Ingenious Furniture Designs that transform to match every apartment’s need!


Modern-day apartments come with their space restraints, and to meet their new-age demands, we have these transforming furniture designs! A cocoon-based armchair that lets you fall back and separate from the noise to a student-friendly seating solution that unfolds into a futon when its time to sleep, these are some of the solutions we have in our collection. Whatever your space demands, there is a furniture design in your list that will meet your needs. So discover, get inspired and innovate some highly-functional and transforming furniture designs.

The Hush by Freyja Sewell

“HUSH provides a quiet space in the midst of a busy hotel, airport, office or library in an age of exponential population growth, where privacy and peaceful respite is an increasingly precious commodity,” explains Sewell. 

The SHO transforms from sofa to sofabed in seconds by taking control of the cushion by Pan Biwei 

The Ozzio Italia FIL8 table for 4 extends into a table for plenty by Giulio Manzoni 

Aalo 2.0 by Sejun Park

The Aalo’s system was clever, and using just a handful of parts, you could quite literally build whatever you want. The same parts could make one table or could be pulled apart and re-joined to make two benches or even a shoe-rack.

The BACK TO BED sofa is multifunctional and modular enough to be an elegant lounger or a snuggly bed for the kids by Chang Kuei Fang

The SWING 2.0 by German Smart Living 

Chart, an innovative product which is neither a wall, shelving unit or room divider, but rather a multifunctional backdrop for varied and situational use designed by Ana Relvao & Gerhardt Kellermann

The Insect Table with a dual height functionality by Godar Furniture 

Exocet Chair by Stéphane Leathead at Designarium

The Hybrid Ladder by Bcompact

from Yanko Design

A bitcoin ATM spat cash all over a busy London Tube station after a customer withdrew more than it could handle (BTC)


bitcoins atm kitch

  • A bitcoin ATM at a busy London Tube station spat out cash into the air and onto the floor as commuters passed by.
  • A video of the moment shows the man who withdrew the money waiting to collect the banknotes in his bag but ending up watching them gather on the floor because they came out of the ATM so quickly.
  • A security guard is seen protecting the money on the ground as commuters pass by.
  • The company that made the machine said it wasn’t broken but was likely struggling to deal with the large amount of money it was asked to withdraw while using just £20 ($25) notes.
  • Visit Business Insider’s homepage for more stories.

A video shows the moment a bitcoin ATM spat cash all over a busy tube station in London when a customer withdrew more than the machine could deal with.

Footage shows commuters passing through London’s Bond Street station as the ATM fires out £20 ($25) banknotes. The notes come out of the machine so quickly that they fall in different directions on the ground, creating a wide pool on the station floor.

The man withdrawing the money is seen with an open bag that looks to be filled with the bank notes under the machine, but many fall on either side of the bag. He then rearranges the fallen notes into a pile with his feet, looking sheepish and occasionally laughing as they continue to fly out of the machine.

The video, which was first shared on Reddit and republished by MailOnline, also shows a security guard standing in front of the piles of cash, preventing commuters from trying to take it.

Adam Gramowski, the CEO of Bitcoin Technologis, the Polish company that operates the machine, told The Sun that the machine had not malfunctioned and decided to randomly give out money.

Instead, the ATM was likely struggling to dispense such a large amount of money in such small notes, he said.

It’s not clear how much the unnamed customer asked to withdraw. Bitcoin ATMs let people sell bitcoins for cash and buy bitcoins.

Read more: Bitcoin bulls may have to wait 22 years for the cryptocurrency to return to all-time highs

London Underground Bond St station

Gramowski told The Sun: "As you can see there is a bag in the front of ATM. However our ATMs support large transactions and it is fair to say that a larger, redesigned presenter would be a good solution," referring to the part of the ATM dispenser that presents cash to the customer.

"Our customer was not particularly careful, although the ATM should be redesigned to cope better with small denominations used in the UK," he added.

In the UK, £20 notes are the second-largest banknotes used.

While the £50 note is in circulation, it is rarely used and was at risk of being scrapped until the UK treasury decided to redesign it instead in 2018.

