Synthetic data

A masterful blend of fact and fiction, synthetic data is artificial information generated using algorithms, simulations, or other techniques to resemble real-world data, enabling organizations to test systems, train machine learning models, and conduct research without exposing sensitive or confidential information, thus preserving privacy and safeguarding data integrity.

Example

In the realm of finance, synthetic data may be employed by a credit scoring company to develop and test new predictive models without using real customer data. By generating a dataset with similar statistical properties and patterns as the original data, the company can effectively train and validate their models while maintaining the privacy of individuals and adhering to data protection regulations. The use of synthetic data offers a versatile and responsible approach to harnessing the power of data-driven insights while respecting the sanctity of personal information.