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3 Recent Applications of AI will leave you Spellbound

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3 Recent Applications of AI will leave you Spellbound

AI technology has the potential to enhance societies in a number of ways. Here, we discuss some of latest developments in AI-based research.

AI can smell illness in your breath

According to a recent declaration made by Nvidia, AI can detect illness, including cancer, by analyzing the human breath. Researchers from Edinburgh Cancer Center in UK, Loughborough University, the University of Edinburgh and Western General Hospital have developed an AI program using deep learning methods that is  able to analyze compounds in human breath and predict illness. The motivation? Humans have a less developed sense of smell compared to other animals. Hence, a lot of information hidden in the air around us go unnoticed and can be perceived with a highly receptive olfactory system.

Source: news.developer.nvidia.com

The team of researchers said that this is the first machine learning model that can successfully detect compounds and ion patterns from raw GC-MS (Gas Chromatography and Mass Spectrometry) data. TensorFlow deep learning frameworks, cuDNN-accelerated Keras and Nvidia Tesla GPUs were used to develop neural networks for the program. The data utilized for expanding the neural networks was contributed by volunteers who had different forms of cancer and were undergoing radiotherapy. Artificial intelligence makes the process less expensive, and definitely more reliable and faster than humans analyzing a breath sample.

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AI is marking exam papers

A new concept is coming together in China’s education system. Experiments suggest that machine intelligence can contest a teacher’s marking capability and at times even surpass it! AI has long assisted humans in marking multiple choice exams and performed wonderfully in that. Chinese researchers have taken the examining powers of AI-driven machines a step forward and developed AI that can mark essays.

First, the system perceives general logic from the context and then links it to the meaning of words. It works like a human mind that first understands the theme of the story from the headline and then reads through the rest of the writing. The machine learning algorithm assesses the quality of the essay with human-like judgment. It grades the paper and provides remarks on areas where there’s scope of improvement. These remarks include the need to improve sentence structure and writing approach among others.

Source: Cambridge assessment

A case study conducted with 120 million students from 60,000 schools shows that both the algorithm and human teachers have the same average performance rating, which is 92%. However, the model is designed to automatically improve as it handles more tasks and is likely to outperform the teachers in future.

Secret Archives of Vatican being decoded with AI

Within the walls of the Vatican lies the most impressive collection of historical facts in the world. The Vatican Secret Archives contains records that date back to more than 12 centuries. Despite gazillions of pages stored in Vatican, only a selected few are available to researchers and scholars online.

Source: Serial Box

A new project named In Condice Ratio is combining optical-character-recognition (OCR) with artificial intelligence to help scan through all the information and upload it to online database. Traditional OCR method isn’t effective on handwritten documents. But the new OCR enhanced with AI, known as jigsaw segmentation, can recognize different pen strokes and turn the raw information into searchable data.

Source: In Condice Ratio

What the future holds

It seems like in the near future humans beings will need to use and depend on the judgment of AI applications on the daily. So, why not master the necessary skills needed to understand the workings of AI applications? Enroll for machine learning courses in Gurgaon and follow DexLab Analytics for the latest AI-tech blogs. We provide top-notch machine learning training in Delhi.

 

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New Artificial Intelligence Model Provides Smart Solution to Water Logging in Indian Cities

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New Artificial Intelligence Model Provides Smart Solution to Water Logging in Indian Cities

The primary reason why metro cities in India are hit by water logging during the monsoons is poor city planning. To tackle this problem, a team from Netaji Subhas Institute of Technology, headed by researchers Apoorva Gupta and Aman Bansal, have designed an AI model. This one-of–a-kind model predicts the severity of water logging in target locations by combining data on rainfall and traffic for a particular region.

The issue of water logging directly translates to economic losses for the country. If people are stranded in a place, if they can’t go about their daily business, it means a significant drop in productivity and business revenue. Mumbia, India’s financial capital faces this problem every year. There’s urgency to find a solution. On top of economic loses, heavy rainfall equals to heavy traffic, which boils down to fuel and time wastage as vehicles are stuck in jams.