Join the conversation about this story »

NOW WATCH: WATCH: The legendary economist who predicted the housing crisis says the US will win the trade war

from SAI

‘Black Mirror’ has nothing left to say


The scariest thing in Black Mirror season five is Nine Inch Nails’ song "Head Like a Hole" transformed into a teenybopper tune by Miley Cyrus. It’s inherently unsettling, as if we’re peering into an alternate universe where Trent Reznor’s gloomy lyrics have been transformed into anthems of positivity. ("I’m filled with ambition and verve, I’m gonna get what I deserve.") Like many ideas thrown around during the season, the song makes an impact, but Black Mirror fails to build on it. Instead of digging deeper into our relationship with technology and how it’s transforming our society (something the series managed effortlessly in its earlier seasons), creator Charlie Brooker too often leans on surface-level observations.

"Black Mirror might just be a victim of its own success," I wrote about the show’s last season. Its earlier seasons did such a good job of predicting where we’re going, now that we have broken social networks disrupting democracies and smart gadgets invading our homes, that some of its criticism might seem a bit obvious.

Spoilers for Black Mirror season five ahead.

With the choose-your-own-adventure Bandersnatch, it seemed like Brooker had come up with an innovative way to change up the series. But it ended up being just a fun experiment that merely touched on the notion of free will instead of mining the subject for a weightier message. I enjoyed all of my Bandersnatch playthroughs, but I hoped Brooker would give us more of an upgrade with the show’s fifth season. Unfortunately, it’s more of the same, with just a few bright spots.

Black Mirror

"Striking Vipers," the first and best of the three new episodes, stars Anthony Mackie as a man trapped in a dull suburban marriage. His one escape is a lifelike VR fighting game, given to him by an old friend (Yahya Abdul-Mateen II). They’re able to play together online, just like they used to side by side on the couch. At first, the episode seems like it’s exploring the connections we have with our gamer friend lists. There’s always that rush of excitement when you receive a game invite, and it’s not uncommon to spend hours chatting together over headsets. But it’s not too long before the realistic VR game is used exactly like you’d expect: for sex.

To his credit, Brooker treats the idea of two male friends hooking up virtually with an appropriate amount of nuance. It’s even more interesting when you consider that their avatars are male and female, allowing the episode to explore how a masculine guy can learn to appreciate the experience of sex as a woman. But these elements tie together a traditional story of a middle-aged guy being dissatisfied with his cookie-cutter life (see also American Beauty and almost every cinematic depiction of suburbia). Perhaps if "Striking Vipers" had room to flesh out the story, we’d get something a bit more unique. But at the least, the ending shows a respect for nontraditional relationships: The two gamers are allowed to have their intimate get-togethers while the wife of Mackie’s character (played by Nicole Beharie) is free to have flings of her own.

From there, the season gets messier. "Smithereens" centers on a disgruntled driver for a taxi app (Andrew Scott from Sherlock and Fleabag) who kidnaps a young tech worker (Damson Idris) at gunpoint. He doesn’t want money or anything luxurious; his only demand is to speak to the head of a massive social network company (Topher Grace). The episode plays out like a modern Dog Day Afternoon, where the hostage situation gets worse by the minute. But even though Scott and Idris deliver some solid performances, the emotional climax lands without any impact.

Black Mirror

The taxi driver blames himself for the car accident that killed his wife, because he couldn’t help but check a notification from the Twitter-like social network Smitheeren. It’s meant to be a commentary on our dopamine-driven social media addiction, something that’s brought up directly when the driver and CEO finally get to chat. But there’s not much for either character to do: All the driver does is unburden himself, and the CEO just has to listen. He half-heartedly mentions that his social network wasn’t meant to be so addictive and attention-sucking, but that’s hard to take seriously when he’s a billionaire in a robe on a week-long silent retreat. (That’s a nod to the vacation preferences of Twitter CEO Jack Dorsey and plenty of other Silicon Valley elites.)

"Smithereens" juggles some interesting ideas, especially once we start to see how a powerful social network could quickly learn more about people than the police through digital eavesdropping. But the episode ultimately feels like a turgid morality play. My God, we’ve forgotten how to be bored!

