Category Archives: Data Mining

Corp Affairs Min gets higher allocation of Rs 733 cr for next fiscal year – Economic Times

Written by admin on February 2, 2022 — Leave a Comment

The corporate affairs ministry will get a higher allocation of Rs 733.02 crore in the next financial year starting from April 1 compared to the amount set aside in 2021-22. In the Union Budget 2022-23, presented by Finance Minister Nirmala Sitharaman on Tuesday, the amount allocated for the ministry includes revenue component of Rs 692.52 crore and capital component of Rs 40.50 crore.

The total amount is about 11 per cent more than the revised estimates for the current financial year ending March 31, 2022 and nearly 3 per cent higher than the earlier estimate.

For the ongoing fiscal year, the allocation was Rs 712.13 crore and the same was later revised to Rs 659.75 crore.

An amount of Rs 6.17 crore would be allocated for Corporate Data Management (CDM) system. The scheme of CDM seeks to create an in-house data mining and analytics facility in the ministry to effectively utilise the vast repository of information held in its corporate registry.

In addition to providing authentic and clean data to all stakeholders in a more accessible manner, the facility aims at making available the information in an organised and structured manner to the ministry and to other policy and decision making agencies within and outside the government, as per the document.

Besides, Data Mining System (DMS) provides for expenditure under capital section for procurement of additional software licences and IT-related products for CDM System.

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Corp Affairs Min gets higher allocation of Rs 733 cr for next fiscal year - Economic Times

Wet Macular Degeneration Market: Increasing number of old age population all over the world is expected to drive the market – BioSpace

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Wet Macular Degeneration Market: Overview

Macular degeneration is a weakening or collapsed working of the eyes macula. Macula is the small area on the retinal surface covered by the light-sensitive tissue lining which is blackish area of the eye. This part of the retina is responsible for individuals central vision, allows viewing fine objects clearly. Generally old aged people develop macular degeneration because of natural aging process of the body. There are two types of macular degeneration namely dry (atrophic or non-neovascular) and wet (exudative or neovascular). Wet macular degeneration is a beginning of abnormal growth of blood vessels underneath the retina, these overgrown blood vessels leak blood which hamper clarity of central vision leading to macular degeneration. The prevalence of people living with wet macular degeneration is less as compared to dry form, but it causes more damage to central or detail vision.

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Wet Macular Degeneration Market: Drivers and Restraints

Macular degeneration occurs in people above 60 years of age whereas younger people are also at risk. According to study conducted by AMD (Age related Macular Degeneration) Alliance International, approximately 30 million people live with AMD worldwide out of which 10-15% have wet type of macular degeneration. The increasing number of old age population all over the world is creating the high rise demand in wet macular degeneration market. According to World Health Organization (WHO) report, percentage of old people (above age of 60 years) has increased from 9.2% in 1990 to 11.7% in 2013 and expected to become 21.1% by year 2050. The total number of old age people all over the world was 841 million in 2013 and number is probable to touch 2 billion in 2050. All these facts represent high demand for the products for the treatment of wet macular degeneration globally in coming future. The technological advancements in diagnosis of macular degeneration and suitable reimbursement circumstances are driving the growth of the market. On the other hand high cost involved and limited awareness in developing world may hinder the growth of the global wet macular degeneration market. In last couple of years, many companies have invested heavily in research and development of drugs on wet macular degeneration such as Allergan completed Stage 3, Phase 2 study of abicipar pegol. In a 2010, VisionCare Ophthalmic Technologies, developed and got approval from FDA for implantable device that magnifies images on the retina to improve central vision compromised by macular degeneration.

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Wet Macular Degeneration Market: Segmentation

Wet macular degeneration market can be segmented according to different categories such as geography, types of products. Geographically, this market can be segmented in four regions namely North American, Europe, Asia-Pacific and Rest of the World, out of all these segments North America region have highest contribution in terms of value because of more awareness and higher percentage of total income spent on healthcare compared to other economies. Followed by this, Europe, Asia-Pacific and Rest of the World respectively are major segments of the market. However the growth of the market may be significant in emerging economies in Asia and Africa looking at increasing number of old age population. The market can also be segmented according to products such as devices and drugs. In current scenario, clinicians are relied on drugs rather than devices (implantable telescopes) as it cost very high and yet to get popularity among medical fraternity.

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Wet Macular Degeneration Market: Company Profiles

Currently various established companies in pharmaceuticals, especially in ophthalmology market which are catering varied range of products for wet macular degeneration, out of which companies such as Alcon Nordic, Genzyme Corporation, Boehringer Ingelheim GmbH, EyeGate Pharmaceuticals, Inc., EyeCyte, Inc., PanOptica, Inc. and Ophthotech Corp. are leading contributors this market.

