Referred Link - http://www.aexonic.com/peak-into-our-mind/5-artificial-intelligence-examples-see-everyday/
Artificial Intelligence might look like a big scientific innovation, but you would be surprised to know the few of many things it is already being used for in our daily lives. It has had a huge impact on our normal day’s schedule, whether we are aware of it or not.
Artificial Intelligence is not only transforming the way we handle our computers or smartphones, but also the way we interact with the real world. It has actually taken the human-machine relationship to a new level and has transformed the way tasks were executed, in many sectors. We now stand at a point where imagining robots performing operations is not actually a dream.
In this article, we share a few instances where artificial intelligence played a pivotal role, which might as well have not have caught our eyes.
Virtual Assistants and Chatbots
Siri, Google Now and Cortana are simplest examples of intelligent digital virtual assistant that we have in our daily lives. They can help us in setting up our alarms, booking a movie’s ticket, informing us of weather and traffic conditions – the list just continues. With a similar idea in mind, conversational commerce is gaining popularity, through chatbots. Customer service agents we interact with are now being taken up by smart artificial intelligence-powered bots.
Fraud Detection
Artificial Intelligence is being used by a lot of banks to detect online fraudulent transactions. They are programmed in such a manner that they report in case of any irregularity in the way payments or transactions are being made. With support from Machine Learning and Blockchain technology, it will improve the security scenario we have today.
Purchase Prediction
Ever wondered how a dress you checked out yesterday appears in your feed today? The answer is artificial intelligence. Systems are programmed in such a manner that they keep a track of the sites visited by an individual and the time they spend on it. They then deliver a purchase prediction and use it to push sales through coupons, vouchers or any sort of discounts.
Smart Homes and Security Surveillance
Smart homes technology now includes devices that have the ability to learn about an individual’s behaviour and lifestyle patterns and work accordingly. Imagine a system that switches off the lights at 10 pm as it has understood the sleeping pattern of the individual. Similar programs can be done to make the morning tea or breakfast as well.
Smart Cars or Self Driven Drones
A video of a drone successfully delivering a Dominos pizza has been gaining a lot of views on social media websites. The technology behind it was artificial intelligence which helped the drone to understand the roads and streets and deliver it to the right person. This idea is being used to develop smart cars that would apply brakes as soon as an object comes around a specific perimeter of it. This can be used to save lives by avoiding accidents and also take control of traffic issues.
There are no two ways to the fact that artificial intelligence is the future and whether we realize it or not, it is present right in front of us. Look around you, the smartphones you use, the customer service agent you talk to – an intelligent AI agent is behind it. It won’t be wrong to say that in the next 5 years or so, AI will take over most of the manual operations. So, let’s just sit back and enjoy technological shift that artificial intelligence is bringing to us.
Referred Link - http://www.aexonic.com/peak-into-our-mind/iot-trends-2018/
Internet of things or IoT has become the backbone of a lot of ideas and is having a world-changing impact on global commerce and lifestyle. It has now entered the next stage of business where it has become the core idea behind strategies, transformations and innovations.
2015-2016 was the year when IoT accelerated and it has never paced down ever since. We believe that in the years to come, it will become an even more valuable asset for businesses and be the platform for bigger ideas to shape up. In this article, we shall discuss few trends that IoT is set to follow keeping the present technological scenario.
Blockchain and IoT
Blockchain – Cryptocurrency – Bitcoin, these were the technology buzz words that swept most of 2017. The convergence of IoT and Blockchain is believed to bring a real shift in the way transactions are managed. The real-time data from an IoT channel can be used in automated encoded transactions that preserved the security of all parties involved. The Blockchain – IoT combination will be the answer to all security concerns that were making news especially in the financial sector.
The Dependency on Big Data Analytics will increase
IoT enables dynamic data sharing which is why the role of Big Data will be very important in the process. This will increase the dependency on Big Data Analytics a more and more data from devices across various channels will form a strong database. Big Data is now being used in different ways, HR being an example, which increases the demand for good analytical skills.
