Fintech PR

nChain announces first implementation of Verifiable AI on Bitcoin

Published

2 months ago

September 19, 2024

LONDON, Sept. 19, 2024 /PRNewswire/ — Leading experts at nChain have identified and successfully tested ways in which the output of an AI system can be verified using a blockchain. This can be used to ensure the model operates according to its specifications, is free of critical bugs, and adheres to ethical standards such as fairness, transparency, and safety. All without revealing proprietary information of the system – a major step in bringing trust and accountability to AI.

nChain successfully demonstrated verifiable AI inference (processing queries) on Bitcoin showing the relevant transactions on the original protocol Bitcoin, Bitcoin Satoshi Vision Blockchain (BSV Blockchain). The transactions can be found on mainnet with corresponding generation code on Github.

While this is a relatively new research area, and something nChain only recently started exploring, after having successfully implemented verifiable computation on Bitcoin the team challenged themselves to see if it could also apply this to machine learning.

“Training is computation. Inference is computation. If you can do verifiable computation, then you can do verifiable training or verifiable inference,” says Dr. Hamid Attar, lead AI Researcher at nChain.

The team trained a simple neural network on the MNIST dataset of images of hand-written digits. The model was then run on an input image, such as one provided by a user, and produced an output predicting which digit the input image represents. A cryptographic proof was generated to verify the output was indeed produced by running the model on the specified image while hiding all the information about the model. The proof was subsequently used to claim a small amount of bitcoin from the blockchain – in this case from the user. Here, Bitcoin not only provides a decentralised independent verification platform but also facilitates micro payment between a user and an AI model.

With verifiable computation approach, nChain can prove cryptographically that an AI model is trained on the claim dataset. For example, it can be proven that a generative AI model is trained on a dataset that is known to have no bias. More importantly, AI developers can prove that they did not tamper with the training dataset to train an AI model for malicious intentions. nChain can also prove that an output of an AI mode is obtained by running the specified AI model on the given input. For example, a piece of artwork can have a proof showing that it is generated by an AI model on a given prompt, or as a paid user you can be sure that you are getting answers from ChatGPT4 not the free versions.

nChain is proud to have successfully demonstrated verifiable inference on Bitcoin for the first time. The relevant transactions on the Bitcoin Satoshi Vision mainnet, and the code that generates them can be found on the zkScript GitHub repo.

About nChain :

nChain is a leading global blockchain technology company, offering software solutions, consulting services and IP licensing for clients in various industries looking to benefit from the security, transparency, and scalability of the blockchain. Founded in 2015, with offices in Lichtenstein, Switzerland, the UK and Slovenia, nChain employs more than 260 staff, and has a patent portfolio of over 3,900 patents and applications, of which over 1,090 have been granted. nChain is the developer of the Bitcoin SV Node software, Teranode, Lite Client and more.   

Notes to Editors:

The main challenge is the fact that neural network works with floating points while zero-knowledge proof works with integers. Fortunately, back in 2017, Jacob et al. described an approach to quantise AI models without losing accuracy in an academic paper (https://openaccess.thecvf.com/content_cvpr_2018/papers/Jacob_Quantization_and_Training_CVPR_2018_paper.pdf). They needed this for migrating pre-trained AI models from powerful servers to less capable mobile devices. As part of the process, they convert floating points to integers to reduce the dimension of the model for efficiency. We managed to adapt the methodology to fit our purposes and maintain an accuracy above 90%. There are other techniques to quantise an AI model. For example, research groups such as ZAMA (link) are exploring quantisation-aware training where the model is trained with an awareness that the weights will be converted to integers later.

To hide the model weights, we used a hash function and turned them into private inputs. Only the hash value of the weights is published. The computation circuit combines the AI model computation and the hash function used to verify the model wights with respect to the hash value. For proof generation, we use arkworks (link). Both the verification key and the proof are formatted in JSON files and passed to our zkScript tool to create locking script and unlocking script respectively. You can find this example use case here: nchain-innovation/zkscript.

View original content:https://www.prnewswire.co.uk/news-releases/nchain-announces-first-implementation-of-verifiable-ai-on-bitcoin-302252983.html

Fintech

Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets

Published

2 hours ago

November 15, 2024

Wladimir P.

doo-financial-now-in-indonesia:-offering-local-investors-a-gateway-to-global-markets

Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.

As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.

With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.

Supervision by International Regulatory Institutions to Ensure Top-Tier Safety

As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.

Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.

Dedication to Shape the Industry with Innovative Solutions

Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.

This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.

Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.

Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!

E-mail: [email protected]

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Fintech PR

Doo Group Strengthens Global Reach with CySEC License for Doo Financial

Published

2 hours ago

November 15, 2024

CISION (PR Newswire)

doo-group-strengthens-global-reach-with-cysec-license-for-doo-financial

LIMASSOL, Cyprus , Nov. 15, 2024 /PRNewswire/ — Doo Group is proud to announce that Doo Financial, one of its brands, has been awarded a new license by the Cyprus Securities and Exchange Commission (CySEC). This achievement strengthens Doo Group’s commitment to providing a secure and regulated trading environment for its clients globally.