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Working of the technology

Firstly, the team collected relevant data and then fed this data into the machine learning platform they created. This data was then run through the platform. The AI-powered model analyzes data related to topography and other natural factors for a particular region. It can point out regions that are prone to water logging and this helps engineers make better decisions and avoid mistakes while planning the infrastructure of a city, like constructing the network of roads.

Neural networks, which are the brains of this system, have been able to identify areas that deserved extra attention while planning.  It can also spot new areas that are naturally prone to water logging. The study and research that went into building this model was conducted in Manilla, Philippines’ capital city, since the region has similar topography and environmental characteristics to India.

Aggregating the data

Previously, researchers gave Internet of Things (IoTs) a shot. It relied on setting up electronic devices in various locations to fetch data on traffic, accident prevalence and moisture. However, the technicalities of these projects made them economically impractical.

The latest advancement in the field of technology made it possible for researchers to gather the required information. For example, Uber provides easy access to travel time data. It has come to be a reliable source for real-time data on traffic.

Future scope:

The real-time access to data boosts the practicality of this tech. The fact that algorithms self-evolve and improve as new data gets added to the system broadens the horizons of this AI-powered model. In future, this system can analyze data and spot accident-prone zones and also sent alerts to travelers as they approach those areas.

This revolutionary tech can be also be used for many other purposes. One of them is pointing out the most suitable locations to place emergency services like ambulances and fire-fighting engines. It can be utilized for predicting traffic on roads during special occasions like festivals and celebrations. In short, this new tech will serve as a great tool for engineers working on the architectural planning in developing countries.

Did you know that AI works like the human mind? But with the advantage of identifying patterns within huge data sets.

The smartest human beings are joining the AI workforce. Don’t be left behind. Enroll for machine learning course in Gurgaon. A machine learning certification from a reputed institute like DexLab Analytics is sure to give your career a huge boost!

 

Reference: sanvada.com/2018/07/06/new-artificial-intelligence-model-may-help-prevent-water-logging-cities

 

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Enjoy 10% Discount, As DexLab Analytics Launches #BigDataIngestion

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Enjoy 10% Discount, As DexLab Analytics Launches #BigDataIngestion

This summer, DexLab Analytics, a pioneering analytics training institute in Delhi is back in action with a whole new admission drive for prospective students: #BigDataIngestion with exclusive discount deals on offer. With an aim to promote an intensive data culture, we have launched Summer Industrial Training on Big Data Hadoop/Data Science. An exclusive 10% discount is on offer for all interested candidates. And, the main focus of the admission drive is on Hadoop, Data Science, Machine Learning and Business Analytics certification.

Data analytics is deemed to be the sexiest job of the 21st century; it’s comes as no surprise that young aspirants are more than eager to grasp the in-demand skills. Especially for them and others, DexLab Analytics emerges as a saving grace. Our state of the art certification training is completely in sync with the vision of providing top-of-the-line quality analytics coaching through fine approaches and student-friendly curriculum.

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That being said, #BigDataIngestion is one of its kinds; while Hadoop and Data Science modules are targeted towards B. Tech and B.E students, Data Science and Business Analytics modules are exclusively oriented for Eco, Statistics and Mathematics students. The comprehensive certification courses help students embark on a wishful journey across various big data domains and architectures, triggering high-end IT jobs, but to avail the high-flying discount offer, the students need to present a valid ID card, while enrolling for the courses.

We are glad to announce that already the institute has gathered a good reputation through its cutting edge, open-to-all demo sessions. The demo sessions has helped countless prospective students in understanding the quality of courses and the way they are being imparted. Now, the new offer announced by the team is like an icing on the cake – 10% discount on in-demand big data courses sounds too alluring! And the admission procedure is also as easy as pie; you can either drop by the institute in person, or else can opt for online registration.

In this context, the spokesperson of DexLab Analytics stated, “We are glad to play an active role in the process of development and condoning of data analytics skills amongst the data-friendly students’ community of the country. We go beyond traditional classroom training and provide hands-on industrial training that will enable you to approach your career with confidence”. He further added, “We’ve always been more than overwhelmed to contribute towards the betterment of skilled human resources of the nation, and #BigDataIngestion is no different. It’s a summer industrial training program to equip students with formidable data skills for a brighter future ahead.”