The Miley Cyrus episode rounds out the season, but aside from the surprising nod to Nine Inch Nails, it plays out exactly like you’d expect for Black Mirror. A lonely high school girl (Rachel, played by Angourie Rice) finds comfort in pop star Ashley O’s music and personal robot toy, Ashley Too. But it turns out Ashley O doesn’t appreciate her aunt’s domineering management style over her career. After they fight, she’s placed into a coma, giving her aunt the chance to create a virtual Ashley O that’ll be completely obedient. As a plus, the virtual pop star will be able to play concerts all over the world simultaneously without ever getting tired.


It’s up to Rachel, her punk rock sister Jack and a self-aware Ashley Too to put a stop to the evil aunt’s plans. Yes, it’s as fun and silly as it sounds, but at least the episode springs to life during its action-packed finale. Before that, it’s just covering the same territory we’ve been over before: the isolated teen with a messy family life, the disgruntled pop star who wants to create something more artistically fulfilling. At best, the episode hints at what’s possible with true virtual pop stars, something we’re beginning to see with the likes of Hatsune Miku. But beyond that, it feels like an excuse for Charlie Brooker to create something akin to an ’80s Amblin film, with teens taking on an evil music manager.

Here’s the thing: These aren’t necessarily bad episodes of television. But like I said last season, they don’t live up to Black Mirror’s legacy of cultural criticism. And that’s going to be a problem for the series now that it’s seeing more competition from shows like Jordan Peele’s Twilight Zone reboot. Once again, the fix seems clear: Brooker needs to get some more writers on board, so Black Mirror finally gets some fresh ideas.

Images: Netflix

from Engadget

Some sage security advice after Radiohead’s unreleased music hack


Bad news: Radiohead was hacked.

Last week, a hacker stole the band’s lead singer Thom Yorke’s private minidisk archive from the band’s third album and subsequent major worldwide hit, “OK Computer.” The hacker demanded $150,000 or they’d release it to the public.

Stuck between a ransom and a hard place, Radiohead released the tapes themselves.

The recordings were “never intended for public consumption” and “only tangentially interesting,” the band said in a post on Facebook. But “instead of complaining – much – or ignoring it, we’re releasing all 18 hours on Bandcamp” in aid of Extinction Rebellion, a climate change group.

Until the end of the month, the stolen recordings will be available for £18 ($23).

There is, though, a lesson to be learned. Holding files for ransom is more common today than ever thanks to ransomware. The event isn’t too dissimilar from a ransomware event. Pay the ransom or lose your files — or worse, have them spread all over the internet. That’s a business’ worst nightmare. We’ve seen ransomware destroy the computer networks of some of the largest companies around the world, like Arizona Beverages, Norsk Hydro and shipping giant Maersk. Ransomware is now a multibillion-dollar business, and it’s growing.

But in any ransom-type situation, the FBI has long told victims of ransomware to never pay. Security experts agree. Simply put, you run the risk of losing your files even if they pay the demand.

ProPublica recently found that even some of the largest ransomware recovery companies are quietly paying the ransom — and passing on the costs to the victim — with mixed results. In many cases, paying the demand failed to recover the files.

If there’s one takeaway from the Radiohead hack, it’s never pay the ransom. Better yet, plan for the worst and have a backup just in case.

Two years after WannaCry, a million computers remain at risk

from TechCrunch

A pirate-fighting sailor wants to lasso and tow a 125-million-ton iceberg from Antarctica to solve South Africa’s water crisis



A South African mariner is pushing for an unusual solution to Cape Town’s water shortage: kidnapping an Antarctic iceberg.

Nicholas Sloane, a 56-year-old sailor who helps rescue stranded ships, wants to use supertankers to lasso a piece of floating ice in Antarctica and tow it all the way to Cape Town, according to Bloomberg Businessweek.

The ideal iceberg, he said, would measure 3,281 feet long, 1,640 feet wide, and 820 feet deep. It would weigh 125 million tons — enough to "supply about 20% of Cape Town’s water needs for a year," Sloane told Bloomberg.

