Artificial Intelligence (AI) is one of the most popular branches of computer science. AI deals with building smart machines which can perform different tasks and learn based on their own intelligence without requiring human assistance. With the advancement of technology, artificial intelligence has taken over a large part of our world as everyone wants smart machines. 

Everyday use examples of smart machines include mobile device software like Siri, apps like Google Maps and entertainment systems like Alexa. But as AI has a bigger impact on the world, questions automatically arise around the risks or negative impact of AI. Most things, especially technology, come with its pros and cons. There are obvious benefits and risks of artificial intelligence. 

Divided opinions on AI have some focusing on just the benefits with the belief that the risks are minimal; while others stress on how AI and machines could take over the world. Many famous personalities like Elon Musk, Stephen Hawking, Bill Gates, etc. have already expressed their concern over the increased use of artificial intelligence. 

Let us discuss the benefits and risks of artificial intelligence

#Benefits of artificial intelligence

1. Accuracy

Artificial Intelligence eliminates the chance of errors in the processes and output as compared to humans, unless of course, the algorithm is incorrect. Making processes largely error-free with the use of AI such as its use in hospitals where robots perform  disease diagnostics with a high level of accuracy. Also, in the case of widespread outbreak of coronavirus, hospitals have deployed robots.

2. Increased Work Efficiency

AI driven machines or robots are capable of doing the same kind of work repeatedly without getting bored or exhausted. Being available 24×7, unlike humans, these machines are able to provide a much higher level of work efficiency.

3. Reduced training costs

AI driven machines or robots use machine learning algorithms to learn. Which means there is hardly any requirement for writing new code for enhanced learning other than specific models. Reducing machine training reduces training costs. Furthermore, research is being conducted to develop AI machines that can optimize their learning abilities.

4. Faster decision making

AI machines tend to automatically deliver faster suggestive decisions as compared to humans with a more calculated predictive outcome. These machines consider all the available data quickly and deliver decisions taking a range of factors into consideration.

#Risks of artificial intelligence

1. High Cost of Manufacturing

Even though you see reduced long term benefits, the capital expense for AI machines is very high. Along with this the chips and batteries used in these machines are made from rare earth elements which adds to the cost of maintenance, repairing and updating. 

2. Vulnerability to Cyber Attacks

The algorithms of AI machines are similar to that of softwares; making them vulnerable to cyberattacks. Hackers and AI bots keep searching for new ways to attack with malafide intent. In such a case, there is a risk of the AI machine to be corrupted or even re-programmed to take destructive action.

3. Replacing Humans in Jobs

With the increased use of AI machines, there is a threat of replacing humans with machines in most industries. As we see the adoption of AI in almost all sectors, their increased use will result in fewer jobs for humans. The question is whether the skill set will be replaced with others in this age of growing population.

4. Limited Thinking

As machines are programmed to do tasks, they will keep performing the same tasks over and over and maybe better than ever. However, they still are unable to come up with new ideas, as real thinking and creative elements are missing in today’s AI. This could lead to blocking of innovation by the complete dependency and use of AI.

Considering both the effects

It’s obvious that there are benefits and risks of artificial intelligence and we should consider both of them carefully before taking a decision on the scale of AI adoption. Make sure that AI risks never overpower its benefits and destroy the core concept of smart machines. 

Moreover, different ways should be devised to keep AI risks to a minimum and benefits to a maximum. Artificial intelligence if used wisely can bring a lot of technological advancement in the world.

People are also Reading:

How Artificial Intelligence will change the banking industry?