Artificial Intelligence – A great help or simply a great hype?

Almost every industry is buzzing with AI, and investment in technology is skyrocketing. However, there are numerous questions for which we do not have definitive answers yet.?

Will AI fundamentally transform the world? Will it help industries grow? Will it really unlock the potential of computing? Will it automate most things? Will it be reliable and trustworthy? Or will it merely continue to provide valuable tools for certain situations?

A deep observation on these questions will try to build an understanding of whether AI does hold a promising future or if everything related to AI is merely hype.?

Table of Contents-

1. Overview.
2. What is the hype that AI has created?
3. How is AI affecting our lives in the present?
4. How will AI affect our future?
5. Can we trust AI?
6. Conclusion

Overview

Artificial intelligence is no more a fantasy of science fiction authors’ imaginations; the technology is now making inroads into our daily lives, discreetly or not so subtly.?AI is here now: It’s here and it’s real.?From assisting with weather forecasts to recommending shows, blocking spam emails, allowing search predictions, and speech recognition, AI is everywhere.?

Without the use of AI in finance, transportation, national security, health care, criminal justice, transportation, and smart cities these industries may not be able to operate or scale and may collapse as well. AI is deep-rooted in day to day functions of these industries.?

What is the hype that AI has created?

All the headlines in newspapers and articles do make a lot of hype because they are purely based on assumptions.

People are prone to extrapolating current triumphs in specialized fields into the future. Some are even projecting the future into sectors where deep learning has not been particularly effective, resulting in a lot of misinformation and hype. AI is still rather poor at learning new ideas and applying that learning to new circumstances.

But we have to understand that from 1956 to 2022, nearly after 66 years, AI is becoming popular only for two reasons, computing power, and supply of data.?

Earlier people were not online, and customization of services was not possible. But as more people are coming online and with the availability of data and computing power required to use and exploit this data, AI is showing more and more usage. AI is automating a lot of things and pushing the workforce for upskilling and will continue to do so in the coming years.

How is AI affecting our lives in the present?

From assisting in traffic avoidance to providing movie or music recommendations, popular self-driving vehicles, voice-controlled personal digital assistants, instant machine translation, and a variety of other power-packed advanced analytics are just some of the forms AI has taken today.

Even if it isn’t visible, artificial intelligence is most likely present in your everyday life in a variety of ways. If you see a targeted ad on social media, possibly developed by AI. When you ask your digital assistant a question, artificial intelligence (AI) allows the technology to search the web for the most relevant response. Your retail purchase recommendations, Spotify song recommendations, and social network friend suggestions might all be impacted by artificial intelligence.

How will AI affect our future?

Based on current scientific developments in AI there are two industries; healthcare and finance, where AI has done a lot of positive change but still the full potential of AI for these sectors is yet to be discovered.

In?healthcare, many forms of research are being conducted on building AI-powered applications to assist doctors in diagnosing and treating patients. AI will undoubtedly be a game changer in providing better medical care to patients. Expect a very different future for healthcare as robots engage with people, check on their health, and determine whether or not they need to see a doctor. We will still require physicians, nurses, scientists, and so forth. AI, on the other hand, will make our life easier by making the clinical and healthcare data we collect more actionable.

In?finance, Robo advisors for wealth management will become commonplace and game-changers, saving wealth managers and consumers substantial amounts of time. Future banks will not only personalize their services and goods but will also employ AI to personalize consumer experiences. Personalization may be as simple as not requiring you to show your ID card when you walk into a bank branch and still being greeted with your name and comprehensive knowledge of your whole bank account history.

Can we trust AI?

In the realm of artificial intelligence, the adage?“no trust, no use” applies. If we can’t trust our systems and aren’t 100 percent certain of the risks and outcomes, we should proceed with caution and skepticism.

When we talk about trust in AI, we’re talking about how to secure and inject trust aspects into our intelligent systems, such as fairness, accountability, robustness, responsibility, reliability, ethics and transparency. When an AI model is given credible knowledge and information from a collection of data, it gets more trustworthy.

As AI becomes more prevalent in our daily lives, we must guarantee that it can be designed to be trustworthy and secure for the benefit of everybody. The three major elements on which AI trust, transparency capabilities can be measured and judged are:?

1. Explicability?

2. Fairness

3. Traceability

Conclusion

Artificial intelligence (AI) is quickly becoming the next big thing in technology. There will be many more innovations in the coming years that will reshape the way the world runs. We will reach a point when bots will be produced that will take over employment while simultaneously creating new jobs that are currently unimaginable.

The decision is yours: will you enhance your abilities to keep ahead of the curve, or will you remain static and ignorant in the industry thinking all of this is hype?

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