For more information or to register online, click here: DexLab Analytics Presents #BigDataIngestion

#BigDataIngestion: DexLab Analytics Offers Exclusive 10% Discount for Students This Summer

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Adopt Machine Learning and Personalize Marketing Game Big Time

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Adopt Machine Learning and Personalize Marketing Game Big Time

In the last couple of years, Netflix and Spotify have altered our digital expectations. The technology that these fast-growing streaming media companies use to generate fulfilling customized experiences is a particular kind of Artificial Intelligence, known as Machine Learning.

Highly technical though it sounds, Machine Learning is the most valuable, new-age tool that all the marketers need to employ right now. To better explain the nuanced concept, we’ll start with an approach that preceded it.

Human-based Marketing: Limited Scope

Previously, rules and segmentation used to dominate marketing domains; most of the customized experiences in the past were delivered through a set of norms, created manually by a marketer based on some predetermined criteria. Though the approach worked, but its scope was very limited.

The hitch is that the humans wrote the rules, based on what they believed true and right. But, remember, each human being is unique, and so is their perception. Also, their intent varies from time to time. In short, there exists too much data for a normal human being to assess or sort without taking the help of machines, or in this case Machine Learning.

The Rise of Machine Learning

Instead of relying on human intuitions, machine learning algorithms offer an innovative way for marketers to curate incredible experiences for individuals. No longer does the computer follow any rules and commands, rather we’ve programmed it to learn everything about a particular person, so that it can conjure up the experience that appeals to him the most.

For improved machine-learning personalization, marketers should build and feed in own ‘recipes’ to the computers that tell the kind of information to consider, when formulating someone’s digital campaign.

 Sometimes, the algorithms can be pretty simple, such as showing trending topics or they can be very complex, like decision trees or collaborative filtering. It all depends on the marketers to devise a strategy that would ensure the best customized experience for the visitors, of course with Machine Learning using Python.

Decision-making Induced by Machine Learning

When you speak with a person, you know what to say next and when to stop, based on the idea of previous encounters with him/her. Now, if it’s for the first time you’re speaking with him, you behave in a way you are expected to, based on social interactions with others.

Machine learning functions in the same way. Based on recognition and remembering past situations, this type of learning creates a fluid pattern that controls next behaviors.

It uses real data to derive at decisions, just similar to a normal human being who would come to a conclusion after a conversation.

As parting thoughts, humans shouldn’t hand over everything to the machines; machine learning can be all so rosy and perfect, but it’s us who needs to define, examine and refine the algorithms to make them work and fulfill the overall objectives of one-to-one customization and superior brand experience for the clients.

Of course, machine learning has over-the-top advantages against traditional human-based approaches, but it’s us who have developed them. And that matters!

For business analyst training courses in Noida, drop by DexLab Analytics. They are specialists in a number of in-demand skills, including big data hadoop, SAS and R programming, amongst others.

 

The blog has been sourced from – https://www.entrepreneur.com/article/311931

 

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Want to Develop an AI Chatbot? Know How:

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Want to Develop an AI Chatbot? Know How:

As businesses are focusing on improving customer engagement and building personalized experiences for them, AI-powered chatbots are rapidly becoming the norm to meet user-centric tasks. Gartner proclaims that by 2020, 85% of interactions between customers and a brand will occur through chatbots. Microsoft’s CEO, Satya Nadella rightfully says, ‘’ Bots are the new apps.”

It is important for a chatbot to have a ‘’human touch’’. The key to that is its intelligent quotient.

So, you want to build a smart AI chatbot? In this blog, we shall discuss some important pointers to get you started.

  • Understand Customers:

The most important thing to keep in mind while building a chatbot is the goal of building it. So, a chatbot needs to understand what users demand from it very well. Hence, the better the designer understands the goals; the superior will be the quality of the bot. A chatbot needs to be familiar with the most commonly asked questions and also needs to provide relevant answers to those. The two common goals of building a chatbot are helping users or collecting information from them. Helper chatbots employ natural language processing (NLP) and have strong understanding capabilities. These bots can be used to carry out a variety of tasks, like buying products or booking hotel rooms. On the other hand, collector bots adhere to a pre-defined set of questions and don’t have the ability to respond when presented with new queries. However, by utilizing intelligent platforms, the performance of collector bots can be enhanced; they learn to respond to unknown queries by intelligently presenting the information they collect.

