“I DON’T think Homo sapiens-type people will exist in 10 or 20 years’ time,” Getnet Assefa, 31, speculates as he gazes into the reconstructed eye sockets of Lucy, one of the oldest and most famous hominid skeletons known, at the National Museum of Ethiopia. “Slowly the biological species will disappear and then we will become a fully synthetic species,” Assefa says.
The commercial value of artificial intelligence technology is now increasingly obvious across the board, with large companies in multiple sectors investing billions upon billions. But the importance of AI goes well beyond its direct financial value; there is a fundamental transformative potential here, which cuts at the core of human society, human life and human values.
Collecting data that can be analyzed using patterns and trends dates back to the Bayes’ theorem and ‘regression analysis’ that were used in the 1700s and 1800s respectively. For decades, supercomputers have been used to collect data, analyze market research reports, determine patterns of customer preferences, product usage, and the general demand and supply patterns in order to increase revenue and decrease unnecessary costs.
In plain terms, “data mining is a process of analyzing data from different perspectives and summarizing it into useful information”. Although the technology have been around for a while, advancements in computer’s processing power, disk storage, and statistical software have dramatically increased the accuracy of ‘data analysis’ while driving down it’s cost.
Before digging any deeper into data mining, let me first explain the difference between data and information. Data is collection of any facts, numbers, or text that can be processed by a computer.