Search
Close this search box.
Categories
Cybersecurity News

eToro aims to win the Blockchain race with help from the universities

11 October 2024

eToro Aims to win the Blockchain race with help from the universities  

The trading platform eToro is making significant investments in collaboration with the academic world. Most recently, the company’s blockchain lab in Copenhagen welcomed a PhD student to help the company stay on top of the latest knowledge in cryptocurrency and blockchain.

Can one of the world’s leading trading platforms really find the time and resources to engage with academia? For eToro, the answer is a resounding “absolutely!”


The trading giant operates a blockchain lab in Copenhagen, where it continually tests the latest advancements in blockchain technology to remain at the forefront of innovation. As part of this effort, eToro has partnered with PhD student Henrik Axelsen from the University of Copenhagen through the DIREC-funded project AI & Blockchains for Complex Business Processes.

“We are committed to being leaders in blockchain technology and integrating it into our products. Staying ahead of the curve is crucial to us, which is why we maintain strong ties with the academic world,” says Omry Ross, eToro’s Chief Blockchain Officer, who also serves as a lecturer at the University of Copenhagen’s Department of Computer Science.


DIREC resolved bureaucratic hurdles


eToro’s collaboration seeks to bridge the gap between industry and academic research, providing the company with new insights and driving innovation in blockchain technology.

“Knowledge is the currency that keeps us at the cutting edge of AI and blockchain. It is not just about improving our bottom line. It is also about contributing to broader understanding,” says Omry Ross.

However, accessing academic expertise is not always straightforward. Despite eToro’s enthusiasm for research, the company often finds it difficult to engage with researchers due to lengthy application processes and timelines. Fortunately, the streamlined process of the DIREC project allowed eToro to overcome these bureaucratic hurdles.


”Commercial companies typically need to move fast, but academia cannot always meet that demand. In the DIREC project, decisions were made very quickly, and the process was simple. I hope this approach becomes more common, because if it were easier to engage PhD students, we would do it far more often,” says Omry Ross.


Using cryptocurrency to tackle global inequality


eToro has currently 38 million registered users on its platform, where they can trade everything from individual stocks to cryptocurrencies. In the long term, the company also seeks to address some of the world’s most pressing challenges, such as supporting the 1.3 billion people who currently lack access to traditional financial infrastructure. This was one of the reasons why eToro collaborated with PhD student Henrik Axelsen, who explored, among other things, how blockchain can help the financial sector.

“We believe blockchain can enable us to improve financial services, making them more efficient and better equipped to address issues like financial inclusion,” says Omry Ross.


An example of eToro’s dedicaton to this cause is the GoodDollar initiative, which aims to reduce global inequality by distributing a universal basic income (UBI) through the cryptocurrency GoodDollar. To date, this digital currency has been distributed to nearly one million people without access to a bank.

“The GoodDollar project hightlights how cryptocurrency can offer tangible benefits to millions of people excluded from the traditional financial systems,” Omry Ross concludes.


Interested in learning more about eToro’s involvement in academia and the “AI & Blockchains for Complex Business Processes” project? Find out more about the project here.

Categories
Cybersecurity News

When big data fails: Researcher from ITU unveils gaps in mobility data

10 October 2024

When big data fails: Researcher from ITU unveils gaps in mobility data  

GPS and cell tower data have become essential tools in shaping our society. However, these digital footprints often contain significant biases that favor some social groups over others. In a new project funded by DIREC, Associate Professor Vedran Sekara from ITU seeks to address biases in mobility data.

In today’s world, whether you are commuting to work or fleeing a crisis, travel cards and smartphones leave behind digital traces, that provide valuable insights into human movement. These mobility data, collected through interactions with cell towers and GPS satellites, serve as a powerful resource for decision-makers, urban planners, and health authorities. But what if these digital maps of human activity only reflect the experiences of some groups while overlooking others?
 
This is the central question posed by Vedran Sekara, Associate Professor at the IT University of Copenhagen. Over the past year, with support from the Digital Research Centre Denmark (DIREC), he has explored this issue in the research project “Understanding Biases and Diversity of Big Data used for Mobility Analysis.”

The hidden inequality in data

Today, mobility data is employed in a wide range of applications, from urban planning and epidemic tracking to disaster management. However, Sekara has identified alarming biases within the algorithms that process these data – biases he seeks to correct.
 
According to Sekara, most mobility data is skewed. In some datasets, he found that half of the mobility data is generated by the wealthiest 20% of the population, while only 5% comes from the poorest 20%.
 
“There are distinct patterns in smartphone ownership – typically, it is the wealthy, men, and the highly educated who possess them. As a result, women, the elderly, and children are significantly underrepresented in mobility data collected via phones. Despite this bias, these data are used to shape societal decisions,” Vedran Sekara explains.
 
The biases in mobility data are not just an academic concern – they have real world consequences for resource allocation.
 
“There is a significant risk that our efforts are disproportionately directed towards helping those who generate the most data, who are often the wealthiest and most powerful in society, while the needs of the poor are overlooked. During earthquakes or epidemics, we have seen that poor regions are less represented in the data, which could lead to fewer resources being allocated to them. Since we have better data for the wealthier areas, more aid is sent there”, says Vedran Sekara.

Searching for solutions

In his research project, Vedran Sekara and his team are working to develop new algorithms to correct these biases. However, the challenge is proving to be highly complex.
 
“We found that to correct these biases, we need to create specific models for each local area. Every area has its own unique biases, which means we can’t apply the same algorithms universally,” says Vedran Sekara.
 
With DIREC’s support of 500,000 DKK, Vedran and his team have published several articles on the subject. The project has also opened doors for additional funding, potentially enabling further research on biases in mobility data.
 
“DIREC’s support has been invaluable. They have provided the necessary funding to explore the problem on a smaller scale, laying the groundwork for larger projects in the future. DIREC has truly been a catalyst for this research,” concludes Vedran Sekara.
 
All data used in Vedran Sekara’s research is pseudonymized, in compliance with both European and American data regulations.
 
Learn more about the project here.