Data science is evolving fast and expanding even more rapidly. It is influencing all the major industries, like agriculture, logistics and mining. Here are some current developments in data science. Read on.
Data science is transforming the agricultural industry:
Genetics, which is a field of science related to genes, is developing rapidly and is extensively used for bettering farming practices. The advent of data science has boosted the scope of genetics further. Data science is applied in gene editing, which helps scientists eliminate negative traits and develop positive traits without introducing new genes in the organism. Data science finds application in fertilizer production too. It is used to analyze farming plots and to optimize farming methods so as to achieve the best possible harvest. Data science has the potential to ensure that every seed that is sown gives a positive outcome. It can also play a major role in overcoming food shortage.
Shift in market:
Just like different micro-organisms exist together to mutually benefit each other; different firms are partnering with each other to make the most out of their valuable asset-data. This is definitely triggered by the boom in the volume of data and the need to leverage it in the best possible manner.
Data science for fraud prevention:
In 2016, the total payment card fraud around the world amounted to over 21 billion. Organizations all around the world are trying to tackle smart data hacking methods. Whenever a breach occurs in firms, personal information is at a huge risk of exploitation. In case of payment frauds, banks might refund it to customers but the loss ultimately has to be incurred by the banks. Fraudsters rely on data science algorithms to find relevant information and card details that they can exploit. Hence, to prevent it we must resort to data science. With the help of data, one can closely monitor all payment activities and raise alarm in case fraudulent activities are detected.