A new course from the Massachusetts Institute of Technology (MIT) has gone online.
The course, titled Financial Engineering, has been created by the Institute’s Center for Cyber and Information Security (CCIS) to offer an overview on how financial engineering is being deployed for fraud protection.
“Financial engineering is the art and science of manipulating financial systems for the benefit of others,” said James P. Ochs, a professor of computer science at MIT.
“Financial engineering has been used to finance criminal activity, terrorism, and the creation of counterfeit currency.
It has also been used by companies to hide illegal activities in a bid to evade regulation.”CCIS has created a website that has been curated to provide a detailed explanation of the topics covered in the course, which is available to anyone who can log in to the site.
A short description of each topic is given, as well as a link to the course website.
While the course is not designed to teach the basics of financial engineering, it is intended to teach students the basics, such as the concepts of finance, and how to build sophisticated financial applications for a wide range of applications.CCIS’ Ochss said that the course covers topics such as blockchain, smart contracts, data security, data visualization, and privacy.
“I think this is a good introduction to what financial engineering looks like in practice,” he said.
“I think it’s important to have a solid understanding of the technology so that when we come up with new products or solutions, we’re not just inventing things out of thin air.”CCis website offers an introduction to the concepts covered in a short section, as shown in the above image, which gives a general overview of the subjects covered in financial engineering.
This section, however, does not cover everything, Ochst said.
“For example, it does not discuss what types of financial systems can be implemented in the virtual world, how they interact with each other, or what kind of privacy concerns we should be concerned about when developing and using financial engineering,” Ochsdorf said.
“I would suggest that people who want to learn about financial engineering should start by reading the basics first.”
The website also gives a brief introduction to other topics, such the use of cryptocurrencies and decentralized autonomous organizations (DAOs), the importance of the blockchain for financial engineering applications, and more.
“It’s really important that students understand the importance and power of the internet of things and how they can be used to benefit the world,” Ochuk said.
This section, Ouchs said, also includes some videos, which are worth watching, such that students can learn more about the technology and the ways it can be utilized for financial services.
For more information, visit the CCCIS website, and sign up to receive updates on the course.