We often look at artificial intelligence from a human perspective, for example robots that begin thinking for themselves (and perhaps take over the world), but for me artificial intelligence is one of the greatest scientific breakthroughs of all time. The first question on our mind will be “What was the most important scientific breakthrough of the past 300 years?”, considering we could even list as many as seven breakthroughs of its type. There are quite a few, that I believe, and each has had an impact on humanity in one way or the other, some good, some bad and some unknown! Nevertheless, I chose this topic to answer it due to the fact, we were living in recent decades, when we can find more than twenty breakthroughs per year, which have been made by scientists in fields such as biology, medicine, engineering, philosophy and science. One of the biggest breakthroughs of our epoch happened not only in the medical field and in the domain of computer science, but also in the realm of art, literature, architecture, music, etc. that were developing simultaneously and changing their structures, shapes and composition. The term renaissance is used for such movements and phenomena which took place in the Renaissance period in Europe and spread around the whole globe, and in particular in the 16th – 17th centuries. A historical account of these developments will help to explain why there are so many breakthroughs in our field of knowledge, while others still have not appeared yet. In addition to what I have mentioned above, the history books present that breakthroughs, although they are far from being complete, due to the limited number of sources and to my personal observation of all these scientific breakthroughs. 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. Meanwhile, a McKinsey Global Institute study of China found that “AI-led automation can give the Chinese economy a productivity injection that would add 0.8 to 1.4 percentage points to GDP growth annually, depending on the speed of adoption.” 8 Although its authors found that China currently lags the United States and the United Kingdom in AI deployment, the sheer size of its AI market gives that country tremendous opportunities for pilot testing and future development.
Fraud detection represents another way AI is helpful in financial systems. It is sometimes difficult to discern fraudulent activities in large organizations, but AI can identify abnormalities, outliers, or deviant cases requiring additional investigation. That helps managers find problems early in the cycle, before they reach dangerous levels. Despite these concerns, other countries are moving ahead with rapid deployment in this area.
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