Future Impacts of AI Name

Institution

Year

The development of Artificial Intelligence (AI) has become one of the fastest growing sectors across the world. Modern tech giants like Space X and even government-run agencies are competing to dominate this multi-billion-dollar market. With a fast-growing technology and the demand for AI, the growth of this industry is projected to increase even in the future. Robust efforts are being laid by both private and public firms dealing with AI both in research and development seen as a change to revolutionize the global governance, economy, and social life. Studies have shown that by the year 2050, AI will become the epicenter in running all aspects of human life including trade and commerce. The impacts of AI cannot be underestimated as the sector is already affecting business, learning, health, and even governance. The biggest questions in peoples mind is the effectiveness and safety that comes with AI before it is even globally applied. The answer to this question can only be found on the ground by looking at how AI is revolutionizing trade, business, and even governance in areas like the U.S. and Hing Kong.

One of the key strengths of a government is its hold on to the cash flow and control of the economy. The AI has unshared in a new outlook and perspective in cash flow and trade within the onset of ashless systems. Today, cashless systems and the cryptocurrencies are some of the fastest growing trends in the whole field of money and business (Manyika, 2017). Tax collection and revenue generation under the AI is expected to grow even further as the government is able to keep track of the cash flow and spendings among individuals, traders, and companies. The cashless systems and the whole field of Artificial Intelligence in money flow has ensured that the government can keep track of how the money is being spent. The idea of having a centralized government and trade under AI is feared to even take place in the next twenty years thus creating a system of unified and centralized governance and commerce (Wallach & Marchant, 2019). AI is already making great contributions in the many fields like health, governance, and even trade. Today, developed counties like China and the U.S. are already applying AI in the field of business as a pilot project to evaluate the practicality of the whole affair. Online intelligence and cashless transactions are just some of the few areas AI will be applied as the world moves into the future of robotics.

Moreover, the flow of cash and inclusive some spendings among traders is better traced by using Artificial Intelligence. For example, through the AI, individuals are required to have at least a bank account that will help in creating a unified system that can show how the money is flowing in and out of the economy (Cihon, 2019). It is usually hard for the governed to keep track of the money that is being exchanged in trade as some traders prefer to use liquid cash other than bank transactions. Billions of dollars are lost in tax evasion as traders prefer to engage in hand to had money exchange. These issues will be fully addressed when the government makes it mandatory for people, to operate a bank account under the Artificial Intelligence (Manyika, 2017). Moreover, the money flow will be closely assessed and thus the issues of shady deals that often deny the government millions in taxes and revenues will be addressed.

In terms of governance and affective in economy and society control, AI will usher in a new force that will center the government close to the people (Wallach & Marchant, 2019). One thing that cannot be ignored is the concern over the privacy of the people as the government will be able to keep track of their day to day life. However, positively, the closer control over the people will help get rid of shady dealings like in drug and human trafficking that has already ravaged the lives of many innocent people (Cihon, 2019). The need to have a bank account and money accountability under the AI will give the government an upper hand in money regulation where it will be able to track down cash exchanged through illegal businesses like drugs and human trafficking.

The other positive outlook of the AI is that it will create a platform where all persons even the poor can participate in the economy (Wallach & Marchant, 2019). Over the years, the economy building is always seen as the role of the government and the wealthy individual and traders. This notion is likely to change as the Artificial Intelligence will create a system where even the smallest traders and poor individuals will have a role to play. For this to happen, the money flow and exchange must occur on one platform that will well centralized and managed under the government. The other positive outlook is that AI will create a system where the liquid cash will be eradicated that has remained one of the loopholes used by individuals to evade tax (Manyika, 2017). The cash flow will therefore be closely assessed and controlled by the local and national government thus bringing everyone on board in the area of economic participation.

The questions about equity and fairness in the economy is also raised in the area of cashless systems and the AI (Wallach & Marchant, 2019). The major debate surrounding cash exchange mainly among the business people is that there is a lot of disparity in tax payment where the poor are taxed more than the rich. The AI will allow for the government to keep track of the money exchanged and thus come up with tangible tax rates that are fair to all (Cihon, 2019). Through this approach, the AI will facilitate an all-inclusive economy where all individual play their fair role and thus build an all-inclusive system, the other outlook is the balance in spending and the role played by the government in the building of economy.

Contrary to the past, the flow of cash will be better analyzed and therefore build a tangible system that is friendly and fair to all. The flow of cash will therefore be kept at a close analysis thus reduce wastage and theft. It is true that one of the major obstacles to economic growth is theft in the government through corruption. The Artificial Intelligence will create a system where all money collected though taxes and other revenue generating channels will be accounted for and channeled to the right accounts. The approach will go far in building a strong economic pillar that brings all on board for the building of a country. The delivery of government services will also be better done and tis will ensure equity and growth that is vital for the economy.

References

Cihon, P. (2019). Standards for AI governance: international standards to enable global coordination in AI research & development. Future of Humanity Institute. University of Oxford.

Manyika, J. (2017). A future that works: AI, automation, employment, and productivity. McKinsey Global Institute Research, Tech. Rep, 60.

Wallach, W., & Marchant, G. (2019). Toward the Agile and Comprehensive International Governance of AI and Robotics [point of view]. Proceedings of the IEEE, 107(3), 505-508.