Gold And Real Rates – The Narrative Bias – Seeking Alpha

Written by admin on February 2, 2022 — Leave a Comment

amedved/iStock via Getty Images

Gold has become a very controversial asset class in recent years. The precious metal is often seen as an obsolete asset in the so-called new 'exponential era' (whatever that means) and also tends to be ignored during periods when it performs well as a hedge against risk & uncertainty within the financial system.

In reality, however, gold and SPDR Gold Trust ETF (NYSEARCA:GLD) in particular are doing exactly what they are supposed to for investors who are willing to look beyond quarterly performance and simplistic narratives.

In spite of all the criticism and talk about rising interest rates, since my last analysis on GLD called: 'Gold: Still Haunted By Misconceptions', the ETF still outperformed the market on an absolute basis.

However, short-term performance doesn't really matter for anyone, who like me is aiming for long-term results. That is why, since my first analysis entirely focused on gold, called "Why Caution Is Required As Never Before And The Case For Investing In Gold", the GLD has significantly reduced volatility when combined with an equity portfolio.

Therefore, contrary to many popular beliefs, gold has been an excellent addition to my equity portfolio, it improved my returns and above all - performed just as I expected it would.

Since this performance is now in the rear-view mirror, we should first address the elephant in the room and what has become a very simplistic and popular belief out there: interest rates are about to increase and as a zero-yield asset, gold prices should fall.

For anyone who has been following my work, it should come as no surprise that I do disagree with this statement for a number of reasons.

Of course, one could easily fall for this narrative, by simply observing the graph below which depicts the price of gold versus the market yield on the U.S. Treasury Inflation-Protected Securities, or TIPS.

fred.stlouisfed.org

To an extent it is true that the price of gold is inversely related to the level of real interest rates. But to understand just how important the risk of rising real interest rates for the price of gold is, we must answer a number of questions:

The answer to the first question will almost always remain speculative. Predicting where real interest rates will be 5 or 10 years from now is a futile exercise. The level of interest rates needs to normalize, in order to reduce certain systemic risks that are now too large to be ignored. However, given the amount of public debt relative to GDP and the twin deficit (both fiscal and current account) does not allow for a meaningful increase in interest rates.

fred.stlouisfed.org

To put it briefly, it appears that real interest rates cannot increase meaningfully, however, making investment decisions based on such forecasts will be largely speculative and not prudent.

More importantly, we should answer the second question regarding the inverse relationship between gold prices and real interest rates.

Firstly, we should widen our time horizon in order avoid issues related to data mining. Unfortunately, data on TIPS yields from the Federal Reserve Economic Data (FRED) goes back to 2003 only. In the graph below, we have the yield on TIPS plotted on the left-hand side versus the inversed price of gold on the right.

Prepared by the author, using data from fred.stlouisfed.org

At the moment (as of 25th of January) the yield on TIPS stands at a negative 0.63%, while the spot price of gold is around $1,836 per ounce. Back in September of 2012, the yield was once again at a negative 0.63% while the price of gold was at $1,709. This is a very wide variance which is visible in the gap between real yields and the price of gold in the graph above that varies over time.

Another way to present the data above is by plotting TIPS yield on the x-axis and the price of gold on the y-axis.

Prepared by the author, using data from fred.stlouisfed.org

At first the relationship between the two variables appears very strong. However, at the bottom right-hand corner of the graph we see that the inverse relationship could actually turn positive. Therefore, if we isolate the period between April 2003 (which is when the data starts) and December 2007 (right before the crisis and the unconventional monetary policy that followed), we see that the relationship is in fact positive.

Prepared by the author, using data from fred.stlouisfed.org

If we use data on real interest rates provided by the World Bank and take a longer term view (still within the current monetary regime), we see that the relationship between the two variables is far less stable over the long-term. For example, during 1982 to 1999 period, both gold price and real rates declined significantly.

Prepared by the author, using data from fred.stlouisfed.org and data.worldbank.org

Indeed, in the next 20 years that followed (see below) gold's price increased as interest rates fell, however it is hard to justify a constant and yet strong negative relationship between the two.

Prepared by the author, using data from fred.stlouisfed.org and data.worldbank.org

All that clearly illustrates that the relationship between gold and real interest is subject to change over time and that trends seen over the past decade are unlikely to have any predictive power for the future.

