Artificial Intelligence – a source of unlimited possibilities

Artificial Intelligence (AI) has captivated popular culture for decades, making it a widely discussed topic. This technology has found its place in various forms of entertainment, ranging from books and movies to TV shows and video games, enthralling audiences worldwide.

Author: Ana Nives Radovic
Publication: Fintechlopedia 2021
Presented in association with Visa Inc.

One of the earliest depictions of AI in popular culture dates back to the 1968 film “2001: A Space Odyssey”. The character, HAL 9000, a sentient computer capable of conversing with the spaceship’s crew, gained widespread recognition. HAL’s portrayal played a significant role in popularizing the concept of AI, generating public interest in the potential possibilities and dangers of this technology.

In numerous movies and TV shows, AI has been portrayed as either a benevolent companion or a dangerous threat with the ability to save or destroy humanity. The portrayal of AI in popular culture has contributed to the ongoing fascination and speculation surrounding this technology.

AI is a rapidly advancing technology that involves the simulation of human intelligence by computer systems. Its potential applications are vast, and it is widely considered to be a game-changer that will usher in the Fourth Industrial Revolution.

The impact of AI is not limited to the IT sector, as it has the potential to transform various industries and aspects of everyday life.

AI has evolved from being a mere science fiction concept to becoming a tangible reality that is slowly integrating into our lives. The possibilities that AI offers go far beyond what has been depicted in movies and TV shows. The three main phases of AI are learning, reasoning, and self-correction.

During the learning phase, AI systems acquire information and rules for its use, while reasoning involves the use of these rules to make rough or definitive conclusions. Self-correction takes place by confirming the accuracy of the obtained result, which helps the AI system to improve its accuracy over time.

One of the significant benefits of AI is its ability to memorize behaviors. This memorization allows AI systems to solve problems and act correctly when faced with specific situations. By using databases and algorithms, AI can learn consumer preferences and anticipate customer desires, offering them a personalized shopping experience. Companies that use AI can gain valuable insights into the habits and needs of their customers and adapt to them better, resulting in a positive impact on their business results.

AI has the potential to revolutionize various industries, including healthcare, finance, and transportation, to name a few. In healthcare, AI can help doctors to make more accurate diagnoses and provide better treatment plans. In finance, AI can analyze financial data and provide insights into investment opportunities. In transportation, AI can optimize traffic flow and reduce congestion on the roads.

Despite its numerous advantages, AI also raises concerns regarding its potential misuse and ethical implications. For example, there are concerns about the use of AI in autonomous weapons, privacy violations, and job displacement.

In conclusion, AI is a rapidly advancing technology that has the potential to revolutionize various industries and aspects of everyday life. Its benefits are numerous, but its ethical implications must be carefully considered to ensure that its development and application are responsible and ethical.

How AI works

Artificial Intelligence (AI) has become an essential part of modern technology, and its impact can be seen in everyday life. AI is based on machine learning, which is a technology that enables computers to learn and improve from data or simulations, similar to how humans learn from experience. The fundamental components of AI are databases and algorithms that enable machines to store and process vast amounts of data.

AI systems can perform various tasks autonomously, such as problem-solving, image recognition, natural language processing, and decision-making. These systems can distinguish between weak and strong AI. Weak AI systems are programmed to perform specific tasks, while strong AI systems can perform tasks beyond their programming and even assimilate abstract concepts, have real awareness, and experience feelings.

The potential applications of AI are vast and have already started to transform different industries. For instance, AI has enabled the development of self-driving cars, which can navigate roads and highways with greater efficiency and safety. In healthcare, AI systems can help doctors to diagnose and treat diseases more accurately and efficiently. In the financial sector, AI can analyze large amounts of financial data to detect fraud, predict market trends, and provide investment recommendations.

One of the essential features of AI is its ability to adapt to new situations and improve over time. This process is known as machine learning, and it enables machines to make better decisions and predictions based on the data they collect. The more data machines have, the better they can learn, and the more accurate their predictions become.

AI has become an integral part of many devices and services that people use daily. For example, virtual assistants like Google Assistant and Siri use AI to understand and respond to voice commands. Smartphone cameras also use AI to improve image quality by adjusting color and light based on the environment.

Despite the numerous benefits of AI, its development and application raise ethical concerns. For instance, there are concerns about the impact of AI on employment and the potential misuse of AI in autonomous weapons. Therefore, it is crucial to ensure that the development and use of AI are responsible and ethical.

Usage of AI

The possibilities of AI are virtually limitless and the technology is rapidly expanding its reach across multiple industries.

One of the most widely used applications of AI is narrow AI, which involves developing systems to perform specific tasks such as speech recognition, image recognition, and natural language processing. Facial recognition is another example of narrow AI that is being used in various fields including law enforcement, security, and marketing.

The impact of AI is particularly profound in industries such as education, finance, manufacturing, and healthcare. In education, AI-powered tools are being developed to personalize learning experiences and provide better feedback to students. In finance, AI is being used to analyze market trends and make investment decisions. In manufacturing, AI is transforming the production process by automating tasks such as quality control, inventory management, and supply chain management. In healthcare, AI is revolutionizing the way medical professionals diagnose and treat patients.

AI-powered innovations are also driving the development of new technologies such as self-driving cars, social robots, and smart homes. Self-driving cars, for example, are based on computer vision, image recognition, and deep learning algorithms. Social robots, on the other hand, are designed to interact with humans in a way that is more natural and intuitive.

Despite the many benefits of AI, some experts have expressed concerns about the potential risks associated with its development. As AI systems become more advanced, there is a growing risk that they may become uncontrollable or even pose a threat to human safety.

In conclusion, AI is a transformative technology that is changing the way we live and work. As it continues to evolve and expand its reach, it is likely to play an even bigger role in shaping the future of our society. It is important that we continue to monitor its development and ensure that it is used in a responsible and ethical manner.


One of the most significant applications of AI is speech recognition, with virtual assistants capable of transcribing natural language into words and processing requests through speech synthesis, instant translation, or by making a request on the order. AI is not just limited to chatbots anymore. It is increasingly being used to help with critical decision-making in fields such as medicine and the military.

In photography, AI is also making significant contributions, detecting precise scenes, stabilizing devices, and optimizing zoom precision. Facial recognition is another technology that has become possible due to artificial intelligence, used to recognize users of mobile phones and identify individuals at airports.

In the military field, AI is being introduced for the decision-making of drones, and in the financial sector, it is being used for the evaluation of risks in operations such as the granting of a mortgage. AI is also playing an increasingly important role in medicine, particularly for diagnosing eye diseases. In transport, it is being used for traffic management in public transport, and in industries, it is being implemented in maintenance systems to deal with manufacturing problems.

AI is also transforming the entertainment industry. Video game developers are using AI to create more realistic and immersive gaming experiences, while robotics is becoming more advanced thanks to AI technology. The possibilities of AI are almost limitless, and it will undoubtedly continue to expand and shape the world we live in.

However, the rise of AI has also raised concerns about the potential consequences of a lack of human control over these intelligent machines. As AI becomes more advanced and autonomous, it is essential to ensure that it is used ethically and responsibly. By doing so, we can harness the full potential of AI while mitigating any risks associated with its use.

* * * * *

This content was brought to you by VISA, the global leader in digital payments, whose mission is to connect the world with an innovative and secure payment network to enable individuals, businesses, and economies to grow.

Visa is the general partner of the Fintechlopedia project, an electronic glossary containing all relevant elements of digital transactions and related phenomena, situations, processes, and innovations.


Create a website or blog at