  • Designing Conversational Flow:

Creating a conversation flow chart is a crucial phase of building a smart chatbot. Here are the steps that you need to follow:

  1. Write down a standard conversation
  2. Jot down the possible ways in which a user can go off track
  3. Learn to deal with such off track queries. Here, interacting with existing online bots proves extremely useful. Ask questions in order to break their flow and note down the responses you get. Apply these to your flow. David Low, chief technology evangelist for Amazon Alexa, has stressed on the importance of creating a conversation script and testing it back-and-forth.
  4. It is advisable to present your bot as a non-human character. For example, to make it clear that your platform is a bot, greet users with a welcome message and state all the tasks your text platform can perform.

  • NLP and Machine Learning:

Natural language processing (NLP) platforms, like WIT, API and LUIS are the driving force behind intelligent chatbots. They analyze and resolve sentences into intent, agents, actions and contexts. NPL platforms help identifying links between words and determining parts of speech like nouns, verbs and adjectives. When it comes to leveraging machine learning or NPL for your bot, consider open and closed sources, generative and retrieval-based models before settling for the ideal model.

Want to Develop an AI Chatbot? Know How:

Conversations happening in social media platforms include a variety of topics and fall under open domain category. However, if you wish to regulate input and output for a bot then you must opt for a closed domain. Retrieval-based models work with predefined responses whereas; generative models have the ability to come up with new responses. A complex feature like sentiment analysis can also be incorporated in chatbots through NPL. This is useful in situations where a chatbot is unable to satisfy a customer. In such cases it transfers the problem to a human customer representative.

In future, companies will be increasing dependent on chatbots to boost their sales. Hence, professionals with expertise in this upcoming tech are likely to be highly valued. So, if you want to be part of that elite group then you must enroll for machine learning training in Delhi at Dexlab Analytics– our seasoned consultants offer the best machine learning courses in Delhi.

 

References:

https://moz.com/blog/chat-bot

https://intellipaat.com/blog/how-to-build-an-artificial-intelligence-chatbot/

https://www.marutitech.com/make-intelligent-chatbot/

 

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Top 5 AI-based Applications for Crime Prevention and Detection

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Top 5 AI-based Applications for Crime Prevention and Detection

Companies and cities across the globe are attempting to employ AI in a plethora of ways to address crime. Day by day, city’s infrastructure is becoming smarter and tech-efficient. Crime detection is no more a catch-22. With easy availability of real time information, it’s now easier to detect crimes.

Here, we are going to dig into a few present AI applications in crime detection and prevention:

Gunfire Detection – ShotSpotter

ShotSpotter utilizes smart city infrastructure to pinpoint the area from where the gunshot came through. The company representatives claim that their system has the ability to alert authorities in real time with the data about what kind of gunfire it was and the exact location as accurate as 10 feet. Thanks to multiple sensors and their machine learning algorithm. They work by picking up the sound of the gunshot.

At present, they are being used in over 90 cities across the world, including Chicago, New York and San Diego.

AI Security Cameras – Hikvision

China’s top notch security camera producer, Hikvision made an announcement last year: they are going to use chips from Movidius (an Intel company) to develop cameras that would run intricate, deep neural networks right away.

They claim this new camera would better scan the license plates on cars, perform facial recognition for potential criminals and automatically identify suspicious anomalies. Currently, their advanced visual analytics systems can achieve 99% accuracy and with 21.4% of market share for CCTV and Video Surveillance Equipment worldwide, Hikvision has clearly secured a respectable position in the video surveillance space.

Predict crime locales – Predpol

Predicting future crime spots is no mean feat! But Predpol is proud to venture into that nuanced area with their powerful big data and machine learning capabilities that can predict the time and location new crimes are most likely to happen. And that can be done through data analysis of past crimes. Historical data plays an integral part in building such algorithms.

Los Angeles is one of the American cities that have adopted their system, among others.

Who commits the crime – Cloud Walk

Cloud Walk, the Chinese facial recognition enterprise is foraying into a new scope of technology where it would be possible to predict if a person decides to commit a crime, even before he attempts to. As a result, they have built a system to detect suspicions changes in the manner or behavior of an individual. For example, if a person buys a hammer, that’s completely fine. But of course, if he buys a knife and a rope, he comes under the radar of suspicion.