As we saw above, during the 1980 to 2000 period both gold prices and real interest rates fell. This could be explained by the increasing Velocity of M2 Money Stock during the period which reached one of its highest levels around 2000s.

fred.stlouisfed.org

If we take the 1990s decade for example, we had rising velocity of M2 in conjunction with very low growth of M2.

fred.stlouisfed.org

* percentage change from year ago

Inflation was also under control during the decade which suggests that the real economy was strong and growing over the period, without any extreme financialization.

fred.stlouisfed.org

* percentage change from year ago

This setup resulted in low demand for gold even as both real and nominal rates were falling.

fred.stlouisfed.org

This clearly illustrates how gold and interest rates could both move in unison, provided there are the right monetary conditions for it.

Contrary to the 1990s, however, velocity has been falling for the past 20 years and reached one of its lowest levels in recent years due to the sharp increase of the monetary base following the pandemic. Ample liquidity and falling velocity has been one of the reasons why financial assets have been performing so well during the past 20 years, while real assets suffered. Should this trend reverse its course, we could witness both real rates and precious metals increasing.

In addition, to the relationship between gold and interest rates being subject to change over time, there is another very important driver of the precious metal's price. More specifically, gold performs exceptionally well during periods of change, risk and uncertainty for the existing monetary system. That is why gold performed well during the 1930s when the gold standard was abandoned. The precious metal's price also increased significantly in the years following the end of the Bretton Woods system. As we are likely approaching a new monetary regime shift, the risk-reward profile of gold once again appears attractive. I explain all that in further detail here.

Gold is hardly an asset that is appealing to the broader retail investment community nowadays. With plenty of exciting opportunities in the tech sector and all the hype around crypto currencies, it is hard to see a perception shift towards gold. However, this is largely a result of decades of loose monetary and fiscal policies, which provided all the incentives needed for the risk-seeking behavior we witness today and the proliferation of unprofitable enterprises. This financialization of the economy has been a significant headwind for gold even as real rates fell well into the negative territory. As we reach peak levels of financialization and pressure for a reset on the current monetary regime looms higher, the long-term set up for gold appears attractive just as sentiment is at one of its lowest levels.

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Gold And Real Rates - The Narrative Bias - Seeking Alpha

The Government’s Kill Switch for Your Car, Your Freedoms and Your Life – Gilmer Mirror

Written by admin on February 2, 2022 — Leave a Comment

A psychotic world we live in. The madmen are in power.Philip K. Dick,The Man in the High Castle

If we havent learned by now, we should beware ofanythingthe government insists is for our own good.

Take the Biden AdministrationsInfrastructure Investment and Jobs Act.

Given thedeteriorating state of the nations infrastructure(aging highways and bridges, outdated railways and airports, etc.), which have beenneglected for years in order to fund Americas endless wars abroad, it would seem like an obvious and long overdue fix.

Yet theres a catch.

Theres always a catch.

Tucked into the whopping $1 trillion bipartisan spending bill is a provision requiring automakers to prescribe a federal motor vehicle safety standard for advanced drunk and impaired driving prevention technology, and for other purposes.

As Jason Torchinksky writes forJalopnik:

Its pretty clear that the goals of this section of the law are to reduce drunk driving fatalities and crashes via still-undetermined technological tools that somehow are able to passively monitor the performance of a driver of a motor vehicle to accurately identify whether that driver may be impaired, and/or passively and accurately detect whether the blood alcohol concentration of a driver of a motor vehicle is equal to or greater than the blood alcohol concentration described insection 163(a) of title 23, United States Code, and if either or both of these conditions are proven to be positiveif the car thinks youre drunk, then it may prevent or limit motor vehicle operation.

As expected, the details are disconcertingly vague, which leaves the government with a wide berth to sow the seeds of mischief and mayhem. For instance, nowhere does the legislation indicate how such a so-called kill switch would work, what constitutes a driver who is impaired, and what other purposes might warrant the government using such a backdoor kill switch.

As former Rep. Bob Barrexplains:

Everything about this mandatory measure should set off red flares. First, use of the word passively suggests the system will always be on and constantly monitoring the vehicle. Secondly, the system must connect to the vehicles operational controls, so as to disable the vehicle either before driving or during, when impairment is detected. Thirdly, it will be an open system, or at least one with a backdoor, meaning authorized (or unauthorized) third-parties can remotely access the systems data at any time.

This is a privacy disaster in the making, and the fact that the provision made it through the Congress reveals yet again how little its members care about the privacy of their constituents The lack of ultimate control over ones vehicle presents numerous and extremely serious safety issues If that is not reason enough for concern, there are serious legal issues with this mandate. Other vehicle-related enforcement methods used by the Nanny State, such as traffic cameras and license plate readers, have long presented constitutional problems; notably with the 5th Amendments right to not self-incriminate, and the 6th Amendments right to face ones accuser.

