What Is Artificial Intelligence And Its Real-World Use Cases?

Artificial Intelligence is shaping the future, yet few people truly understand it.

By Michael Megarit

What Is Artificial Intelligence And Its Real-World Use Cases?

Yesterday’s science fiction is becoming today’s reality.

Smart cities, robot investors, self-driving cars… The global Artificial Intelligence (AI) market is booming and expected to reach $60 billion by 2025.

Despite this spectacular growth, many people still don’t understand what AI really is, how it works and how it is used in the real world.

In addition, they are afraid that AI will become too powerful and destroy millions of jobs.

Given that AI is revolutionizing nearly every aspect of our lives, it’s important to answer these questions and help you fathom AI’s disruptive properties.

What is Artificial Intelligence and how does it work?

Broadly speaking, AI is a branch of computer science concerned with building intelligent machines designed to think and act like human beings.

In a way, you could say it is an attempt to replicate the human brain inside a machine.

What Is Artificial Intelligence And Its Real-World Use Cases?
AI attempts to create machines that can think and act like human.

As you can imagine, programming machines to think and act like humans is no mean feat.

In the early days of AI, machines were programmed to execute specific tasks, such as playing chess or answering spoken questions.

Modern AI has evolved well beyond this stage.

As you know, the human brain is a complex entity that is able to detect patterns, exercise reason and problem solve.

AI’s ultimate goal is to do just that.

These days, Scientists are programming AI machines using powerful software, high end processors and sophisticated algorithms that enable them to execute tasks we thought could only be executed by humans.

How is Artificial Intelligence used in the real world?

AI’s fundamental purpose is to develop intelligent machines that can work with humans and facilitate their daily tasks.

Self-driving cars are an excellent illustration of machines performing a useful activity that a few years ago was deemed utterly impossible.

In fact, modern AI has become so advanced that its real world applications are almost endless.

Here are just a few examples AI’s practical uses:

  • Healthcare: AI is used to diagnose diseases and assist with surgeries.
  • Finance: AI is used to detect unusual transactions and signal potential fraud.
  • Cybersecurity: AI is used for surveillance, pattern-recognition and detecting threats.
  • Social networks: AI is used to create targeted marketing campaigns.
  • Virtual assistants: AI is used to automate administrative tasks.
  • Space Exploration: Perseverance, NASA’s latest Mars rover, uses AI for landing, searching for clues, and navigating the planet’s surface.
What Is Artificial Intelligence And Its Real-World Use Cases?
Here’s how AI can be used to improve healthcare outcomes.

These examples are just a drop in the ocean of Artificial Intelligence’s near-infinite use cases.

New ones are being discovered and implemented every day.

However, while AI has the potential to considerably improve the human experience, there are legitimate concerns that need to be addressed.

Should we fear Artificial Intelligence?

The first cause of concern is that humans may eventually lose control over the intelligent machines they’ve created. Indeed, AI could one day become so advanced that humans would be unable to keep up with its progress. What happens if the machines decide to turn against us?

The second concern is that AI will destroy millions of jobs. Many industries across the globe are automating processes and this will inevitably push people out of the workforce. Consulting firm McKinsey confirms this fear by projecting that intelligent robots could replace 30% of workers by 2030. Where will these people find employment?

Low-skilled occupations are the most likely to be threatened by AI.

The third and final concern is a machine’s potential lack of morality in sensitive areas such as healthcare and security. Would an intelligent and rational machine hesitate to sacrifice a human life in order to control costs or protect itself?

These risks are real but the simple truth is that machines have always accompanied human progress. The question is how will humans adapt and learn to live with them in a natural way.

But that is a topic for another day…

About the Author

Michael Megarit is the founder and managing partner of Cebron Group.
With over 25 years of domestic and international corporate finance experience,
he has provided M&A and capital advisory to high-growth technology companies
seeking investments and buyers.