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Find suspects most likely to commit another crime – Hart

If you know, the individuals charged of a crime are soon released until they stand trials. Now, deciding who should be released pre-trial is like being in deep water. For that, Durham, UK has employed AI technology to enhance their current system of deciding which suspect to release. The program is called Harm Assessment Risk Tool (Hart), and is fed with 5 years’ worth of criminal data for smoother prediction of a person’s vulnerability towards crime.

A whole body of data is used to predict whether an individual falls under the purview of low, medium or high risk. Comparing the prediction with the real world results, we found out that most of the predictions of HART were close to being accurate.

The robust growth of AI and machine learning is the best thing since sliced bread. Their superior technology for crime detection is already in place, and is growing to expand further in the future.

Keeping that in mind, we at DexLab Analytics offer a bunch of Machine Learning Using Python courses to shape your future for good. Our Machine Learning Courses are of top quality and fits the budget of all.

The article has been sourced from – https://www.techemergence.com/ai-crime-prevention-5-current-applications/

 

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Top 4 Applications of Cognitive Robotic Process Automation

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Top 4 Applications of Cognitive Robotic Process Automation

With the dawn of automation, industries all over the world are depending on robots to carry out tasks, such as product designing and manufacturing. It optimizes repetitive processes and improves cost efficiency. Incorporation of cognitive capabilities, like natural language processing and speech recognition into robotic process automation has resulted in the birth of Cognitive Robotic Process Automation (CRPA). Let’s delve into the current applications of this revolutionary technology.

Finance and banking sector:

Customers are demanding expedient methods to transfer money and make investments.  Also, the volumes of customer data are increasing rapidly. Hence, banks need to improve the speed of information processing. To achieve this, they have turned to process automation. Many banks are adopting AI-powered technology to automate regular processes.

According to a survey conducted by BIS Research, Banking and Finance sector is likely to become the largest revenue generator in the world for CRPA industry. For example, Bank SEB in Sweden bought cognitive robotic process automation software from IPsoft, a foremost company of CRPA industry. This technology is actually a software robot named Amelia that has knowledge of 20 different languages and is aware of semantics, including English and Swedish. In case Amelia fails to solve the problem at hand, it transfers the same to a human operator, and studies the interaction to hone its skills and apply it to similar cases in future.

U.K.’s KPMG has collaborated with Automation Anywhere to provide digital staff for clients.

Insurance:

Task like manual inputs, data gathering and retrieval, legacy applications and system updating is very time consuming. Hence, the insurance industry is welcoming automation in its processes. This help with the following tasks:

  • Automates fraud detection, policy renewal and premium calculation
  • Improves customer service
  • Enhances employee engagement
  • Upgrades business productivity as software robots can work for hours at a stretch
  • Frees employees for important tasks that need manual handling

Developed economies, including U.S. and the European nations are extensively employing RPA/CRPA bots. AXA Group, one of the chief French insurance companies using smart automation services to improve its bankroll, reported that France has the fifth highest insurance premiums in the world.

Leading IT service provider of Australia, DXC Technology, has partnered with Blue Prism, one of the best companies providing RPA solutions, to improve the RPA capabilities for key insurance clients, like Australia and New Zealand Banking Group (ANZ). Fukoku Mutual Life Insurance, top insurance firm of Japan, has replaced 30 human workers with IBM’s latest AI tech, Watson Explorer. The tech’s deployment has boosted company savings and enhanced productivity by 30%.

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Telecom and IT Industry:

Business process outsourcing (BPO) services are facing problems like increased operational costs and low profit margins. RPA/CRPA software bots can be one of the ways to tackle this problem. Hexaware Technologies, a topnotch company in this field, has partnered with Workfusion to evolve IT infrastructure, combat the aforementioned problems and boost overall productivity.

Healthcare:

Some of the challenges of the healthcare industry are:

  • Maintaining paper records of patients’ medical documents.
  • Transferring these records to digital databases
  • Manually updating databases
  • Maintain an inventory database for medicinal supplies
  • Systematic management of unstructured data
  • Innovation in healthcare encounter regulatory and reporting challenges when launching new drugs.

