Artificial intelligence (AI) refers to the simulation of human intelligence in machines that can think like humans and mimic their actions. It also includes the machines that exhibit traits like human mind viz., learning and problem solving. AI is based on the principle that human intelligence can be defined in a way that a machine can easily learn. The goals of AI include learning, reasoning, and perception. Currently, the AI devices gaining traction in India like the Alexa devices: smart bulbs, smart speakers etc., are best examples. The AI assistant in many phones like SIRI, ALEXA, Google assistant are the most basic ones.
The benefits of Artificial Intelligence are manifold:
• Human Development- Artificial Intelligence is a tool for human development. The popular media platforms like Netflix and Amazon prime provide highly curated suggestions to engage viewer attention. It takes examining millions of data sets and developing accurate predictions. This task which is perceived humanly impossible is done seamlessly by the AI. An added advantage is that it gets better and smarter every day. The e-commerce ecosystem is significantly benefitted by AI, now persons can take a picture to identify the product or a plant and buy that product. Overall, AI can help by resolving many persistent problems like poverty, inequality, poor health etc.
• Financial Development- Many banks have adopted AI to provide customer support, detect anomalies and credit card frauds. HDFC bank has developed an AI chat bot called EVA (Electronic Virtual Assistant) to address customer queries, and to interact with customers with remarkable speed. AI is taking Banking experience to the next level by integrating financial markets, commercial banking and Insurance sector.
• Prevention of frauds and crime- The AI solutions are widely used for fraud prevention across sectors including retail and finance. Effective fraud prevention includes tracing the card usage, endpoint access which then is analysed by security specialists. Organizations rely on AI to trace those steps by analysing behaviours of transactions. Companies like Master card have relied on AI and deep learning to detect fraudulent transaction patterns and prevent card fraud for years now. Similarly, CCTV recordings of public places are now being analysed by AI systems to alert the security personnel about potential crime in a geographical area.
• Automobile and Accidents- more than 1 lac people die in India every day from motor vehicle accidents. The development of autonomous vehicles will revolutionize the automobile sector. The AI system collects data from vehicles’ radar, camera and GPS etc., to produce control signals that operate the vehicle. ‘Robotaxi’ of Tesla is an example.
• Nanotechnology in healthcare- Artificial intelligence through nanotechnology applications in health care range from manufacturing drugs to predicting cardiac arrests. It can help in precision drug delivery and conducting operations with minimal intrusion.
However, despite all these benefits, AI acts like a doubled edged sword. There are many ways to misuse AI for personal interests AI can be misused through digital frauds and by spreading fake information online. Microsoft’s infamous Tay bot is the best example here. Tay was supposed to ‘learn’ from user interactions. “The more you talk, the smarter Tay gets,” boasted her profile. But she was beset with racist, anti-Semitic and misogynistic commentary, almost from the start. Learning from her environment, Tay began spitting out a string of inflammatory responses. It could have been used to spread lies and do digital frauds. Presently, there are no laws to put responsibility on AI for any illegal activity.
In order to make AI effective, there is a need to minimize its usage in areas where decision making by AI can have catastrophic consequences on humans and maximise its usage in technical areas like healthcare, space research and automobiles where AI can bring more prosperity than destruction. A global regulatory framework for AI can also bring about uniformity in its evolution over time.