Did you know this island accumulated huge riches thanks to AI? Here's how it happened
Love it or loathe it, AI is a force impossible to overlook. By now, you've likely explored its myriad facets—from its merits and pitfalls to its unforeseen impacts. But did you know there's an island that has uniquely prospered thanks to AI in a way beyond imagination?
For the non-versed, AI, or artificial intelligence, refers to the simulation of human intelligence in machines that are programmed to think and learn like humans. It encompasses a wide range of technologies, including machine learning, natural language processing, computer vision, and more.
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Anguilla, a small island east of Puerto Rico in the Caribbean, found itself uniquely positioned in the digital era 29 years ago.
Back in 1995,?Anguilla?was awarded the .ai internet domain code by chance. This decision, initially inconsequential, has now become a major boon for the island nation.
With the rise of artificial intelligence (AI) in recent years, demand for .ai domain registrations has soared. Initially around 100,000 in 2021, the number surged dramatically after the launch of OpenAI’s ChatGPT in November 2022, marking the start of the AI boom. By 2023, registrations had more than doubled to 354,000.
Anguilla allows businesses and individuals to purchase .ai domains for up to two years, with renewals possible. This unexpected windfall has significantly bolstered the island’s finances. Revenue from .ai registrations, which accounted for just over 4% in 2019, skyrocketed to more than 20% in 2023, amounting to about $32 million.
Haydn Hughes, Anguilla's minister of tourism and infrastructure, explained how this unexpected advantage has transformed their economy.?
Initially, AI was a distant concept for Anguilla, which lacked computers and modern technology in 1995. However, with forward-thinking leadership and tech-savvy ministers, Anguilla capitalised on the .ai domain, investing in crucial infrastructure and enhancing its economic prospects significantly.
Well, AI isn't all bad news after all.
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