Loading …

Big data

    AI & Fintech: Should We Be Concerned About Cybersecurity?



    Artificial intelligence (AI) is being integrated with modern life in a number of ways, and fintech is no exception. However, more digital options mean more cybersecurity vulnerabilities, and as AI introduces intelligent apps and software programs, it opens additional windows for insidious access by cybercriminals.

    By nature, fintech handles large amounts of personal and financial data for customers, making it all the more important to protect that information. AI innovators have created new vulnerabilities, but they’ve also begun to offer security solutions. On the one hand, AI can feel like a cybersecurity risk; on the other, security-focused AI can mitigate those risks.

    How AI Leaves Fintech Companies Vulnerable

    For some fintech startups, taking unlawful risks is all part of the plan, and they often find ways to get around regulations to be profitable. Peer-to-peer (P2P) lending companies, for example, may give loans to money launderers or fictitious businesses without the lender being aware of what their money is being used for. AI makes it possible for lenders and borrowers to move through the lending process faster through quicker approvals, funding and underwriting. In legitimate transactions, this is beneficial. However, that swiftness also makes it harder to catch or recognize a fraudulent transaction before ...

    Read More on Datafloq

    Source link

    Click here to read more

    Why AI Will Make Organisations More Humane



    The organisation of tomorrow will be built around data. This will require smart algorithms to make sense of all that data. AI will enable organisations to leverage data and embed smartness in every process and customer touchpoint. When you put smartness to work, it will empower your employees and customers and make your organisation more humane.

    When building the organisation of tomorrow, the first step is to datafy your organisation by collecting data at every process and customer touch point. The second step in the organisation of tomorrow is to distribute that data, either using centralised databases in the cloud or decentralised databases using distributed ledger technology. The third step is to analyse all that data and find patterns that will help to make sense of it. The final step in building the organisation of tomorrow is to automate it using artificial intelligence and smart contracts.

    The Algorithmic Organisation

    Automating your organisation using AI results in an algorithmic business. Within such organisation, algorithms define company processes, deliver customer services, act autonomously when necessary and as such define the way the world (or your company) works. Algorithms will become the intellect, the interoperability, the connection and the exchange between consumers, things, processes and information ...

    Read More on Datafloq

    Source link

    Click here to read more

    Will Ethereum overtake Bitcoin in the long term? A look at the two key cryptocurrencies



    Ever since Ethereum appeared on the scene in 2014, technological and financial commentators have been comparing it with Bitcoin. Some have been obsessed with a phenomenon known as the flippening, and there are respected and influential players in the market who say it is a case of when, not if, Ethereum will become the king of crypto.

    To get a better picture of whether they are right and the potential implications, it is necessary to take a step back and examine the differences between these two technologies, and the purposes for which they have been developed.

    All currencies are not created equal

    Cryptocurrencies have generated significant interest in the trading and investment world. Their highly volatile behavior has provided an opportunity for investors who buy Bitcoin or altcoins at the right time to make eye-watering gains. However, while the investment market might simply list Bitcoin, Ethereum, Litecoin and all the rest in much the same way as it lists the USD, GBP and EUR, this clouds the more fundamental differences between the main cryptocurrencies.

    Bitcoin – a new currency for an online age

    Ask any well-informed 12-year-old what Bitcoin is, and they will tell you it is a digital currency. It’s just like the money ...

    Read More on Datafloq

    Source link

    Click here to read more

    Why Academic Research Should Be Freely Available to All



    This week, the University of California announced that they cancelled the Elsevier subscription for academic journals. Elsevier refused to lower their fees and make UC articles open access available. This is a significant move as the University of California is one of the biggest producers of academic articles – with 50.000 articles per year. However, for many, this move might not have been very relevant. Therefore, some background information is required.

    As I discussed earlier, the publication process of scientific papers is flawed. Commercial publishers such as Elsevier, Springer-Nature, Wolters-Kluwer, Taylor-Francis or Sage control the world of academic publishing. Together they share the $32 billion market. Because they do not have to pay for the product they sell, their product margin is higher than Google or Facebook. For decades, researchers have complained about this process, because as soon as academics want to publish their articles, which were paid for by tax money, they are required to give away their copyright to the academic publishers.

    The problems with the publication of academic papers have been around for decades. They have been very well documented in a recent 55-minute documentary. Paywall: The Business of Scholarship shows the massive problems we face. It is a must-see for ...

    Read More on Datafloq

    Source link

    Click here to read more

    To Save Innovation, We Need to Change Science



    Science's primary activity is discovery. It aims to explain how the world works and we can use that knowledge to change our world. To do so, over the centuries, the scientific method was developed, and it has proven its value. It helps us answer practical, but often important, questions. Answering these questions often lead to innovations that improve our world.

    Discovery is done through observation and what researchers discover is written down, which we call data. This data can reveal structure (describing an object numerically) or behaviour (written descriptions about an organism or object). These observations are not the end-goal.

    To understand what is going on, researchers need to analyse the data and generate generalisations based on observations. These generalisations help to make predictions, which are then tested through carefully controlled experiments to see if they stand firm. The objective is to prove or disprove the original hypothesis and with that answer the original question. The results are shared through scientific papers, which are presented to the academic world for thorough scrutiny.