Once again, the burden of proof is reversed, and we the people find ourselves no longer presumed innocent until proven guilty but suspects in a suspect society.

Thesevehicle kill switchesmay be sold to the public as a safety measure aimed at keeping drunk drivers off the roads, but they will quickly become a convenient tool in the hands of government agents to put the government in the drivers seat while rendering null and void the Constitutions requirements of privacy and its prohibitions against unreasonable searches and seizures.

Indeed, when you think about it, these vehicle kill switches are a perfect metaphor for the governments efforts to not only take control of our cars but also our freedoms and our lives.

For too long, we have been captive passengers in a driverless car controlled by the government, losing more and more of our privacy and autonomy the further down the road we go.

Just think of all the ways in which the government has been empowered to dictate what we say, do and think; where we go; with whom we associate; how we raise our families; how we live our lives; what we consume; how we spend our money; how we protect ourselves and our loved ones; and to what extent our rights as individuals can be displaced for the sake of the so-called greater good.

In this way, we have arrived, way ahead of schedule, into the dystopian future dreamed up by such science fiction writers as George Orwell, Aldous Huxley, Margaret Atwood and Philip K. Dick.

In keeping with Dicks darkly prophetic vision of a dystopian police statewhich became the basis for Steven Spielbergs futuristic thrillerMinority Report, which was released 20 years agowe have been imprisoned in a world in which the government is all-seeing, all-knowing and all-powerful, and if you dare to step out of line, dark-clad police SWAT teams and pre-crime units will crack a few skulls to bring the populace under control.

Minority Reportis set in the year 2054, but it could just as well have taken place in 2022.

Incredibly, as the various nascent technologies employed and shared by the government and corporations alikefacial recognition, iris scanners, massive databases, behavior prediction software, and so onare incorporated into a complex, interwoven cyber network aimed at tracking our movements, predicting our thoughts and controlling our behavior, Spielbergs unnerving vision of the future is fast becoming our reality.

Both worldsour present-day reality andMinority Reports celluloid vision of the futureare characterized by widespread surveillance, behavior prediction technologies, data mining, fusion centers, driverless cars, voice-controlled homes, facial recognition systems, cybugs and drones, and predictive policing (pre-crime) aimed at capturing would-be criminals before they can do any damage.

Surveillance cameras are everywhere. Government agents listen in on our telephone calls and read our emails. Political correctnessa philosophy that discourages diversityhas become a guiding principle of modern society.

The courts have shredded the Fourth Amendments protections against unreasonable searches and seizures. In fact, SWAT teams battering down doors without search warrants and FBI agents acting as a secret police that investigate dissenting citizens are common occurrences in contemporary America.

We are increasingly ruled by multi-corporations wedded to the police state. Much of the population is either hooked on illegal drugs or ones prescribed by doctors. And bodily privacy and integrity has been utterly eviscerated by a prevailing view that Americans have no rights over what happens to their bodies during an encounter with government officials, who are allowed to search, seize, strip, scan, spy on, probe, pat down, taser, and arrest any individual at any time and for the slightest provocation.

Were on the losing end of a technological revolution that has already taken hostage our computers, our phones, our finances, our entertainment, our shopping, our appliances, and now, our cars. As if the government wasnt already able to track our movements on the nations highways and byways by way of satellites, GPS devices, and real-time traffic cameras, performance data recorders, black box recorders and vehicle-to-vehicle (V2V) communications will monitor our vehicles speed, direction, location, gear selection, brake force, the number of miles traveled and seatbelts use, and transmit this data to other drivers, including the police.

In this Brave New World, there is no communication not spied upon, no movement untracked, no thought unheard. In other words, there is nowhere to run and nowhere to hide.

Herded along by drones, smart phones, GPS devices, smart TVs, social media, smart meters, surveillance cameras, facial recognition software, online banking, license plate readers and driverless cars, we are quickly approaching a point of singularity with the interconnected technological metaverse that is life in the American police state.

Every new piece of technologically-enabled gadget we acquire and technologically-boobytrapped legislation that Congress enacts pulls us that much deeper into the sticky snare.

These vehicle kill switches are yet another Trojan Horse: sold to us as safety measures for the sake of the greater good, all the while poised to wreak havoc on what little shreds of autonomy we have left.

As I make clear in my bookBattlefield America: The War on the American Peopleand in its fictional counterpartThe Erik Blair Diaries, were hurtling down a one-way road at mind-boggling speeds to a destination not of our choosing, the terrain is getting more treacherous by the minute, and weve passed all the exit ramps.