Artificial Intelligence and IoT
With the help of Artificial Intelligence and Machine Learning, real-time alerts can be triggered across various IoT channels, making the system more agile and responsive. This can be used in various security and Smart Homes concept to bring a more reliable system for us to use.
Increase in the no. of Connected Devices
There are no two ways to the fact that the number of connected IoT devices will grow at a rate we had never imagined. With technologies bringing innovative devices for us, like smartphones, health and wearable devices etc, it is expected that by 2018, the number of devices will double to what it was in 2016 and will reach a mark of 46 billion by 2021
Role of devices in Marketing
Brands are trying every possible way to connect with customers and the IoT channel is one of them. They are using the technology to locate our location and automatically suggest relevant ideas/updates and provide more personalized information according to our behaviour or routine. The real-time data access helps them know the exact mood of the customer, which they try and use it to their advantage.
There is no doubt that IoT will be a game changer for a lot of industries in 2018. It will be interesting to see how industries embrace this technology and come up with new ideas to disrupt the way things operate today.
Referred Link - http://www.aexonic.com/peak-into-our-mind/can-chatbots-help-business-grow/
Chatbots have been revolutionary in bring changes to how business operates. They have redefined customer interaction to a level that was once never imagined. With it being highly popular, the question of why there has been a sudden surge in chatbots has been very prominent.
The primary idea behind chatbots is help businesses redefine their customer engagement models and scale their business with least investment. The fact that these bots can be easily placed on easily accessible platforms like Facebook Messenger, Telegram or other SMS based websites, gives businesses an opportunity to expand their reach and engage with more audiences in no time.
In this article, we shall discuss the various ways chatbots can help your business grow and scale to its utmost potential.
24*7 Availability
Chatbots can help your customers reach you anytime and anywhere. The old approach of being on call with customer care representatives made customers wait a lot and in few cases, the issue remained unresolved too. With easy mobile compatible platforms, customers can ask whatever query they have and get instant reply and scale easily.
Automation of repetitive tasks
Bots are programmed in a way where basic, repetitive questions are fed into them from beforehand. This helps to save time and improve productivity at the same time. They are also frequently updated with more pre-answered questions according to the trend of questions that customers are constantly asking the bot.
Easy Management of Customers
Chatbots have helped to manage customers to a great level. Humans were restricted to do limited tasks within a given stipulated time. Chatbots, on the other hand, can converse with thousands of customers at once. This gives companies an opportunity to increase the customer size as they become equipped enough to handle more customers.
Save money
Chatbots have reduced the human resources that were important before. Initially, a lot of money was being spent on training and managing employees to handle customer care. Now, single chatbots can do the work of almost 3-4 humans at once. They are just a one-time investment that is sure to pay ripe fruits in the future.
Better customer satisfaction
Customers do not have to wait anymore. They get an instant reply to all their queries – anytime and anywhere. They are also programmed to provide a personalized experience to customers wherein they keep a track of their previous purchases and part history and provide recommendations accordingly. Better experience helps in building brand loyalty with the customers.
Chatbots, therefore are an important element to help your business grow.
Referred Link - http://www.aexonic.com/peak-into-our-mind/blockchain-iot-can-together-bring-us-bigger-benefits/
Blockchain and IoT have now become an important aspect of every growing business you see around. The network of IoT devices has been growing exponentially since the past year or so, and with the combination of Blockchain, that holds the power to disrupt any business, the amalgamation of both is sure to bring us a bag of innovative surprises.
To understand the convergence better, let us go through some points that explain how the two technologies can together bring us bigger benefits.
- Blockchain is the missing link to bring privacy, security and reliability to the IoT network of devices
- Blockchain can be used to track billions of connected IoT devices that help in better coordination and processing of transactions
- As Blockchain is a decentralized system, it would eliminate any single points of failure and in the process create a more resilient and sustainable environment for the devices to run
- As the data in blockchain can be encrypted by the use of cryptographic algorithms, it will make the consumer data stored or coming in from the IoT devices safe and private
- In a network of billions of connected IoT devices, blockchain can keep an immutable record of the history of connected devices which helps in the autonomous functioning of the devices without any centralized control.
