Cybersecurity has become one of the largest industries globally, with some estimating its value at trillions of dollars. Joseph-Francisco Zubizarreta is leveraging artificial intelligence (AI) and blockchain to offer advanced protection to financial firms. He joined CoinGeek Backstage on the sidelines of AI Forge masterclass on AI and blockchain to discuss how his company stays ahead of the criminals with the two emerging technologies.
Zubizarreta is the founder of Atera Analytics, a startup that’s using advanced data modeling and AI innovation to drive digitalization. The startup is part of AI Forge’s second cohort.
“Being based in London, we’ve seen a massive opportunity to enhance the levels of security for payment transactions…the critical thing here is how do we protect vulnerable minorities in the UK?” stated Zubizarreta.
Zubizarreta has worked in finance with some of the biggest names, including Santander (NASDAQ: BCDRF), where he was the head of data science and analytics. He says that in his experience, fraud is among the most significant challenges banks face, and they have lost trillions of dollars to scammers and cybercriminals. In the United Kingdom, over 40% of businesses have reported fraud cases.
“We want to enhance this through the merger of AI, blockchain and network analysis to have a solid solution for these people and businesses that have been affected,” he told CoinGeek Backstage reporter Becky Liggero.
With AI, Atera engages in supervised learning where the system is fed a fraudulent transaction to learn from, and henceforth, it’s able to detect similar fraud cases. AI is also better equipped to detect potential spam.
In the masterclass, Zubizarreta learned about leveraging blockchain to reduce costs for enterprises drastically. Startups are judged harshly, and marginal improvements are not acceptable to potential clients who are stuck in their ways.
As such, Zubizarreta is working on 10x improvements in business processes while cutting costs, a tough balancing act that’s reliant on blockchain efficiency, he stated.
In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek’s coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI.
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