Benefits, challenges and future of artificial intelligence

Benefits of artificial intelligence

AI has many uses, from enhancing vaccine development to automating the detection of potential fraud. AI companies raised $66.8 billion in funding in 2022, according to CB Insights research, more than double the amount raised in 2020. Because of its fast-paced adoption, AI is making waves in a variety of industries.

The safest banking services

Business Insider Intelligence’s 2022 report on AI in banking found that more than half of financial services companies are already using AI solutions to manage risk and generate revenue. Implementing artificial intelligence in banking could save up to $400 billion.

Better medicine

As for medicine, a 2021 World Health Organization report noted that although integrating AI into healthcare comes with challenges, the technology “holds great promise,” as it can lead to benefits such as more informed health policies and improvements in health care. Accuracy of patient diagnosis. .

Innovative media

Artificial intelligence has also left its mark on the entertainment field. The global market for artificial intelligence in media and entertainment is expected to reach $99.48 billion by 2030, compared to $10.87 billion in 2021, according to Grand View Research. This expansion includes uses of artificial intelligence such as identifying plagiarism and developing high-definition graphics.

Challenges and limitations of artificial intelligence

While AI is certainly viewed as an important and rapidly evolving asset, this emerging field comes with its share of drawbacks.

The Pew Research Center surveyed 10,260 Americans in 2021 about their attitudes toward artificial intelligence. The results found that 45% of participants were equally excited and anxious, and 37% were more anxious than excited. In addition, more than 40% of respondents said they consider self-driving cars harmful to society. However, the idea of using AI to identify the spread of false information on social media was more well received, with nearly 40% of those surveyed describing it as a good idea.

AI is a boon to improve productivity and efficiency while reducing the possibility of human error. But there are also some drawbacks, such as development costs and the potential for automated machines to replace human jobs. However, it is worth noting that the AI industry is capable of creating job opportunities as well, some of which have not yet been invented.

The future of artificial intelligence

When one takes into account the computational costs and technical data infrastructure that runs behind AI, the actual implementation on AI is a complex and expensive undertaking. Fortunately, there have been tremendous advances in computing technology, as indicated by Moore’s Law, which states that the number of transistors on a microchip doubles approximately every two years while the cost of computers halves.

Although many experts believe that Moore’s Law will likely end sometime in the 2020s, this has had a significant impact on modern AI technologies – without it, deep learning would be financially unthinkable. Recent research has found that AI innovations have already outperformed Moore’s Law, doubling every six months or so instead of two years.

By this logic, the advances made by artificial intelligence in a variety of industries have been significant over the past few years. The potential for a greater impact over the next several decades seems inevitable.

History of artificial intelligence, timeline

History of artificial intelligence

Intelligent robots and artificial beings first appeared in ancient Greek mythology. Aristotle’s development of the syllogism and his use of deductive reasoning was a key moment in humanity’s quest to understand its own intelligence. While the roots are long and deep, the history of AI as we think of it today spans less than a century. Here’s a quick look at some of the most important events in the field of artificial intelligence.

1940s

• (1942) Isaac A H.
• (2005) The US military began investing in autonomous robots such as Big Dog from Boston Dynamics and PackBot from iRobot.
• (2008) Google made breakthroughs in speech recognition and introduced the feature in its iPhone app.

2010s

• (2011) IBM’s Watson easily beats the competition in Jeopardy!.
• (2011) Apple launched Siri, an artificial intelligence-powered virtual assistant, through its iOS operating system.
• (2012) Andrew Ng, founder of the Google Brain Deep Learning project, feeds a neural network using deep learning algorithms 10 million YouTube videos as a training set. A neural network learned to recognize a cat without being told what a cat was, ushering in the breakthrough era of neural networks and funding deep learning.
• (2014) Google created the first self-driving car to pass a government driving test.
• (2014) Amazon Alexa, a virtual smart home device, is released.
• (2016) Google DeepMind’s AlphaGo team defeats world champion Go player Lee Sedol. The complexity of the ancient Chinese game was seen as a major hurdle to overcome in the field of artificial intelligence.
• (2016) The first “citizen robot,” a robot named Sophia, was created by Hanson Robotics and is capable of facial recognition, verbal communication, and facial expressions.
• (2018) Google launches BERT natural language processing engine, reducing barriers to translation and understanding through machine learning applications.
• (2018) Waymo launched its Waymo One service, allowing users in the Phoenix metropolitan area to request a pickup from one of the company’s self-driving vehicles.

2020s

• (2020) Baidu launched the LinearFold AI algorithm for scientific and medical teams working to develop a vaccine during the early stages of the SARS-CoV-2 pandemic. The algorithm can predict the RNA sequence of the virus in just 27 seconds, 120 times faster than other methods.
• (2020) OpenAI launches the GPT-3 natural language processing model, capable of producing text similar to the way humans speak and write.
• (2021) OpenAI builds on GPT-3 to develop DALL-E, which can generate images from text prompts.
• (2022) The National Institute of Standards and Technology released the first draft of the AI Risk Management Framework, voluntary US guidelines “to better manage risks to individuals, organizations, and society associated with artificial intelligence.”
• (2022) DeepMind unveils Gato, an AI system trained to perform hundreds of tasks, including operating an Atari, annotating images, and using a robotic arm to stack blocks.
• (2022) OpenAI launches ChatGPT, a chatbot powered by a large language model that gains over 100 million users in just a few months.
• (2023) Microsoft launches an AI-powered version of Bing, its search engine, built on the same ChatGPT technology.
• (2023) Google announces Bard, a competitive conversational AI system.
• (2023) OpenAI launches GPT-4, the most advanced language model to date.