· Artificial Intelligence means development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition. Digital Capitalism means when the exchange of digital information over data networks about to become the key activity in economy or simply where data is capital.
· AI is critical for future profitability and heralds for the next phase of capital digitalism along with Big Data. According to estimates of International Data Corporation (market intelligence agency), worldwide spending on AI solutions will grow rapidly by 2021.
· Major share of investments is made by big five : Alphabet, Amazon, Apple, Facebook and Microsoft.
· Uber is the perfect example of when financialization, globalization and digitalization come together.
· But here cause of concern is Big Data. Big companies are making huge profits by using and managing this big data. For ex: if you search in google that "I want to buy black shoes" now google comes to know about your liking and need so Google can sell this data to companies which makes black shoes and also advertise the same on your profile.
· Users who generate data should be the sole owner and proprietor of data. Without there consent, no company, organization and even government should use there data. Recently Aadhar issue was becoming cause of concern due to privacy issue.
· So there is need to protect data as well. There is no strict law and regulation for protection of data. So if anyone wants to use data, they need to pay the user for the same. Also, AI is set to eliminate skilled jobs from service sectors from drivers (driverless cars) to sales executives.
CONCLUSION;Ultimately, AI-enabled digitalised economy cannot survive without the oil that can only come from non-AI (human) sources. So citizens should exercise control over there data and how it is mined.
