In the modern day world of high-end technology and futuristic inventions, recognizing the role of algorithms is of paramount importance. From classical computers and gaming consoles to modern day mobile technology, artificial intelligence, cloud computing, and big data, it is the algorithm that has made it possible for us to come across these fantastic inventions.
While taking a brief outlook of how these technologies began and consider the rising demands of the end users, it is quite evident that mankind has used technology as a vital tool to achieve greater ease and comfort, but it seems like Algorithms have started to control our lives.
Let’s take a look at why algorithm control has become one of the most trending topics across the global IT sector.
Algorithms Now Run Several Industries
It cannot be denied that modern-day systems and software are completely backed by high-end computing and information technology which is solely based on Algorithms. From the world’s most famous search engine Google to a more diversified set of domains such as stocks, finance, investments, marketing, engineering, and many more. According to most of the industry analysts and experts, the use of the algorithm is now starting to control our lives.
Can It Be Blindly Trusted?
Putting blind trust on algorithms and then encountering its adverse repercussions has become one of the most prominent and widely discussed topics among researchers and industry analysts.
According to them, putting greater trust in today’s algorithm based technologies and systems result in severe market crashes. Most of the researchers have found that dependency upon computing, data, and algorithms have made the entire finance industry its primary dependent. From banks and financial institutions to stocks and shares, everything is now completely controlled by algorithm-based systems and software which is a blessing but at the same time a threat to skyrocketing industry progress.
Human Vs Machines
We cannot deny that today’s fast-paced digital marketplaces and global businesses run on machines that have already decreased the need for excessive manpower. It was the biggest economic change the world has ever experienced and appears not to be ending any time soon if data and algorithms continue to influence the domain of technology.
The modern world relies completely on exchanging capital for labor which creates economic growth and it is indeed one of the biggest concern that today’s technological leaps are rapidly decreasing the need for labor.
Industry critics and analysts have supported the claim that data and algorithms will continue to transform the shape of today’s world, and to a greater extent our near future.