The “employee” at JP Morgan called COIN, “recruited” in June 2017, is highly efficient to say the least. It does work that earlier took 3,60,000 hours in a matter of seconds. Meanwhile, in a few developed countries ghost cars that are programmed to “drive themselves”, that is, driverless cars, are hitting the roads. On the military front, among other machines, Russia has created a semi – autonomous robot soldier called Ivan that can accurately copy the movements of a human. Attempts are being made to make Ivan fully autonomous. If Russia can create one Ivan, in time, it can also create an army of Ivans. USA also has similar “soldiers”.
The above examples are just a few of the more glamourous applications of what is called “artificial intelligence” (AI). AI is a simulation of human intelligence processes undertaken by computer systems. These processes include learning, computing, reasoning and the like. AI – powered machines are programmed through use of mathematical algorithms that can discover patterns and generate insights from data they are exposed to. These algorithms enable them to perform certain tasks that have been mathematically “fed” into their “brain”, thereby dictating their working. The global AI market is estimated to grow at 36.1% from 2016 to 2024 to reach a valuation of 3,061 Billion USD. Thus, the staggering potential of AI technology can never be understated, as will also be seen through the scope and impact of its applications.