What is AI (Artificial Intelligence)?

Summary:

Nowadays Artificial Intelligence (AI) is used in nearly every sphere of our lives. Let's try to sum up all the basic information about it.

• History
• Pros (What Can AI do)
• Cons (Danger of AI)
• Tools
• News

AI is a wide-ranging tool that encourages people to rethink how to integrate information, analyse data and use the insights to improve decision making. One of the popular descriptions that reflected the idea of AI is: software systems that make decisions which normally require a human level of expertise.

According to the definition, there are three types of AI:
Weak Artificial Intelligence — tools that usually solve only one task
Strong Artificial Intelligence — solve intellectual tasks, that human can't do
Super Artificial Intelligence — improved version of human’s mind (remains as a concept)

The year of introduction of Artificial Intelligence is considered 1956, when professor John McCarthy used this term for the first time at a conference in Dartmouth College. However, AI is a continuous process of improving technologies and algorithms, which has been around long before that moment. Basic timeline of AI invention:

For more information watch the interview of Geoffrey Hinton. He is considered a godfather of AI, who championed machine learning decades before it became mainstream:
Full interview: "Godfather of artificial intelligence" talks impact and potential of AI

Here are some pros and cons of AI (Artificial Intelligence):

Pros(+):

1. Efficiency: AI can work 24/7 stress-free. This can increase the efficiency of businesses and organisations by allowing them to automate routine tasks.
2. Accuracy: AI can process large amounts of data and make decisions more accurately than humans can. This can help companies to identify patterns and make better data-focused decisions.
3. Speed: AI can process information faster than humans. This can be invaluable when it comes to analysing large data sets or making timely decisions.
4. Safety: AI can be used everywhere including dangerous environments and space exploration, without risking human lives.

What Can AI do

These examples from various spheres of our life show how AI transforms human existence.

In manufacturing — AI is used to improve efficiency and reduce costs by predicting when machines need maintenance and optimising production processes.

Overall, AI has the potential to drive significant economic growth and transform industries on a global scale. However, it also raises concerns about job displacement and the need for policies and regulations to ensure that AI is used ethically and responsibly. As the world continues to develop and adopt AI technologies, it will be important to assess the benefits and risks to ensure that the former outweigh the latter.

Cons(-):

1. Lack of empathy: AI is trained not to have emotional intelligence. It can make it difficult for them to make decisions that take into consideration human emotions or ethical considerations.
2. Dependence: Our increasing dependence on AI could lead to job loss, as machines and automation replace many human roles. On the other had, it can be a Pros (AI will make people’s job different, less routined and more creative)
3. Privacy concerns: AI systems generate significant amounts of data, which raises concerns about privacy and data protection.
4. Bias: AI systems are only as good as the data they are trained on. If the data is biased, the AI system will also be biased, which can have serious implications for decision-making.
5. Security: AI could be used to create new forms of cyber-attacks, which may not be easily detected by humans. This could lead to significant security risks.

Danger of AI

AI-based systems in every sphere raise concerns about data access, biased algorithms, ethical principles and legal liability. Policies should promote fair data access, prevent discrimination or bias, and ensure ethical principles like transparency and accountability. Clarity must be provided on legal liability issues. Addressing these challenges is crucial for responsible and ethical use of AI systems in financial systems.

Yasmin Anderson

AI Catalog's chief editor

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