Russell envisions that AI will change the economy and the current way of life.
"Most people will be employed, possibly even self-employed, in providing individualized personal services to other human beings, that we won't have mass employment in manufacturing or in financial services,” said Russell. “The kinds of scenarios where there is a giant factory or a giant office building with thousands of people doing the same thing will go away."
Artificial intelligence is already transforming the health care industry. AI can process huge amounts of data and have the most up-to-date research to help doctors diagnose and treat patients.
IBM's Watson technology is already in hospitals in North and South America, Europe and Asia.
"The different between going to a doctor who has Watson versus not having Watson is very big, because when you go to a doctor today you might find somebody who is 10 years out of date," said Banavar.
Autonomous Weapons
But there is also a dangerous side of artificial intelligence -- autonomous weapons out of drone technology .
"The risk with autonomous weapons is that people will use them as a kind of poor man's weapon of mass destruction - a poor man's nuclear weapon," said Russell.
Russell says the international community need to create treaties to ban autonomous weapons.
"It is a race against time because the weapons are starting to emerge, the research is moving into development, development is moving into production," Russell said.
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