From this point forward, there is no turning back, and the signpost ahead reads Danger.

Time to buckle up your seatbelts, folks. Were in for a bumpy ride.

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The Government's Kill Switch for Your Car, Your Freedoms and Your Life - Gilmer Mirror

Orange Data Mining – Data Mining

Written by admin on January 24, 2022 — Leave a Comment

Ferenc Borondics, Ph.D.

"The scientific community is in need of tools that allow easy construction of workflows and visualizations and are capable of analyzing large amounts of data. Orange is a powerful platform to perform data analysis and visualization, see data flow and become more productive. It provides a clean, open source platform and the possibility to add further functionality for all fields of science."

"I teach Orange workshops monthly to a diverse audience, from undergrad students to expert researchers. Orange is very intuitive, and, by the end of the workshop, the participants are able to perform complex data visualization and basic machine learning analyses. Most of our attendees have been able to incorporate this tool in their research practice."

"My laboratory produces large amounts of data from RNA-seq, ChIP-seq and genome resequencing experiments. Orange allows me to analyze my data even though I dont know how to program. It also allows me to communicate with my collaborators, who are experts in data mining, and with my colleagues and trainees."

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Orange Data Mining - Data Mining

Russia proposes ban on use and mining of cryptocurrencies – CNBC

Written by admin on January 24, 2022 — Leave a Comment

Russia's central bank on Thursday proposed banning the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens' wellbeing and its monetary policy sovereignty.

The move is the latest in a global cryptocurrency crackdown as governments from Asia to the United States worry that privately operated and highly volatile digital currencies could undermine their control of financial and monetary systems.

Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. It eventually gave them legal status in 2020 but banned their use as a means of payment.

In a report published on Thursday, the central bank said speculative demand primarily determined cryptocurrencies' rapid growth and that they carried characteristics of a financial pyramid, warning of potential bubbles in the market, threatening financial stability and citizens.

The bank proposed preventing financial institutions from carrying out any operations with cryptocurrencies and said mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies for fiat currencies.

The proposed ban includes crypto exchanges. Cryptocurrency exchange Binance told Reuters it was committed to working with regulators and hoped the report's release would spawn dialogue with the central bank on protecting the interests of Russian crypto users.

Restrictions on owning cryptocurrency are not envisaged, said Elizaveta Danilova, head of the central bank's financial stability department.

Active cryptocurrency users, Russians have an annual transaction volume of about $5 billion, the bank said.

The central bank said it would work with regulators in countries where crypto exchanges are registered to collect information about the operations of Russian clients. It pointed to steps taken in other countries, such as China, to curb cryptocurrency activity.

In September, China intensified its crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.

"For now there are no plans to ban cryptocurrencies similar to the experience of China," Danilova said. "The approach we have proposed will suffice."

Joseph Edwards, head of financial strategy at crypto firm Solrise Group, played down the report's significance, saying no one outside Russia would be losing sleep over it.

"Moscow, like Beijing, is always rattling its sabre over 'crypto bans', but Russia has never been a pillar of any facet of the industry in the same way as China has been at times," he said.

Russia is the world's third-largest player in bitcoin mining, behind the United States and Kazakhstan, though the latter may see a miner exodus over fears of tightening regulation following unrest earlier this month. read more

The Bank of Russia said crypto mining created problems for energy consumption. Bitcoin and other cryptocurrencies are "mined" by powerful computers that compete against others hooked up to a global network to solve complex mathematical puzzles. The process guzzles electricity and is often powered by fossil fuels.

"The best solution is to introduce a ban on cryptocurrency mining in Russia," the bank said.

In August, Russia accounted for 11.2% of the global "hashrate" - crypto jargon for the amount of computing power being used by computers connected to the bitcoin network.

Moscow-based BitRiver, which operates data centers in Siberia hosting bitcoin miners, said it did not consider a complete crypto ban likely, expecting a balanced position to develop once different ministries have discussed the proposals.

The central bank, which is planning to issue its own digital rouble, said crypto assets becoming widespread would limit the sovereignty of monetary policy, with higher interest rates needed to contain inflation.

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Russia proposes ban on use and mining of cryptocurrencies - CNBC

RDS and Trust Aware Process Mining: Keys to Trustworthy AI? – Techopedia

Written by admin on January 24, 2022 — Leave a Comment

By 2024, companies are predicted to spend $500 billion annually on artificial intelligence (AI), according to the International Data Corporation (IDC).