His proposal is to drag the captive iceberg more than 1,600 miles — a trip that would take between 80 and 90 days.

"If you’d asked me 10 years ago, I probably would have said this was crazy, but now the time is right," Sloane told Bloomberg.

Water-use quotas are still in place in Cape Town

Sloane has fought armed pirates, salvaged a capsizing cruise ship, and rescued penguins drenched in fuel from a shipwreck, Bloomberg reported. But during Cape Town’s crippling water shortage, which started in 2015 and ended last year,  Sloane said his family struggled.

Last year, drought conditions in Cape Town got so severe that the city worried it would run out of municipal water entirely. During that time, each household was allowed a daily quota of 13 gallons of water per person for necessities like washing, showering, and drinking. That’s less than one-quarter of the the average American’s daily water consumption.

"That’s enough to fill less than half a tub," Sloane told Bloomberg. "My wife used to take a bath every night a shower every morning. She told me, ‘You’d better do something.’"

In the end, Cape Town’s water stores were not completely emptied, thanks to heavy rainfall and strict water-use restrictions. But residents like Sloane’s family still face water quotas: Now they get a slightly higher 18 gallons of fresh water per person per day.

South Africa fresh water drought

For many South Africans, that’s not enough to return to normal-feeling life — and that’s where Sloane’s icy caper comes into play. 

Sloane will tow the iceberg with a 2-mile-wide net

Sloane has recruited a team of glaciologists, oceanographers, and engineers to help him make his iceberg-towing vision a reality. He’s calling the initiative the Southern Ice Project.

The team’s first step would be to use satellite data to find a berg of the desired shape and size. Once a suitable iceberg is selected, Sloane wants to ensconce it in a giant net, which would be about 2 miles wide and 60 feet high. The net would cost about $25 million and be made out of naturally buoyant ropes that could resist cold temperatures and high friction, Bloomberg reported.

This giant net would get wrapped around the 125-million-ton iceberg iceberg like a belt. Then Sloane would use two supertankers to pull the berg through choppy seas with winds reaching 80 miles per hour.

By the time the supertankers made it to Cape Town, the iceberg would have shrunk by about 8%. Of course, there’s no guarantee that the berg wouldn’t break up and float away at some point during the journey.

If all were to go well, though, the iceberg would get moored off Cape Town’s coast using an 800-ton, $22-million skirt. (This would envelop the berg’s base to protect it from salt-water erosion in the Atlantic.) Then machines would harvest semi-melted glacier water and transport it to land, where it would get fed into the municipal water system.

Sloane said the iceberg could contribute to the city’s water supply for a year before breaking down.

In total, the project is estimated to cost $200 million, and Sloane has secured funding from two South African banks and a Swiss water-tech company. He has also contributed more than $100,000 of his own money to the project.

But Tad Pfeffer, a glaciologist, told Live Science that the price tag means "economically, it’s probably not all that good an idea, except in dire emergency." 

An nearly endless source of fresh water

An iceberg floats near Orne Harbour, Antarctica

The Antarctic Ice Sheet extends almost 5.4 million square miles — about the area of the contiguous United States and Mexico combined. The Antarctic and Greenland Ice Sheets combined contain more than 99% of the world’s fresh water.

Every year, more than 100,000 Antarctic icebergs slough off the ice sheet and melt into the ocean. These bergs are often hundreds of times bigger than their Arctic counterparts, and have steep sides and a flat top, much like a tabletop. That makes them more stable and easier to tow, relatively speaking. 

Worldwide, 2.1 billion people lack access to safe drinking water, according to the World Health Organization. So  investors and innovators see icebergs as a potential source of fresh water that can be harnessed.

south africa drought

In fact, Sloane’s project is not the first of its kind. In 2018, an engineering firm in the United Arab Emirates proposed a similar iceberg-towing initiative for Dubai. That venture has yet to get underway, but private investors have put $60 million behind the project, according to NBC.

