Artificial Intelligence Innovation: U.S., China PYMNTS.com

Artificial intelligence has started -- slowly -- to make its presence felt in payments and commerce, including in fraud prevention, via early deployments of the technology and cutting-edge AI algorithms. And with those deployments comes increasing awareness of what AI can really do, how it can improve upon less sophisticated machine learning technology, and why it promises to play a vital role in the daily lives of consumers in the coming decades. The race to get ahead on the technology is now gaining clarity as well. Fresh data from the U.N. World Intellectual Property Organization, or WIPO, finds that the U.S. and China are building global dominance in AI technology development (along with closely related tech that is finding more use among financial institutions). The study is based on "more than 340,000 AI-related patent applications and 1.6 million scientific papers published since AI first emerged in the 1950s, with the majority of all AI-related patent filings published since 2013."