Abstract
The major concern of the chapter is with the prospects of AI and the generality of the Fourth Industrial Revolution in the light of Africa's development and with Africa's readiness to embrace the new technology. Using the method of hermeneutics, the work discovers that efforts made in some African countries to embrace the opportunities offered by the new revolution notwithstanding, Africa seems to be at the lower rung of the new technological ladder. The chapter discusses the impeding factors and more while proffering a way out in order to catch into the opportunities created by artificial intelligence. The chapter further recognizes that AI within the context of contemporary African situation presents a dilemma given the teeming unemployed demography. Without taking light of this dilemma, the chapter tends to view AI emergence in terms of what has been described as a critical juncture, and an adequate response would ultimately lead to increased prosperity.
TopBackground
Artificial Intelligence (AI) is up for revolutionizing the technological sphere and as a result changing society in a profound way. It is today not just a laboratory affair, it is more than ever becoming a technological force multiplier in an ever-widening range of real world cases including drug development, healthcare, agriculture, energy, logistics and defense. From the economic perspective, the PwC analysis in its 2017 report had noted that “AI is set to be the key source of transformation, disruption and competitive advantage in today’s fast changing economy.” It avers that artificial intelligence can transform the productivity and GDP potential of the global economy. In this it predicted that “45% of total economic gains by 2030 will come from product enhancements, stimulating consumer demand.” (PwC, 2017) This is premised on the realization that “AI will drive greater product variety, with increased personalization, attractiveness and affordability over time.” (PwC, 2017) It projects the total economic impact of AI in the period to 2030 as $15.7 trillion to the global economy by 2030. While $6.6 trillion is likely to come from increased productivity, $9.1 trillion is likely to come from consumption-side effects (PwC, 2017).
Key Terms in this Chapter
Blockchain: This refers to a secure, decentralized, and transparent way of recording and sharing data, with no need to rely on third party intermediaries. The digital currency Bitcoin is the best known blockchain application.
Development: This is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components, the purpose of which is rise in the level and quality of life, income, opportunities without damaging environmental resources.
Digitization: This refers to the process of analog to digital conversion of existing data and documents for example scanning a photograph or converting a paper report into a PDF. It is about creating a digital representation of physical objects or attributes.
Artificial Intelligence (AI): This is a wide-ranging branch of computer science concerned with building smart machines capable of performing tasks that typically require human intelligence.
Digitalization: This the use of digital technologies to change a business model and provide new revenue and value-producing opportunities. It is the process of moving to a digital business. Moving beyond digitization, digitalization leverages digital information technology to entirely transform a business’ process—evaluating, engineering and reimagining the way you do business.
Algorithm: This is a procedure or formula for solving a problem, based on conducting a sequence of specified actions. It is a set of instructions for solving a problem or accomplishing a task.
Fourth Industrial Revolution: This refers to a fusion of advances in artificial intelligence (AI), robotics, the internet of Things (IoT), genetic engineering, cloud computing, 3D printing etc. it is a way of describing the blurring boundaries between the physical, digital, and biological worlds. It is fourth in the series of three earlier industrial revolutions sharing with them their evolutionary and disruptive tendencies.
Internet of Things (IoT): This refers to the network of physical objects—“things”—that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data other devices and systems over the internet.
Automation: This refers to the creation and application of technologies to produce and deliver goods and services with minimal human intervention.
Stem Education: STEM is an acronym for Science, Technology, Engineering and Mathematics. STEM education refers to system/policy of education that prides these four disciplines and their subsidiaries as critical to economic success and transformation.
Cloud Computing: This refers to on-demand availability of computer systems resources, especially data storage and computing power without direct management of the user. In simple terms cloud computing allows one rent instead of buy one’s IT. Rather than investing heavily in databases, software, and hardware, companies opt to access their compute power through the internet and pay for it as they use it.
Critical Juncture: This refers to turning points that alter the course of evolution of some entity. In the analysis of institutional development, the concept of critical juncture refers to situations in which decisions of important actors are causally decisive for the selection of one path of institutional development over other possible paths.