- The ledger that stores data in the blockchain network is tamper-proof which means it cannot be manipulated by unwanted, malicious agents.
- Blockchain has given a push to Industrial IoT or IIOT which is essential in large organizations which hold millions of sensitive data and carries out hundreds of transactions each day.
To sum up the basic advantage of using Blockchain for IoT –
- Building Trust between the devices and the parties involved, thereby reducing the risk of any fraudulent behaviour
- As it removes the third parties and intermediaries involved, it removes any cost that is related to them
- It makes the transactions quickly and securely, reducing the settlement time from few days to almost instantaneously.
The decentralized, autonomous and secure platform of a Blockchain network makes it an ideal component to be a fundamental part of IoT solutions. We have companies who have adopted the same and are running successfully ever since. However, there are few challenges they face in the process too. Let us have a look at them.
- Operational Challenges – This business model requires many agreements and parties involved, especially in a broader ecosystem. There is also storage issue as the ledger’s size needs to be increased with time. Encryption and cryptographic algorithms on the huge amount of data will require a lot of processing power and time too.
- Legal Challenges – This convergence is new and there needs to be someone to look into cases where actions that are taken by devices on the basis of a rule that is automatically executed by a blockchain-based application or Smart Contracts, triggered by another similar application. This is a complex scenario but can very well come up with the heavy use of blockchain based IoT network.
Referred Link - http://www.aexonic.com/peak-into-our-mind/blockchain-applications-use-cases/
Blockchain has been one of the most talked about technologies in 2017. There are a lot of research happening to identify how this technology can transform various applications and operations we encounter in our daily lives. There is absolutely no doubt about the fact that blockchain holds a lot of power to disrupt the way we see things around us.
As we begin to analyze the various applications and use cases blockchain can be used for, beyond Bitcoin of course, we need to understand the various benefits it brings to any business. Let us have a quick recap of its advantages from our previous blog – What is Blockchain Technology? A Quick Guide to understand it better.
- The peer-peer network removes any third party intermediaries like banks etc
- The consensus, approval and the verify processes happen in real-time which ensures faster transactions
- Every involved participant has the access to the information stored in blockchain and no alteration can be done without the consent of them. This brings trust and transparency in the entire system
- As the distributed ledger systems are decentralized, they provide faster ROI and help businesses create a better business model that brings them more profits
- Blockchain network is highly secure and impossible to hack. This reduces any fraudulent activity to take place and promises to bring a reliable business platform to ensure productive business activities
- Blockchain’s algorithms are programmable and can be used to automate systems on the basis of prior terms and conditions
So, what are the different ways Blockchain can be used for?
As a Record
- Blockchain can be used to create a strong system for digital identity with the help of cryptographic keys
- As tokens, it can be used for authenticating physical items, proving useful in supply chains, fraud management and intellectual property management
- It helps in inter-organizational data management keeping an organized system of records especially the sensitive ones
Financial Institutions
- Blockchain can be very useful in audit trails
- It provides a more secure platform for transactions as it let goes any third party mediation keeping the key account information secure
- It can help settlement happen between the two parties almost instantly rather than the normal 2-3 days
Supply Chain
- Blockchain can be used to track down any information regarding the product – where and how it has come to the end user
- With the help of Smart Contracts management of these data will be easier and more secure
Real Estate
- The information can be stored securely and can be tracked down without the involvement of any intermediaries
- With a secure platform, the corruption and fraudulent activities can be nullified
Insurance
- Blockchain offers Minimization of Identity Theft and Limitation of Cyber Liability for insurance industry
- Decentralized Data Repository bring better Security for the companies and also help in the management of huge data
Healthcare
- Medical insurance and claims involve a lot of transactions every second. Blockchain can reduce process time and friction while dealing with compliance with contract terms.
- Healthcare has numerous data flowing in its environment. Patients personal details, medical history, advance medical records and much more and this technology can help them manage it better
These are just a few applications where this technology has proven to be very useful. 2018 can be the year where more blockchain use cases come up and surprise us with its unique application.
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