Artificial Intelligence refers to the intelligence of machines. This is in contrast to the natural intelligence of humans and animals. With Artificial Intelligence, machines perform functions such as learning, planning, reasoning and problem-solving. Most noteworthy, Artificial Intelligence is the simulation of human intelligence by machines. It is probably the fastest-growing development in the World of technology and innovation. Furthermore, many experts believe AI could solve major challenges and crisis situations.
Types of artificial intelligence
First of all, the categorization of artificial intelligence is into four types. arend hintze came up with this categorization. the categories are as follows:
Type 1: reactive machines – these machines can react to situations. a famous example can be deep blue, the ibm chess program. most noteworthy, the chess program won against garry kasparov, the popular chess legend. furthermore, such machines lack memory. these machines certainly cannot use past experiences to inform future ones. it analyses all possible alternatives and chooses the best one.
Type 2: limited memory – these ai systems are capable of using past experiences to inform future ones. a good example can be self-driving cars. such cars have decision making systems. the car makes actions like changing lanes. most noteworthy, these actions come from observations. there is no permanent storage of these observations.
Type 3: theory of mind – this refers to understand others. above all, this means to understand that others have their beliefs, intentions, desires, and opinions. however, this type of ai does not exist yet.
Type 4: self-awareness – this is the highest and most sophisticated level of artificial intelligence. such systems have a sense of self. furthermore, they have awareness, consciousness, and emotions. obviously, such type of technology does not yet exist. this technology would certainly be a revolution.
What is Artificial Intelligence Used For?
AI In Marketing
AI In Banking
AI In Finance
AI In Agriculture
AI In HealthCare
AI In Gaming
AI In Space Exploration
AI In Autonomous Vehicles
AI In Chatbots
AI In Artificial Creativity
Now, as we move further with the topic and understand artificial intelligence and its applications, let’s delve into some details that will explain them properly:
Artificial Intelligence Applications: Marketing
Marketing is a way to sugar coat your products to attract more customers. We, humans, are pretty good at sugar coating, but what if an algorithm or a bot is there solely for the purpose of marketing a brand or a company? It would do a pretty awesome job!
In the early 2000s, if we searched an online store to find a product without knowing it’s exact name, it would become a nightmare to find the product. But now when we search for an item on any e-commerce store, we get all possible results related to the item. It’s like these search engines are reading our minds! In a matter of seconds, we get a list of all relevant items. An example of this is finding the right movies on Netflix.
Artificial Intelligence Applications: Banking
AI in banking is growing faster than you thought! A lot of banks have already adopted AI-based systems to provide customer support, detect anomalies and credit card frauds. An example of this is HDFC Bank.
HDFC Bank has developed an AI-based chatbot called EVA (Electronic Virtual Assistant), built by Bengaluru-based Senseforth AI Research.
Since its launch, Eva has addressed over 3 million customer queries, interacted with over half a million unique users, and held over a million conversations. Eva can collect knowledge from thousands of sources and provide simple answers in less than 0.4 seconds.
Artificial Intelligence Applications: Finance
Ventures have been relying on computers and data scientists to determine future patterns in the market. Trading mainly depends on the ability to predict the future accurately.
Machines are great at this because they can crunch a huge amount of data in a short span. Machines can also learn to observe patterns in past data and predict how these patterns might repeat in the future.
In the age of ultra-high-frequency trading, financial organizations are turning to AI to improve their stock trading performance and boost profit.
One such organization is Japan’s leading brokerage house, Nomura Securities. The company has been reluctantly pursuing one goal, i.e. to analyze the insights of experienced stock traders with the help of computers. After years of research, Nomura is set to introduce a new stock trading system.
The new system stores a vast amount of price and trading data in its computer. By tapping into this reservoir of information, it will make assessments, for example, it may determine that current market conditions are similar to the conditions two weeks ago and predict how share prices will be changing a few minutes down the line. This will help to take better trading decisions based on the predicted market prices.
Artificial Intelligence Applications: Agriculture
Here’s an alarming fact, the world will need to produce 50 percent more food by 2050 because we’re literally eating up everything! The only way this can be possible is if we use our resources more carefully. With that being said, AI can help farmers get more from the land while using resources more sustainably.
Issues such as climate change, population growth, and food security concerns have pushed the industry into seeking more innovative approaches to improve crop yield.
Organizations are using automation and robotics to help farmers find more efficient ways to protect their crops from weeds.
Artificial Intelligence Applications: Health Care
When it comes to saving our lives, a lot of organizations and medical care centers are relying on AI. There are many examples of how AI in healthcare has helped patients all over the world.
An organization called Cambio Health Care developed a clinical decision support system for stroke prevention that can give the physician a warning when there’s a patient at risk of having a heart stroke.
Artificial Intelligence Applications: Gaming
Over the past few years, Artificial Intelligence has become an integral part of the gaming industry. In fact, one of the biggest accomplishments of AI is in the gaming industry.
DeepMind’s AI-based AlphaGo software, which is famous for defeating Lee Sedol, the world champion in the game of GO, is one of the most significant accomplishment in the field of AI.
Shortly after the victory, DeepMind created an advanced version of AlphaGo called AlphaGo Zero which defeated the predecessor in an AI-AI face off. Unlike the original AlphaGo, which DeepMind trained over time by using a large amount of data and supervision, the advanced system, AlphaGo Zero taught itself to master the game.
Other examples of Artificial Intelligence in gaming include the First Encounter Assault Recon, popularly known as F.E.A.R, which is a first-person shooter video game.
Artificial Intelligence Applications: Space Exploration
Space expeditions and discoveries always require analyzing vast amounts of data. Artificial Intelligence and Machine learning is the best way to handle and process data on this scale. After rigorous research, astronomers used Artificial Intelligence to sift through years of data obtained by the Kepler telescope in order to identify a distant eight-planet solar system.
Artificial Intelligence is also being used for NASA’s next rover mission to Mars, the Mars 2020 Rover. The AEGIS, which is an AI-based Mars rover is already on the red planet. The rover is responsible for autonomous targeting of cameras in order to perform investigations on Mars.
Artificial Intelligence Applications: Autonomous Vehicles
For the longest time, self-driving cars have been a buzzword in the AI industry. The development of autonomous vehicles will definitely revolutionaries the transport system.
Companies like Waymo conducted several test drives in Phoenix before deploying their first AI-based public ride-hailing service. The AI system collects data from the vehicles radar, cameras, GPS, and cloud services to produce control signals that operate the vehicle.