These tasks are repetitive and increase chances of errors when done manually. Automation helps tackle these problems and also provide safe and good quality drugs to the market. Blue Prism is one of the principal providers of RPA for healthcare.

Future Scope:

Competition in the global capital markets is increasing. New contestants are bringing in ‘’disruptive technologies’’ that are pressurizing existing institutes to increase their efficiency and cut down costs. Hence, the need to embrace cognitive automated technology.

Australia and Japan are among the top countries adopting process automation. Leading countries embracing RPA for financial services include India, China and Singapore. It is expected that Fintechs will mainly disrupt three areas of financial sector-consumer banking, investment handling, fund and payment transfer.

It is about time that all businesses and organizations integrate machine learning and artificial intelligence in their processes for competitive advantage.

How can you take advantage of this tech-driven era? Enroll for machine learning training in Delhi at DexLab Analytics. Many top companies look for expertise in this budding technology while recruiting employees. DexLab’s Machine learning course in Delhi offers superior guidance that will help you develop crucial knowledge needed to stay ahead of competition.

 

Reference link: https://www.techemergence.com/cognitive-robotic-process-automation-current-applications-and-future-possibilities

 

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How Some Astonishing Techs of 2018 are Influencing Development in Africa

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How Some Astonishing Techs of 2018 are Influencing Development in Africa

The technological evolution is conquering things which we previously considered to be strictly human. Addressing the scope of current tech space, we can say that the possibilities are endless, quite literally. AI is accomplishing tasks we never thought were feasible, such as composing music and creating videos. With the help of analytics, doctors can predict the effectiveness of cancer treatments in days; whereas earlier precious months were wasted to determine the same. In Africa, AI-powered technology will soon be employed to tackle burning social problems.

So, let’s take a look at some current tech trends that are inspiring development in Africa.

New data sources:

The availability of new sources of data plays a pivotal role in current tech advancements. For example, consider the financial inclusion of a nation’s population. Traditionally, financial institutes analyze financial history of an individual to determine if the person is eligible for a loan or not; which includes credit scores, IDs and other relevant documents. However, this excluded a large portion of the population who never had the chance to build a credit history due to the absence of any form of documentation. FinTech companies in East Africa have adopted a different approach-they are analyzing available mobile data about a person, like the frequency of getting a recharge, and making lending decisions on the base of this data. Thus, more people are now being able to access financial services and accomplish their goals, like educating children or starting businesses.

New features in SAS platform have the ability to analyze images. This is benefiting rangers working for wildlife conservation as previously they would have to manually sort the pictures of animals into species and sexes. Now, SAS’s new AI-driven technology can do the classification and rangers can focus on more important tasks.

Improved predictions:

Africa is seeing the emergence of new machine learning algorithms, like the extreme gradient boosting model, which are allowing data scientists to make more precise predictions. In Nigeria, this is boosting the development of models that prevent customer churn in the telecom industry. These models assess customer information, like billing data, purchase history, demographics and service usage, and create loyalty profiles that enable better marketing campaigns.

Bring into play the unstructured data pool:

Generally, companies crunch data from structured data sources, like transactional data. However, tapping into unstructured data sources, like customer complaints, reviews and text information, can be highly advantageous for businesses. These data sources help predicting customer churn more accurately.

Plunging into Deep Learning:

Deep learning falls under the category of machine learning, which is creating waves of excitement all over the world. It has the ability to model complex concepts in data through the use of high-level structures, algorithms and multiple processing steps. Deep learning teaches computers to recognize patterns through the numerous processing steps and perform tasks that are conventionally carried out by humans, such as image identification and speech recognition.

These models are improving traditional techniques used in credit risk modeling and fraud detection. SAS has collaborated with Equifax to implement deep learning models for improved risk management.

Nigeria has turned its focus on upskilling its people in data science, so that they can take advantage of this AI-era and become an outsourcing hub for deep learning projects.

Emotionally intelligent bots:

An exciting application of AI and language processing is chatbots. They are programmed to enable conversations between machines and humans. This helps save a lot of time and money that was previously wasted on performing repetitive and mundane tasks, such as responding to customer queries related to their bank accounts.

