Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Generative AI has the ability to create texts, images, or other media. It’s a form of artificial intelligence that learns patterns and structures of input data. It then generates new data that has similar attributes. The best examples of it are the recent images of popular actors in different settings. This technology evolved over the years and has now taken an advanced form.
Today, a number of chatbots exist that work on large language model chatbots. ChatGPT, Bing Chat, Bard, and LLaMa are some shining examples. Also, there are text-to-image artificial intelligence art systems like Dall-E, Midjourney, and Stable Diffusion. The use of this technology has also become prominent in various domains.
Popular Use Cases of Generative AI
Generative AI makes the job of creators very easy. It has the potential to lead every thing to become useful to every industry. Currently, it’s the creators who’re making the most of it.
Image Generation and Advancement: On the basis of precise inputs, it can produce very specific and appealing images.
Video Creation: The same thing is implemented in video creation too. It creates immersive videos in a seamless fashion.
3D Shape Generation: The designers can create highly-detailed 3D shapes and objects using this technology.
Music Creation: Generative Artificial Intelligence has shown outstanding results in understanding music and creating interesting pieces.
The Potential of Generative AI Users Must Know About
Boosts Economy: As per some reports, this technology can add around $4 Trillion to the global economy. It spurs so many activities and enables professionals to produce better work that brings more revenue.
Useful For Many Industries: Generative AI can be useful in many domains besides media and entertainment. It totally accelerates customer operations, R & D, marketing, sales, and software engineering.
Streamlines Operations: By giving faster and better results, this technology makes all the jobs quite easier. It amps up their potential and helps them achieve greater goals effortlessly.
Increases Productivity: By bringing automation, it raises the overall productivity of the users. It reduces time consumption and makes planning and execution seamless.
Risks of Generative AI Everyone Should Know
Output Quality: Generative AI still has a very unpredictable nature. Hence, one can never say if the outcome will be precise or off the mark.
Fake Facts: It may fail to discern real facts from fake news. Thus, there could be a risk of receiving results that are not accurate.
Copyright & Legal Risks: It has been noted that generative AI incorporates copyrighted material in its results. It has failed to understand the repercussions of plagiarism on many occasions.
Biased Results: The results produced may even have biased data. It may not be able to understand the impact of its results on different races and creeds.
Cost of Operations: The development and handling of generative AI is not cheap. In fact, it involves a lot of money and companies don’t have an option but to pass it on to customers.
Generative AI is changing the way users deal with everything. It accelerates users’ ability and lets them achieve the biggest feats easily. It will be interesting to see how it will shape the future of technology.
Source: https://www.thecoinrepublic.com/2023/08/11/the-a-to-z-of-generative-ai-know-all-its-risks-and-potential/