This forecast has broad socio-economic implications because, for businesses, AI is transformativeaccording to a recent McKinsey study, organizations implementing AI-based applications are expected to increase cash flow 120% by 2030.

But implementing AI comes with unique challenges. For consumers, for example, AI can amplify and perpetuate pre-existing biasesand do so at scale. Cathy ONeil, a leading advocate for AI algorithmic fairness, highlighted three adverse impacts of AI on consumers:

In fact, a PEW survey found that 58% of Americans believe AI programs amplify some level of bias, revealing an undercurrent of skepticism about AIs trustworthiness. Concerns relating to AI fairness cut across facial recognition, criminal justice, hiring practices and loan approvalswhere AI algorithms have proven to produce adverse outcomes, disproportionately impacting marginalized groups.

But what can be deemed as fairas fairness is the foundation of trustworthy AI? For businesses, that is the million-dollar question.

AI's ever-increasing growth highlights the vital importance of balancing its utility with the fairness of its outcomes, thereby creating a culture of trustworthy AI.

Intuitively, fairness seems like a simple concept: Fairness is closely related to fair play, where everybody is treated in a similar way. However, fairness embodies several dimensions, such as trade-offs between algorithmic accuracy versus human values, demographic parity versus policy outcomes and fundamental, power-focused questions such as who gets to decide what is fair.

There are five challenges associated with contextualizing and applying fairness in AI systems:

In other words, what may be considered fair in one culture may be perceived as unfair in another.

For instance, in the legal context, fairness means due process and the rule of law by which disputes are resolved with a degree of certainty. Fairness, in this context, is not necessarily about decision outcomesbut about the process by which decision-makers reach those outcomes (and how closely that process adheres to accepted legal standards).

There are, however, other instances where application of corrective fairness is necessary. For example, to remedy discriminatory practices in lending, housing, education, and employment, fairness is less about treating everyone equally and more about affirmative action. Thus, recruiting a team to deploy an AI rollout can prove a challenge in terms of fairness and diversity. (Also read: 5 Crucial Skills That Are Needed For Successful AI Deployments.)

Equality is considered to be a fundamental human rightno one should be discriminated against on the basis of race, gender, nationality, disability or sexual orientation. While the law protects against disparate treatmentwhen individuals in a protected class are treated differently on purposeAI algorithms may still produce outcomes of disparate impactwhen variables, which are on-their-face bias-neutral, cause unintentional discrimination.

To illustrate how disparate impact occurs, consider Amazons same-day delivery service. It's based on an AI algorithm which uses attributessuch as distance to the nearest fulfillment center, local demand in designated ZIP code areas and frequency distribution of prime membersto determine profitable locations for free same-day delivery. Amazon's same-day delivery service was also found to be biased against people of coloureven though race was not a factor in the AI algorithm. How? The algorithm was less likely to deem ZIP codes predominantly occupied by people of colour as advantageous locations to offer the service. (Also read: Can AI Have Biases?)

Group fairness' ambition is to ensure AI algorithmic outcomes do not discriminate against members of protected groups based on demographics, gender or race. For example, in the context of credit applications, everyone ought to have equal probability of being assigned a good credit score, resulting in predictive parity, regardless of demographic variables.

On the other hand, AI algorithms focused on individual fairness strive to create outcomes which are consistent for individuals with similar attributes. Put differently, the model ought to treat similar cases in a similar way.

In this context, fairness encompasses policy and legal considerations and leads us to ask, What exactly is fair?

For example, in the context of hiring practices, what ought to be a fair percentage of women in management positions? In other words, what percentage should AI algorithms incorporate as thresholds to promote gender parity? (Also read: How Technology Is Helping Companies Achieve Their DEI Goals in 2022.)

Before we can decide what is fair, we need to decide who gets to decide that. And, as it stands, the definition of fairness is simply what those already in power need it to be to maintain that power.

As there are many interpretations of fairness, data scientists need to consider incorporating fairness constraints in the context of specific use cases and for desired outcomes. Responsible Data Science (RDS) is a discipline influential in shaping best practices for trustworthy AI and which facilitates AI fairness.

RDS delivers a robust framework for the ethical design of AI systems that addresses the following key areas:

While RDS provides the foundation for instituting ethical AI design, organizations are challenged to look into how such complex fairness considerations are implemented and, when necessary, remedied. Doing so will help them mitigate potential compliance and reputational risks, particularly as the momentum for AI regulation is accelerating.

Conformance obligations to AI regulatory frameworks are inherently fragmentedspanning across data governance, conformance testing, quality assurance of AI model behaviors, transparency, accountability, and confidentiality process activities. These processes involve multiple steps across disparate systems, hand-offs, re-works, and human-in-the-loop oversight between multiple stakeholders: IT, legal, compliance, security and customer service teams.

