Artificial Intelligence: An Inextricable Innovation

Technically speaking, Artificial Intelligence is a bough of computer science which is purposely utilized to produce some brilliantly smart devices. The technology industry considers AI to be an eminent part of their system nowadays. It simulates human smartness and understanding via the aid of machines. A highly specialized and technical research is involved in case of AI wherein Knowledge Engineering is one of its core sectors. AI must be allowed to access objects to implement this kind of engineering. In order to be able of acting or responding like human beings, all that the machines need is profuse knowledge of the entire world. However, the inclusion of common sense or other logical reasoning skills would always be mundane. The current statistics suggest that the global market size of AI right now in the year 2018 is approximately 7.35 billion USD. Another core of AI is Machine Learning whose algorithms are mathematically analyzed. This analysis falls under the theoretical science and is often termed as the computational learning theory. The perception of Machine Learning involves the ability to leverage from sensory inputs to infer different facets of the sphere. The field of Robotics is also closely related to AI as the robots require an intellect to perform the desired jobs. The following illustration shows how AI market is growing profoundly over the years.

Image credits: grandviewresearch.com

Artificial Intelligence vs. Machine Learning

Off late, AI and ML have started being misunderstood to be the same technology. These terms are related but definitely not the same. While Artificial Intelligence involves the machines performing jobs in an intelligent way; Machine Learning is merely a branch of it with a more specific approach. The devices in case of AI are programmed in such a manner that they can adapt to various situations and perform desired tasks. In ML, however, the devices are manufactured to manage data alongside the ability to self-learn without the requirement of any external administration. Choosing between AI and ML for particular jobs is completely need-based. While ML has been gaining popularity nowadays; AI is also starting to foster with its simple usage without its need to undergo of any sort of learning. So clearly in layman terms, AI is a bigger concept where devices are made to work smartly and; ML is just an application of AI where the devices can access to every kind of information and self-learn. By the end of the year 2022, the market size of ML will elevate 8.81 billion USD.

Artificial Intelligence in Blockchain

The description of Artificial Intelligence is nearly clear to us in the aforementioned context. Another technology namely the Blockchain is used to store digital information in an encrypted and distributed format. These two ground-breaking technologies can be combined to bring in a revolution. They both serve to amplify the abilities of one another. The ways in which these two can leverage from each other are mentioned below.

• Blockchain can track the AI decisions and make them understandable: Decisions made by AI are not easily readable by human brains. These resolutions can analyze numerous variables separately and decide upon which are the important ones for the task concerned. Even now, humans are being appointed for this analysis because of their precision. This can be made much simpler by storing the decisions on a blockchain on a datapoint-by-datapoint which ensures no tampering of the data before the process of auditing is initiated. This process of recording the data on blockchain can enhance the transparency thereby gaining the public’s trust in AI.

• AI needs encryption to work better: Cryptography makes the information held on the blockchain very secure. These databases hold the data in an encrypted form which keeps only the private unique keys secure ensuring safety to the entire information available on the chain. AI is also moving on to the same table with its concern at creating algorithms that are functional with information even in an encrypted form.

• Blockchains can be managed better by AI: There’s a reason why humans are called similar to the stupid conventional computers. They cannot get a job done unless instructions are provided to them explicitly. Thus, managing blockchain information on computers would take up a lot of processing power. The incorporation of AI will help operate on jobs with an intellect.

Impact of Artificial Intelligence on the future of customer experience

The transpiring science of Artificial Intelligence is majorly impacting consumer relations. These techniques are problem-solving methods and also help generate fast and more efficient decisions. In today’s era, every single business is going that extra mile to deliver remarkable customer experiences. Artificial Intelligence and even Machine Learning for that matter, is allowing these businesses to provide customized and pertinent experiences to its customers through various applications and services. The companies can also use this technology to modify every user’s marketing encounter as they understand their customers’ demands the best. Forbes Insights suggest that the topmost priority of 66% of marketers is to create broadloom experiences across the customers who are a touch-point.

Prevalence of Artificial Intelligence in India

As an example, even the developing countries like that of India, are utilizing the capabilities of Artificial Intelligence to bring about modifications in different aspects of life. AI is also providing immense career opportunities to the Indian aspirants thereby triggering their learning switches. Different organizations across the country are realizing the actual power of this technology and using it for a betterment of decision making alongside the provision of actionable intellect.

As per a report by Accenture, AI has the prospect of adding about $957 billion to the economy of India just by modifying the manner of operations further developing better consequences for the Indian society. This MNC predicts that the inclusion of AI would enhance the annual growth rate of GVA (Gross Value Added) by 1.3% points thus increasing the Indian income by 15% in the next 2 decades.

To Conclude

Artificial Intelligence is the best problem-solving method in today’s time as it allows the software to perform jobs without the requirement of being programmed. It makes the machines work in a humane way. Machine Learning as an application of Artificial Intelligence, allows these devices to access information in order to do the tasks in a step-by-step format. This process makes the systems fix any sort of complexities without the need of external human interference. Artificial Intelligence has already been such a captivating concept of applied science for decades now. However, many scientists believe that AI is finally getting close to reality today.