    The Scientific Method

    The scientific process has to be systematic, which means that other researchers should be able to repeat the test to verify the results. It is therefore important that the ...

    Read More on Datafloq

    Source link

    Click here to read more

    Why Datafication is Key for the Organisation of Tomorrow



    Imagine, it is Friday afternoon, and after a long week at work, you and your colleagues decide to go to the bar to unwind and refresh with a nice cool glass of beer. You go to your favourite pub and upon reaching the bar order a few pints. However, instead of the bartender giving you your beloved beer, he hands you a plastic card and tells you that from now on, you can pour your own beer as much as you want and as often as you want.

    Of course, if you wish, the bartender can still serve you, but with the new system you can try any beer that you wish and have as little or as much as you want. If you want to try out the new American Pal Ale but only want a small glass because you are not sure if you will like it? Go ahead. If you feel more like a pint of a Summer Ale, it’s all up to you. The new system automatically calculates the amount of beer you consume.

    You pay your tab at the end of the evening, just like always. As the evening progresses, you and your colleagues try out varies ...

    Read More on Datafloq

    Source link

    Click here to read more

    Why a Hybrid Workforce Is the Future of Construction



    In the workplace, our coworkers fill a number of roles; they’re colleagues, friends, supporters, supervisors. They have skills to share, and we work collaboratively to meet our goals. But what happens when your coworkers are robots? Though it may seem like a strange premise, that future is right around the corner, especially in heavy industry like construction. As robots become more common in factories and on worksites, those in the construction industry must learn to work alongside them as a new hybrid workforce.

    Creating A Connection

    One of the greatest barriers to using automated robotics systems on job sites is that human workers simply don’t know how to engage with them; robotics systems tend to produce enormous amounts of data and may rely on their human counterparts to make certain decisions, like assess safety. Overwhelmed by all the data and not used to partnering with a computer system, rather than another person, the interaction is inefficient. Workers don’t “speak robot,” but they need to learn how.

    To develop this sort of collegial relationship with robots, one possibility is to think about how we interact with personal assistant devices in our day-to-day lives. We view personal assistants like Siri and Alexa as sources of ...

    Read More on Datafloq

    Source link

    Click here to read more

    Living with IoT: 6 Devices Making Your Home Smarter



    Internet of Things (IoT) gadgets are becoming popular over time, and they seem to control everything. If it is connected to the internet, there is a high possibility that it is an IoT device and you can manage it. With so many options out there, you might be wondering what you should adopt and what you shouldn't. Well, that is a matter of preference, cost, and needs. Check out these popular devices and decide what you should include in your home.

    1. Smart thermostat

    Smart thermostats ensure that you achieve the perfect temperature in your house. Therefore, they are crucial with regards to energy efficiency, convenience, and comfort. Turning your thermostat down will save you a few dollars, but a smart thermostat learns your preferences and provides savings of up to 30 percent. A smart thermostat is designed to monitors patterns in your habits and preferences then adjusts the temperature accordingly.

    You can control it from your Smartphone, whether you are at home or away. Smart thermostats are good for your wallet. While the initial cost might be on the higher side, the savings you make in the long term are worthwhile.

    2. Smart robots

    Although the word is far from a full-feature humanoid robot ...

    Read More on Datafloq

    Source link

    Click here to read more

    How Security Tokens Could Change Liquidity and Transform the World’s Economy



    Traditionally, assets such as real estate, collectables and art have been relatively illiquid. This means that the asset cannot be easily bought or sold in the market. If an investor wants to sell a $100 million building, it usually will take some time before the investor has the money, if there is a market for in the first place. On the other hand, a company’s stock is relatively liquid as it can be quite easily converted into cash. Cash is considered the standard for liquidity as it can be converted into another asset at any moment.

    Liquidity ratios are a measurement for how fast assets can be turned into cash to pay for short-term obligations. The current ratio looks at all those assets that can reasonably be converted into cash within one year. This is the least strict ratio. It covers not only cash but also inventories, accounts receivables and cash equivalents. The current ratio is calculated by dividing your current assets by your current liabilities. The cash ratio, however, is the most stringent and ignores assets such as your inventory. It only covers cash, cash alternatives and short-term investments.

    Liquidity is important for organisations. Even highly profitable organisations can run into problems ...

    Read More on Datafloq

    Source link

    Click here to read more

    Prospects and Challenges of Applying Big Data in Education



    Big data is not a wonder cure for productivity and economic growth in every sector. In some fields, such as education, big data, if applied the right way can drive forward innovation and new approaches. But educators have to go about this right way.

    Big data solutions have generated a lot of hype and excitement over the last few years. It is - or was - seen as the answer to everything. Capable of generating trillions in new economic activity and opportunities. And then machine learning became a buzzword that soon attached itself to big data. Again, there was considerable hype around the potential impact of combining big data with machine learning, in education and dozens of other sectors. 

    As Macmillan Learning notes, “gaining useful and reliable insights from educational data - big or small - is part science and part art.” 

    In other words, you can’t take a whole load of data sources, a handful of questions, some software and maybe a data scientist or two, and hope for the best. Instead, let’s consider what schools and colleges hope to gain and how they can achieve an advantage through big data. 

    Challenges of applying big data in education 

    Comparable to other large organizations, schools ...

    Read More on Datafloq

    Source link

    Click here to read more