Process mining is a rapidly growing field which provides a data-driven approach for discovering how existing AI compliance processes work across diverse process participants and disparate systems of record. It is a data science discipline that supports in-depth analysis of how current processes work and identifies process variances, bottlenecks and surface areas for process optimization.

R&D teams, who are responsible for the development, integration, deployment, and support of AI systems, including data governance and implementation of appropriate algorithmic fairness constraints.

Legal and compliance teams, who are responsible for instituting best practices and processes to ensure adherence to AI accountability and transparency provisions; and

Customer-facing functions, who provide clarity for customers and consumers regarding the expected AI system inputs and outputs.

By visualizing compliance process execution tasks relating to AI training datasuch as gathering, labeling, applying fairness constraints and data governance processes.

By discovering record-keeping and documentation process execution steps associated with data governance processes and identifying potential root causes for improper AI system execution.

By analyzing AI transparency processes, ensuring they accurately interpret AI system outputs and provide clear information for users to trust the results.

By examining human-in-the-loop interactions and actions taken in the event of actual anomalies in AI systems' performance.

By monitoring, in real time, to identify processes deviating from requirements and trigger alerts in the event of non-compliant process tasks or condition changes.

Trust aware process mining can be an important tool to support the development of rigorous AI compliance best practices that mitigate against unfair AI outcomes.

That's importantbecause AI adoption will largely depend on developing a culture of trustworthy AI. A Capgemini Research Institute study reinforces the importance of establishing consumer confidence in AI: Nearly 50% of survey respondents have experienced what they perceive as unfair outcomes relating to the use of AI systems, 73% expect improved transparency and 76% believe in the importance of AI regulation.

At the same time, effective AI governance results in increased brand loyalty and in repeat business. Instituting trustworthy AI best practices and governance is good business. It engenders confidence and sustainable competitive advantages.

Author and trust expert Rachel Botsman said it best when she described trust as, the remarkable force that pulls you over that gap between certainty and uncertainty; the bridge between the known and the unknown.

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RDS and Trust Aware Process Mining: Keys to Trustworthy AI? - Techopedia

DeepTarget Expands Leadership Team with the Addition of Mark Schwartz as Director of Sales – Business Wire

Written by admin on January 24, 2022 — Leave a Comment

HUNTSVILLE, Ala.--(BUSINESS WIRE)--DeepTarget Inc., a solution provider that utilizes data mining and business intelligence in order to deliver targeted communications across digital channels for banks and credit unions, today announced the addition of Mark Schwartz as Director of Sales.

Poised for accelerated growth, DeepTarget enters 2022 coming out of an extremely successful year of new customers, technology innovations including an awarded patent, and new partnerships and alliances. Schwartz brings strong leadership credentials for accelerating enterprise solution sales, assembling sales talent, and building scalable sales processes.

I am delighted to lead DeepTarget through its next phase of accelerated growth building on the strong success record of more than 200 banks and credit unions, said Mark Schwartz. With the accomplishment of so many successful and happy customers as a foundation, I am doubly excited about guiding new bank and credit union prospects to digital success using this patented and results-driven Digital Experience Platform. 2022 is going to be a remarkable year.

Many banks and credit unions are facing the stress of fierce competition and digital disruption. They find themselves spending marketing budgets on communications that dont reach or resonate with the modern consumers high expectations. DeepTarget simplifies digital marketing with a sophisticated and comprehensive digital experience platform that leverages AI and BI to effortlessly reach each individual consumers through automated, targeted campaigns of highly relevant financial products and services. DeepTargets FI customers often reduce marketing spend while quadrupling ROI and exceed industry standards for digital engagement.

Mark is a valuable addition to our sales team, said Preetha Pulusani, CEO of DeepTarget. He brings tremendous industry knowledge and experience to our company and he will be an instrumental asset to our continued growth. There is undoubtedly an increase in demand for digital consumer engagements but many financial institutions are unaware about how to get started on this digital journey. Marks expertise will help many more banks and credit unions appreciate the availability and benefits of innovative, automated solutions enabling them to meet the demands of their consumers in an efficient manner, further increasing revenue and consumer satisfaction for these organizations.

Prior to joining DeepTarget, Schwartz led business development and sales initiatives for financial services organizations, where he proved to be a trusted, results-driven, entrepreneurial leader. He has established a strong ability to train, mentor, develop and motivate teams to achieve determined goals. He most recently served as Director of Business Development for Ncontracts, where he created and implemented a Business Development Representative program, resulting in the team performing at 136% of quota. He has held key positions at LSQ Funding Group, Coupon Mint and Bancsource.

