Data science is evolving and evolving fast. The way it is expanding its territory can only be compared with the ancient Roman army. No, I am not trying to exaggerate but only trying to voice the amazement that I feel whenever I open the news alerts about Data science. There is always some fresh news hinting towards further development and implementations of data science in different industries. In all major industry from mining to logistics there is profound influence of data science at different levels. This is no more about acquiring consumers or improving e-commerce services, this involves the smooth functioning and continuous development of various fields. Let us look at some recent developments in data science that can be really crucial for the future.
Data science revolutionizing Agriculture
Genetics or the science relating to genes has been one of the most interesting fields of study for a long period of time. Study of genetics has brought about revolutionary changes in farming. Now, with the arrival ad development of data science the scope of genetics has expanded manifold. The application of data science has supported gene editing, through which scientists can remove negative traits from an organism and even introduce positive traits without introducing a foreign gene. This can revolutionize agriculture as well as farming. Apart from gene editing data science is being used to improve fertilizers. It is also applied to analyze the lands and to optimize farming in order to get the best harvest. This can lead us to a world where each seed is sown for the best effect. When this technology spreads across the world, we might just get rid of any lack of food products in the world.
Data Science is triggering a Holobiont shift in the market
I was not aware of the term holobiont before writing this article so I will care to explain. It is a major organism is associated with a wide network of microorganisms. In respect to current situation we can consider various industrial bodies as becoming holobionts. They are connected with a wide network of other firms which cater to different needs of the market. Everyone is forming alliances and this is definitely triggered by the explosion of data and the urge to harness it through advanced analytics. This complex network of firms somewhat resemble the formation of complex organisms from the primitive life forms in an environment with more oxygen. Oxygen is what data has become for the industries, indeed we are breathing data. “In a world where data is pervasive, learning to use data at scale and in an integrated, bidirectional manner is essential for survival”, rightly says professor Dr Brian D Smith.
Data Science to prevent Fraud
In the first six months of this year 89,000 cases of online fraud were recorded in the UK alone. The global amount of payment card fraud was $21.84 billion last year. It is not that all the victims were unaware of these possibilities; they were rather outsmarted by the increasingly sophisticated methods applied by the fraudulent. A data breach of an organization can lead the fraudsters to exploit data for personal information. Fraudulent payment made to merchants can be refunded to the consumer by the bank but the merchant has to pay for it. The merchant who has done the service or delivered the good is the ultimate victim in these cases.
Fraudsters use data science algorithms to validate card details in bulk and they quickly find actionable information. To prevent is merchants also must resort to data science. With the help of predictive analytics it is possible to identify the fraudulent transactions to a certain extent. Transactions are not singular entities; a lot of information can be gathered from a transaction. With the help of data science algorithms it is possible to track a shopper and identify fraudulent behavior if there is any.
So, these were only a few different manners in which data science is silently making a huge difference. There are more areas and this number will keep increasing in the future. While we are worried about the disruptions in the job market by machine learning and AI we must also consider the new jobs these systems are creating. With a data science certificate you can be a part of this. We are looking at a whole new world of possibilities where data science can be useful in our pursuit of a better life and a better and safer world.