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Day 45 – Q.1 Discuss the recent developments in Artificial Intelligence and its impact on various sectors such as healthcare, finance, and transportation.

  • IASbaba
  • January 11, 2023
  • 0
GS 3, Sci & Technology, TLP-UPSC Mains Answer Writing
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Discuss the recent developments in Artificial Intelligence and its impact on various sectors such as healthcare, finance, and transportation.

आर्टिफिशियल इंटेलिजेंस में हाल के विकास और स्वास्थ्य, वित्त और परिवहन जैसे विभिन्न क्षेत्रों पर इसके प्रभाव पर चर्चा करें।


Approach

Start with basic intro on AI and then highlight recent technologically prominent developments and different measures. Also write down different impacts on various sectors.

Introduction

Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. Artificial Intelligence has the potential to provide sizeable incremental value to healthcare, finance and transportation sectors globally.

Body

Recent developments:

  • The development of AlphaFold, an AI system that descended from AlphaGo, was originally a deep learning model trained to beat human beings at the board game Go.
  • RAISE 2020 – ‘Responsible AI for Social Empowerment 2020’ was jointly organised by the NITI Aayog and the Ministry of Electronics and Information Technology (MeitY).
  • Many countries have instituted dedicated public offices such as the Ministry of AI (UAE), and Office of AI and AI Council (U.K.) while China and Japan have allowed existing ministries to take up AI implementation in their sectoral areas.
  • AI based face recognition opened a new window of opportunity to do predictive policing in India. With the help of AI, Delhi Hyderabad police predicted the pattern of crime, analyze lot of CCTV footage which are available across the city to identify suspects.
  • The sheer velocity and magnitude of AI innovation have also led to impacts in fields such as commerce or digital healthcare.

Impact on Healthcare:

  • AI plays an important role in the field of healthcare by addressing issues of high barriers particularly in rural areas that lack poor communication and a professional healthcare system.
  • Some of the emerging application includes AI-driven diagnostics, personalized treatment, early identification of potential pandemics, and imaging diagnostics.
  • Atomwise, a drug development company used AI to analyze if existing medicines could be redesigned to target the Ebola virus in 2016.

Transports, Logistics, and Smart Mobility:

  • This domain mainly includes various autonomous and semi-autonomous features, for example, monitoring and maintaining a predictive engine along with driver-assist. Other applications of AI include improved traffic management, autonomous trucking, and delivery.
  • Applications of AI is in the form of autonomous vehicles or self-driving vehicles were once a thing of pure science fiction but in recent years have been implemented with varying success it will impact number of employments in transport sector.
  • For example, Tesla along with the likes of Uber, Waymo and Motional—has been working on automated vehicles for a number of years now, always staying one step ahead of the curve.

Impact on finance sector:

  • AI is going to be future of financial sector as it brings the power of advanced data analytics to combat fraudulent transactions and improve compliance.
  • AI is particularly helpful in corporate finance as it can better predict and assess loan risks. For companies looking to increase their value, AI technologies such as machine learning can help improve loan underwriting and reduce financial risk.
  • Consumers are hungry for financial independence, and providing the ability to manage one’s financial health is the driving force behind adoption of AI in personal finance.
  • For example, AI based chatbot in banking different apps, a virtual assistant.

Conclusion

India may appear to be relatively well-positioned to take advantage of the disruption in the AI system through its advanced IT sector and large youth demographic potential to establish itself as the future hub for AI-related activities.

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