When we think of Artificial Intelligence, or otherwise known as AI, we tend to think of robots, but it is much beyond that as robots are nothing but a small part of this more significant block. In simple terms, it is the imitation of human intelligence in machines so the machine can think and act like humans and react in the same way more or less like humans.
Let us learn more about this new and trending advancement in technology that has made a lot of things possible.
The 4 Types of AI
1. REACTIVE MACHINES
These are the basic types of AI systems that are simply reactive, i.e. those who give reactions and do not have the ability to form memories or to use past experiences to inform current decisions.
2. LIMITED MEMORY
This comprises machines that can look into the past, such as self-driving cars. For example, they observe the speed of other cars and their direction. All this can’t be done in just one moment, but instead requires identifying specific objects and monitoring them over time.
3. THEORY OF MIND
This is the distinction between the machines that exist currently and the future scope of machines.
It is the technology that can build systems that can form representations about themselves. Ultimately, the AI researchers will have to build machines that not only understand consciousness but build machines that have it.
Why is it important?
- We must have seen smart tv’s Alexa devices and many such appliances that can take command and act accordingly, all their devices have AI that takes the command and performs frequent, high-volume, computerized tasks reliably and without getting tired.
- AI adds incredible accuracy to the systems as these are competent and gets better with use. For instance, In the medical field, Artificial Intelligent techniques from image classification, deep learning, and object recognition can be utilized to find cancer on MRIs the same way as the experts in the field.
- With AI, you get data analysis that is deeper and more accurate with improvement every time you feed more data to it.
Applications of Artificial Intelligence
The applications for AI are endless as this technology can be applied to multiple sectors and industries. Some of the many applications include:
- In Healthcare Industry
AI is being tested repeatedly and used in the healthcare industry for dosing drugs and different treatment in patients, and for surgical procedures as well.
- In Computers
In computers that play chess and self-driving cars. Each of these machines must react to the command given to them and weigh the consequences of any action they take, as each step will impact the result.
In chess, the result is winning the game. For self-driving cars, the computer systems must account for all the external data and calculate it to act in a way that reduces the chances of a collision.
- In the Financial Industry
It is used to flag and detect activities in banking and finance such as unusual debit card usage and large deposits in accounts—all of which help a bank to identify fraud activities by the dedicated department.
Trading is also made easier with Artificial Intelligence as it makes estimation of pricing of securities supply, demand, easier.