelligence. The pioneers were critical of the risks and had only several areas such as planning, reasoning, perception, language processing, and knowledge presentation, which had little chance to individual and community. However, the risk assessment was not as practical because the initial plans had not seen the technology as one that could evolve to the current levels. The development of equipment and the needs of the people are the ones that pushed the developers to swiftly come up with modern AI, which is able to perform every other task better than humans and which is causing considerable risk to the health and social lives of people. In the future, it is believed that the technology will evolve from the weak present-day AI to the robust AI, which will match every intelligent aspect of human beings. This will be another big risk to the lives of people, and significant controls to the systems are required before it gets out of control (Menikoff, 2017) The Current Trends and Application of Artificial Intelligence (AI) Technology.
Question D
1.Future direction and roadmap of technology
Artificial intelligence emerges as a great advantage to businesses, governments, healthcare, and also individuals. On the other hand, it is seen as a significant challenge that threatens to halt healthy living. In every aspect of the world, AI technology is playing a crucial role that affects economic, ethical, and technological formations. The human lives are being disrupted in a big way, and this will be a great way of mapping the future with technology. Today, the aspects of artificial intelligence that enable machines to think and act like human beings are still not as robust as it is believed to. The presence of robots and terminators is still in its initial stages of development (Marr, 2018). The computers are also not as useful as they still require vast volumes of data to translate original images, and their generalization is still not the best. The future of artificial intelligence will not probably be like this (Marr, 2018).
In the coming years, AI technology will only require little or even no data to come up with generalized results. The technology will also learn and understand all possible intellectual tasks better than humans. The future of AI technology will be present in any machine of research that will be made. It will be a pervasive technology that will match and even surpass human understanding. The ideal nature of the future technologies will resemble human brains bearing in mind that also the robot is seen as a machine in itself. The advent of this technology will result in a purely new being that will compete with humans in thinking and doing things (Marr, 2018).
The artificial intelligence technology will evolve to have similar consciousness and functionality abilities like humans. The only difference will be the differences in substrate levels where one is made of carbon and the other of silicon. However, this will not affect anything, as is seen as the same to skin color, where the whites and blacks have the same brains. The challenges of future AI are that there will be difficulties in enhancing ethics and morality. This will mean that through AI, there may arise potential catastrophes, harms, and biases. Also, new beings, as a result of AI, will evolve as powerful and will appear like gods to humans. There is a possibility that there will arise an intelligence explosion once one machine is fully updated to have the levels of thinking similar to human beings (Goasduff, 2019) The Current Trends and Application of Artificial Intelligence (AI) Technology.
Interestingly, the study reveals that the future of humans will be reversed to their traditional roles when they interacted less with machines. However, all their good jobs will be gone, and they will have to undertake simple chores of childcare and domestic work. Some feel that even though the future of AI will take almost every job, some respectable jobs such as those of therapists, judges, soldiers, customer care, and police officers should remain purely to humans. It is also apparent that there will be a conflict of interest when it comes to goal achievement (NCB, 2018). This is because human beings and AI systems will have diverse life goals. For instance, humans have the life motivation and goals that make them work and to do what is ethically right. However, the use of artificial intelligence will not adhere to ethical aspects of life as these are machines without noble goals in life. In the future, nations will develop policies and methods of decentralizing the use of AI technologies to ensure human dignity is upheld. The initial belief that these systems were meant to help is fast vanishing, and their dangers to social life are becoming apparent. Failure to adhere to the safety and ethical frameworks when working in developing the AI systems will bring irreversible disasters to the human race. For instance, some challenges, such as the spread of dangerous diseases, developing deadly weapons, and wars will be life-changing events that this technology may bring to the people (Srivastava, 2019).
4.Gaps in the current application of the technology, or opportunities to drive towards new market
The present implementation of artificial intelligence has enormous differences with what is expected. The role of technology is still not evenly felt as required. In some instances, such as in healthcare, the systems are effectively being applied in diagnosis and identification of cancer lesions better than human medics. The AI systems are also high in reading the X-ray images, poker playing, and identification of skin diseases. The effectiveness of this technology is due to its use of abundant data, computation power, connected devices, and advanced algorithms. The future of AI technology is feared that at one time, the functions of this technology will be well defined that they will surpass human understanding (Reeves, 2017).
However, numerous gaps threaten to make the technology absolute. For instance, there are huge theoretical approaches to this technology on books and articles that there is the development of practical solutions on the ground. The researchers have attempted to explore every area of this technology, and through these researches, the world feels as though the technology is already with us (Samek, 2017). However, little is being done to make plans and aspirations come true. For example, there are millions of companies across the world, but only a few have attempted to use this technology. This shows the levels of mistrust the leading firms may have with this technology and which may cause its downfall. In addition, countries have already begun to make policies that are aimed at limiting the use of AI technology in their boundaries. These new policy alignments pronounce the gaps that the technology may have reaching its full potential (Reeves, 2017). The active development of robust AI technologies is facing huge deficits due to inadequate AI experts, data engineers, and algorithm professionals to make the technology a reality. Further, the idea of AI is to reduce the time the institution takes in processing materials and is even applicable in the banking sector.
Nonetheless, it may be a great danger to the banking sector as processing loans to clients swiftly through the use of AI may expose the industry to massive losses. Also, the coming of artificial intelligence has found many sectors in their best operations and fully developed. There is a considerable gap as these industries have to redesign their production plans and systems to include AI technologies. This is costly and almost impossible for many firms hence the delayed inception of the technology (Chan, 2019).
The new markets are also afraid of fully adapting the AI technologies in their platforms. The reasons are because the technology is still in its first firms of development, and later changes in features and abilities may expose the firms to major loses. The markets are also not yet set to a standard that they are able to accommodate such technologies. The clients are not trained about the way to respond and communicate with AI technologies hence posing a significant issue to the markets. However, when this technology is finally developed, and the masses are educated. It will be the market commander in all levels of global business and which will transform economies, government, and individual lives positively (Vicari, 2008).
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