About DeepTarget

DeepTarget helps financial institutions integrate data sources for the purpose of driving meaningful digital engagements that yield more loans and deposits. Their solutions help financial institutions connect with their customers with messages that resonate. DeepTargets intelligent digital marketing and sales solutions are used by hundreds of financial institutions to provide a seamless communications experience wherever, whenever and however their customers bank. For additional information visit http://www.deeptarget.com. To boost your digital presence and cross-sell results, connect with Mark Schwartz directly at sales@deeptarget.com.

Originally posted here:

DeepTarget Expands Leadership Team with the Addition of Mark Schwartz as Director of Sales - Business Wire

Russia proposes ban on use and mining of cryptocurrencies – Reuters

Written by admin on January 24, 2022 — Leave a Comment

MOSCOW, Jan 20 (Reuters) - Russia's central bank on Thursday proposed banning the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens' wellbeing and its monetary policy sovereignty.

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Restrictions on owning cryptocurrency are not envisaged, said Elizaveta Danilova, head of the central bank's financial stability department.

Active cryptocurrency users, Russians have an annual transaction volume of about $5 billion, the bank said.

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SHADOWING CHINA?

"For now there are no plans to ban cryptocurrencies similar to the experience of China," Danilova said. "The approach we have proposed will suffice."

Joseph Edwards, head of financial strategy at crypto firm Solrise Group, played down the report's significance, saying no one outside Russia would be losing sleep over it.

"Moscow, like Beijing, is always rattling its sabre over 'crypto bans', but Russia has never been a pillar of any facet of the industry in the same way as China has been at times," he said.

CRYPTO MINING

"The best solution is to introduce a ban on cryptocurrency mining in Russia," the bank said.

In August, Russia accounted for 11.2% of the global "hashrate" - crypto jargon for the amount of computing power being used by computers connected to the bitcoin network.

Moscow-based BitRiver, which operates data centres in Siberia hosting bitcoin miners, said it did not consider a complete crypto ban likely, expecting a balanced position to develop once different ministries have discussed the proposals.

Reporting by Elena Fabrichnaya and Alexander Marrow; additional reporting by Tom Wilson in London; Editing by Emelia Sithole-Matarise

Our Standards: The Thomson Reuters Trust Principles.

Originally posted here:

Russia proposes ban on use and mining of cryptocurrencies - Reuters

Digging Into The Data Of Bitcoin Mining Decentralization | Bitcoinist.com – Bitcoinist

Written by admin on January 24, 2022 — Leave a Comment

The Bitcoin mining landscape has undergone shifts over the past year due to Chinas crackdowns. Heres some data that shows how decentralized the BTC network currently is.

One way to study about decentralization in the BTC mining network is to go through hashrate dominance data of the major mining pools and companies.

The hashrate is an indicator that measures the total amount of computing power currently connected to the Bitcoin network.

Higher the value of this metric, more is the mining power on the chain, and hence better is the overall performance.

On the Bitcoin network, there are several big publicly-traded mining companies present. The percentage of the hashrate each of them make up for may shed some light on the degree of the decentralization on the BTC blockchain.

Here is some data from Arcane Research that shows the hashrate dominance of the major mining companies:

As you can see in the above graph, Marathon, the largest of the Bitcoin mining companies, makes up for just a little less than 2% of the hashrate.

The five biggest mining companies in the market combined control around 7% of the total hashrate on the BTC blockchain.

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This isnt that big a percentage so this picture of the network may suggest that the network is relatively decentralized.

However, many major mining companies actually combine their hashrate and mine under the various mining pools.

The below chart shows how the hashrate is distributed among the major Bitcoin mining pools.

Now this data, on the other hand, makes the Bitcoin network look more centralized. The largest mining pool, AntPool, accounts for 16% of the hashrate alone.

The five largest pools make up for 70% of the total hashrate on the BTC blockchain. This is a pretty significant number.

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The report concludes that the bottleneck for Bitcoin decentralization lies not among mining companies, but mining pools. As such, decentralized mining pools may be the way to go for decentralization in the future.

At the time of writing, Bitcoins price floats around $42k, down 4% in the last seven days. Below is a chart that shows the trend in the value of BTC over the last five days.

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Digging Into The Data Of Bitcoin Mining Decentralization | Bitcoinist.com - Bitcoinist

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Russia proposes ban on use and mining of cryptocurrencies – Reuters

Digging Into The Data Of Bitcoin Mining Decentralization | Bitcoinist.com – Bitcoinist

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