Expanding Regulatory Reach

The addition of the CySEC license highlights Doo Group’s extensive regulatory framework, which already spans across multiple financial jurisdictions, including the United Kingdom, Australia, Hong Kong and Malaysia. This strategic milestone reflects Doo Group’s dedication to ensuring compliance with international regulatory standards and prioritizing client security. As a European Supervisory Authority, CySEC offers a robust regulatory environment and is expected to enhance client confidence. For Doo Group, this new regulatory milestone reinforces its reputation as a trusted, reliable financial services provider.

“Acquiring the new license from CySEC is a significant milestone for Doo Financial, marking a key step in our ongoing growth and strategic expansion. This achievement not only reinforces our commitment to maintaining the highest standards of regulatory excellence but also solidifies our position as a trusted, reliable financial institution within Europe. By aligning with CySEC’s rigorous requirements, we are better positioned to offer enhanced services to our clients, foster greater transparency, and ensure long-term stability in an increasingly complex and dynamic financial landscape.” Costas Kappai, Doo Financial EU

Strengthening Client Confidence

Doo Financial EU, the European branch of Doo Financial, is now positioned to serve clients across Europe under the guidelines of a European Supervisory Authority. European clients will benefit from CySEC’s regulatory protections, including client fund safety and transparent business practices, ensuring a secure and trustworthy trading experience. This development allows Doo Financial EU to offer its suite of financial services and trading products to a wider audience, backed by the credibility and oversight of CySEC.

By expanding its regulatory reach, Doo Group continues to strengthen its position in the global financial market, enabling clients to trade with confidence. The CySEC license is another step toward achieving Doo Group’s vision of becoming a leader in financial services.

About Doo Group

Founded in 2014 and headquartered in Singapore, Doo Group is an international financial services provider with a focus on FinTech. With operations across 10 major business lines—including Brokerage, Wealth Management, Payments, and Digital Marketing—we are dedicated to delivering comprehensive financial solutions that empower our clients to explore a better future.

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View original content:https://www.prnewswire.co.uk/news-releases/doo-group-strengthens-global-reach-with-cysec-license-for-doo-financial-302306893.html

Fintech PR

PayerMax Recognized as “Best Payment Service Provider” by MEA Finance

Published

3 hours ago

November 15, 2024

CISION (PR Newswire)

payermax-recognized-as-“best-payment-service-provider”-by-mea-finance

DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — PayerMax, a leading global provider of payment solutions, has been named Best Payments Solutions Provider of 2024 by MEA Finance magazine at an award ceremony hosted on November 12 in Dubai. The award is a testament of PayerMax’s success in providing exceptional financial technology services to clients in the Middle East and Africa, as well as its leadership position in payment solutions.

The annual MEA Finance Industry Awards recognizes the financial institutions, technology solutions providers, fintech companies, service providers and individuals for exceptional achievements, groundbreaking services and inspirational leadership in delivering innovative products and services.

“We’re very honored to receive the award. It not only recognizes the success of our innovative technologies and regional strategies, but also it is the perfect testimonial of how our team thrives to create superior values for our clients, and we look forward to more cooperation with more partners,” said Wang Hu, co-founder of PayerMax. “Looking ahead, PayerMax remains committed to further strengthening our presence and deepening our efforts in the Middle Eastern market. We will continue to empower more businesses and enhance the digital payment ecosystem across regions, driving value and growth for clients around the world.”

In 2024, PayerMax achieved major milestones in the Middle East market. In alignment with Saudi Arabia’s Vision 2030, PayerMax became the first Asian fintech company to establish a regional headquarters in Riyadh and obtained the Payment Technical Service Provider (PTSP) certification from Saudi Payments on behalf of the Saudi Central Bank (SAMA) in September. This certification allows PayerMax to operate seamlessly within Saudi Arabia’s financial ecosystem, providing merchants across the country with secure, flexible, and efficient payment solutions. The company has also formed partnerships with leading banks such as SAB and Emirates NBD, advancing the digital twin ecosystem while supporting financial inclusion, economic diversification, and an enhanced user experience through digital payments in the region. Furthermore, as the first Asian fintech company to secure the UAE’s payment license, PayerMax is strengthening its presence and expanding operations across the Middle East.

Beyond the Middle East, PayerMax’s achievements in 2024 were globally recognized. In May, PayerMax was awarded the 2024 “Best Payments and Collections Solution” award from The Asset in the prestigious “The Asset Triple A Awards.” With an impressive 95% coverage of mainstream payment methods in emerging markets, PayerMax continues to build on its vision of providing innovative payment solutions worldwide.

PayerMax is committed to providing businesses with one-stop local payment solutions to meet their diverse payment needs. Its extensive network supports a wide range of over 600 payment methods, more than 70 transaction currencies, and over 20 local languages, catering to diverse global user payment preferences. With a vision to drive merchant success on a global scale, PayerMax offers an array of value-added services, including risk management, foreign exchange management, payment marketing (webshop), and finance & tax services, constructing a comprehensive environment for merchants to excel in a competitive global marketplace and handle the intricacies of globalization with ease.

Looking ahead, PayerMax is committed to staying at the forefront of the evolving digital payment landscape. The company will continue to invest in technological innovation and service enhancements to deliver increased value and opportunities to its customers. By doing so, PayerMax aims to empower global business expansion and facilitate the transition to a cashless society. For more information, please visit https://www.payermax.com/.