Recently, United Bank of Africa launched its chatbot, named Leo, which is in fact a Facebook bot that allows bankers to carry out real-time transactions and other banking activities, like opening accounts and paying bills.

Thus, we are entering an era where machines can think and learn utilizing the power of AI. AlphaGo, a programme created by Google in 2016, has been able to defeat the best human players of this ancient Chinese game. And AlphaGo Zero, the next version, learned by playing against itself and after a period of time defeated AlphaGO.

To read more blogs on current technologies, follow Dexlab Analytics– we provide the best Machine Learning training in Delhi. Take a look at our machine learning courses in Noida.

 

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Transforming Society with Blockchain and Its Potential Applications Worldwide

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Transforming Society with Blockchain and Its Potential Applications Worldwide

According to Google Search, ‘blockchain’ is defined as “a digital ledger in which transactions made in bitcoin or in other cryptocurrency is recorded chronologically and publicly.”

Speaking in a way of cryptocurrency, a block is a record of new transactions that could mean the actual location of cryptocurrency. Once each block has completed its transaction, it’s added to the chain, creating a chain of blocks known as blockchain.

Suppose a Google spreadsheet is shared by each and every computer which is connected to the internet in this world. When a transaction happens, it will be recorded in a row of this spreadsheet. Just like a spreadsheet has rows, Blockchain consists of Blocks for each transaction.

Whoever has access to a computer or mobile can connect to the internet and can have access to the spreadsheet and add a transaction, but the spreadsheet doesn’t permit anyone to edit the information which is already available. No third party can interfere into its transactions, therefore saves time and conflict.

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Types of Blockchains:

  • Open and permission-less: Public and permissionless blockchains look like bitcoin, the first blockchain. All exchanges in these blockchains are open and no authorizations are required to join these circulated elements.
  • Private and permission: These blockchains are constrained to assigned individuals, exchanges are private, and authorization from a proprietor or supervisor substance is required to join this system. These are frequently utilized by private consortia to oversee industry esteem chain openings.
  • Hybrid blockchains: An extra region is a developing idea of sidechain, which takes into consideration distinctive blockchains (open or private) to speak with each other, empowering exchanges between members crosswise over blockchain systems.

Various Applications Of Blockchain Are As Follows:

a) Smart Contracts:

Smart Contracts eases the way we exchange money, property, shares and avoids third person/party conflicts. Smart keys access can only be permitted to the authorized party. Basically, computers are given the command to control the contracts and to release or hold the funds by giving the keys to the permitted persons.

For example, if I want to rent an office space from you, we can do this in blockchain using cryptocurrency.  You will get a receipt which is saved in the virtual contract and I will get the digital entry key which will reach me by a specified date. If you send the key before the specified date, the function holds it and releases both receipt and the key when the date arrives.

If I receive the key I surely should pay you. And this contract will be canceled when the time gets complete, and it cannot interfere as all the participants will be alerted. The Smart contracts can be used for insurance premiums, financial derivatives, financial services, legal processes etc.

b) Digital Identity:

The future of blockchain will be blooming in the coming years. Blockchain technologies make both managing and tracking digital identities reliable and systematic, resulting in easy registering and minimizing fraud.

Be it national security, citizenship documentation, banking, online retailing or healthcare, identity authentication and authorization is a process entangled in between commerce and culture, worldwide.  Introducing blockchain into identity-based mechanisms can really bring captivating solutions to the security problems we have online.

Blockchain technology is known to offer a solution to many digital identity issues, where identity can be uniquely validated in an undeniable, unchangeable, and secured manner.

Present-day methods involve problematic password-based systems of known secrets which are exchanged and stored on insecure computer systems. Blockchain-based certified systems are actually built on undeniable identity verification for using digital signatures based on the public key related cryptography.

In blockchain identity confirmation, the only check that is performed is to know if the transaction was signed by the authorized private key. It is implied to whoever has access to the private key is the owner and the exact identity of the owner is deemed unrelated.

c) Insurance:

Claims dealing can be disappointing and unrewarding. Insurance agents need to go through deceitful cases and deserted approaches, or divided information sources for clients to express a few – and process these documents manually. Space for mistake is enormous. The blockchain gives an ultimate framework for hazard-free administration and clarity. Its encryption properties enable insurers to represent the ownership to be protected.

