Do you know what exactly Artificial Intelligence (AI) is? Most probably you have heard a lot about AI in recent years but still, don’t know what this technology actually means and what its applications are. So, here we’ll take a closer look at this revolutionary technology and its implications for the future.
Over the past few years, Artificial Intelligence is gaining a lot of attention because of the rapid improvement in this field. The basic idea behind this technology is making machines to learn from experience, adjust to new inputs and perform human-like tasks. Now, let’s dig deeper into Artificial Intelligence.
What is Artificial Intelligence (AI)?
The concept of AI was first introduced in the 1950s by Minsky and McCarthy. It was introduced as a way to program machines to perform a task that required human intelligence and efforts to accomplish it. As such, these days, tasks associated with human intelligence such as planning, learning, reasoning, problem-solving, knowledge representation, perception, motion, etc. are performed by a computer.
Artificial intelligence is defined as the branch of computer science that deals with the creation of intelligent machines that work and reacts like humans. With the help of software and hardware, machines get the ability to learn insights from data and adapt to changing situations. For instance, artificial intelligence can perform activities like speech recognition, learning, and problem-solving with machines that are programmed to think like humans and mimic their actions. With the help of AI, computers can be programmed to carry out precise tasks by processing large amounts of data and recognizing data patterns. AI is continuously evolving and is increasingly being adopted by many different industries.
Applications of AI
There are numerous applications of artificial intelligence across different industries. One application of AI that is gaining most of the attention these days is self-driving cars. In these connected vehicles, AI is used to collect and monitor external data and act in a way that prevents a collision. Also, most of the advertisements of your interest that you see while surfing the web are the result of AI and machine learning. Moreover, AI is being utilized by different industries for legal assistance, patent searches, and risk notification. Here are some other applications of AI in different industries.
Banking
In the financial industry, artificial intelligence is used to detect fraudulent activities like unusual debit card usage and a large amount of deposit. AI enabled operations ensures improved speed, precision, and effectiveness of human efforts in the banking sector. Human error and fraud which is common in financial institutions can be controlled with the help of AI techniques by providing accurate credit scoring and automating manually intense data tasks.
Health Care
AI is being tested and used in the healthcare industry to provide personalized medicine and X-ray readings. It is also being used for surgical procedures in the operating room. In addition to this, AI enabled personal health care assistants are being used to remind patients to take their medicines, exercise, and eat healthier.
Retail
AI is being extensively applied across the retail sector and virtual shopping is already used for offering personalized recommendations. The technology has also advanced stock management tasks.
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