Machine learning as a concept has continued to evolve and so many of the top tech firms are continuing to use machine learning technology to develop new and innovative ways to overcome challenges in our world. Some of the latest incredible applications for machine learning today may sound like science fiction. This technology is changing the way we live and through further research and improvements in AI, we will only be able to do more in a few years. Here are some of the most incredible ways that machine learning is being used by big tech firms right now:
The Prevention of Money Laundering:
Payment systems like PayPal have had analysts on-site who are constantly on the lookout for money laundering. While these analysts are able to follow a standard procedure often and make investigations, machine learning systems within PayPal are now able to prevent money laundering and illegal transactions through the system, faster than ever before.
Prediction of Hospital Wait Times:
Researchers have developed a new machine learning algorithm that can reasonably predict hospital wait times. If you are going into a hospital to receive care, you could get an accurate reading within the system at any time. Machine learning will go into factors such as the number of people that typically come in on a Saturday, the staff members, and their proclivity to call in sick and more.
Earthquakes are responsible for around 10,000 deaths worldwide each year. Researchers at a laboratory for earthquake simulation have constructed a model that has accurate faultlines to our earth. Machine learning was able to detect the sounds of an earthquake before they happen within the model. By improving the accuracy of detecting the sound, this machine learning algorithm could one day be used to predict real-world earthquakes.
Auction Sale Price Prediction:
Online auction sites are a favorite place to purchase items, but it isn’t always easy to predict the final price that an item will be bid up to. With machine learning research Darnall models that are trained to set a wide range of data, like the average starting price for an auction on almost anything and a 60% accuracy on the final sale price of an online auction.
Prediction of Flight Risks in Criminal Defendants:
A criminal defendant may often have to wait for a trail and adjudged generally has to make a call as to whether or not a criminal defendant should expect their trial in jail or their own home. The jailing of a client will take extra government resources. Forcing a person to wait out their sentencing at home increases the risk that they could commit another crime or leave the area. Machine learning technology can pour through thousands of cases and predict defendants with a higher accuracy than a judge. In most simulation cases, the algorithm was able to outperform any legal professional.
These are just a few of the top ways that machine learning is helping us to change the way we interact with our world. As new developments are made in machine learning, we could start to see more assistance from software in our everyday lives.