“This will be the toughest on the portions of the industry that are least differentiated, where consumers often decide based on price: auto, life, and homeowner’s insurance.” — Harvard Business Review

d) Supply-Chain Communications and Proof-of-Provenance:

The majority of the things we purchase aren’t made by a single organization, yet by a chain of providers who offer their ingredients (e.g., graphite for pencils) to an organization that gathers and markets the final commodity. On the off chance that any of those commodities flops, in any case, the brand takes the brunt of the backfire — it holds most of the duty regarding its supply chain network.

However, consider the possibility that an organization could proactively give carefully perpetual, auditable records that show stakeholders the condition of the item at each esteem included process.

This is not a little task: The worldwide supply chain network is evaluated to be worth $40 trillion; and from a business-process point of view, it’s a fabulously incapable chaos. As a related issue, blockchain can be utilized to track diamonds, creative skill, real estate, and practically any other resources.

e) Music Industry:

While music lovers have hailed digitization as the popular government of the music business, 15.7 billion dollar music industry is confusingly continuing as before. Music piracy through unlawfully downloaded, duplicated and shared content eats into the artist’s sovereignties and music labels’ income. Added to this, is the absence of a vigorous rights administration framework, which prompts loss of income to the artist.

Also, the income, when it really achieves the artist, can take up to two years! Another region of concern is unpaid sovereignties, which are frequently suspended in different stages because of missing data or rights possession. There is additionally an absence of access to continuous advanced sales information, which if accessible can be utilized to strategize advertising efforts more successfully.

These very zones are the place Blockchain can have stunning effects. As a publically accessible and decentralized database that is distributed over the web, Blockchain keeps up lasting and undeletable records in cryptographic format. Exchanges happen over a peer to peer system and are figured, confirmed and recorded utilizing a computerized agreement strategy, disposing of the requirement for an intermediator or outsider to oversee or control data.

The very engineering of Blockchain being unchanging, dispersed and distributed conveys enormous potential to manage the present troubles influencing the music business.

An essential region in which Blockchain can bring out positive change is in the formation of a digital rights database. Digital rights articulation is one of the basic issues distressing the present music industry. Recognizing copyright of a melody and characterizing how sovereignties ought to be part of musicians, entertainers, distributors, and makers are troublesome in digital space. Regularly artists miss out on sovereignties because of complicated copyright condition.

Blockchain’s changeless distributed ledger framework, which guarantees that no single organization can assert proprietorship, ensures an ideal arrangement. Secure documents with all applicable data, for example, structure, versus, straight notes, cover craftsmanship, permitting, and so on, can be encoded onto the Blockchain making a changeless and inerasable record.

f) Government and Public records:

The administration of public services is yet another region, where blockchain can help diminish paper-based procedures, limit fraud, and increment responsibility amongst specialists and those they serve.

Some US states are volunteering to understand the advantages of blockchain: the Delaware Blockchain Initiative propelled in 2016, expects to make a proper legitimate foundation for distributed ledger shares to increase productivity and speed of consolidation administrations.

Illinois, Vermont, and different states have since reported comparative activities. Startup companies are sponsoring in the effort also: in Eastern Europe, the BitFury Group is presently working with the Georgian government to secure and track government records.

Conclusion:

This article focused on the blockchain and its applications in various industries explains challenges and potentials and how people can secure their information digitally without any issues and increasing their ability. As these applications are still under development and yet to be untangled in the future, blockchain could become a powerful tool conducting fair trade, improving business and supporting the society.

To never miss a beat of technology related news and feeds – follow DexLab Analytics. We are a team of experts offering state of the art business analyst training courses in Gurgaon. Not only that, we provide a plethora of machine learning and Hadoop courses too for all the data-hungry candidates. So, drop by and quench your thirst for data from us!

About the Author:

K.Maneesha is an SEO Developer At Mindmajix.com. She holds a masters degree in Marketing from Alliance University, Bangalore. Maneesha is a dog-lover and enjoys traveling with friends on trips. You can reach her at manisha.m4353@gmail.com. Her LinkedIn profile Maneesha Kakulapati.

 

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