Read More: An engineering firm wants to tow icebergs thousands of miles from Antarctica to quench the driest areas of the world

"I promise you, the water situation in some parts of Africa is getting worse all the time. It’s certainly not getting better," Sloane told Bloomberg, adding, "20 or 30 years from now, I think towing icebergs will be a regular thing."

SEE ALSO: In a lost lake 3,500 feet under the Antarctic Ice, scientists just found the carcasses of tiny creatures

Join the conversation about this story »

NOW WATCH: A 1.1-trillion-ton iceberg broke off Antarctica, and scientists say it’s one of the largest ever recorded

from SAI

Mysterious Massive Anomaly 5 Times Bigger Than Hawaii Discovered On The Moon And Scientists Don’t Know What It Is

Mysterious large mass discovered on Moon bewilders scientists: 'Whatever it is, wherever it came from'

iStockphoto / Kevin Wells

There is something extremely heavy on the moon. The massive anomaly is gargantuan and scientists don’t know for sure what it is. I’m not saying it’s aliens, but…

Researchers at Baylor University in Texas discovered the bewildering anomaly because whatever lies beneath the surface of the moon actually altered the gravity of the area. The scientists were measuring the strength of gravity around the moon and one specific area was extremely dense.

The researchers used data from NASA’s Gravity Recovery and Interior Laboratory (GRAIL) mission, which set out to create a gravitational map of the moon. The gravitational map provides scientists with an idea on how dense or how hollow below the surface of the moon is.

In their paper, published in Geophysical Research Letters, the scientists also utilized topographic information taken from the Lunar Reconnaissance Orbiter.

The team’s research point to a huge mass that is at least 180 miles beneath the moon’s surface. The unknown material in the massive anomaly is so heavy that it pulls down on the moon’s surface and affects gravity in the area.


“When we combined that with lunar topography data from the Lunar Reconnaissance Orbiter, we discovered the unexpectedly large amount of mass hundreds of miles underneath the South Pole-Aitken basin,” the study’s lead author Dr. Peter James said. The mass anomaly is weighing the basin floor downward by more than half a mile according to James.

This color-coded map from NASA displays the topography of the far side of the moon, specifically the South Pole-Aitken (SPA) basin. The warmer the colors the higher topography and the shades of blue colors indicate a very low topography.

This false-color graphic shows the topography of the far side of the Moon. The warmer colors indicate high topography and the bluer colors indicate low topography. The South Pole-Aitken (SPA) basin is shown by the shades of blue. The dashed circle shows the location of the mass anomaly under the basin.

NASA/Goddard Space Flight Center/University of Arizona

South Pole-Aitken basin is believed to have been created approximately 4 billion years ago. At 1,600 miles wide and 8.1 miles deep, the SPA is the largest preserved crater in the solar system. Oddly, the Chinese lunar explorer Chang’e 4 landed in South Pole-Aitken basin in January.

James called the basin “one of the best natural laboratories for studying catastrophic impact events, an ancient process that shaped all of the rocky planets and moons we see today.”

While scientists don’t have a definitive answer as to why it is so heavy around this area, they have several theories. Unfortunately, a space station is not one of them.

“One of the explanations of this extra mass is that the metal from the asteroid that formed this crater is still embedded in the Moon’s mantle,” James said.

Computer simulations found that under the right conditions, a large asteroid with an iron-nickel core of an asteroid may have smashed into the moon and created the crater. The asteroid went so deep that it deposited the iron-nickel into the moon’s upper mantle, which is the layer between the crust and core.

“We did the math and showed that a sufficiently dispersed core of the asteroid that made the impact could remain suspended in the Moon’s mantle until the present day, rather than sinking to the Moon’s core,” James said.

“Imagine taking a pile of metal five times larger than the Big Island of Hawaii and burying it underground,” James explained. “That’s roughly how much unexpected mass we detected.”

Another scientific hypothesis for the unexpected mass is that there is a concentration of dense metals that were compiled following the last stage of lunar magma ocean solidification billions of years ago.

Know what another possibility is? An alien base. What if someone is building a Death Star from the inside-out of the moon?



The best coding kits for children


If you want to try to get your kid into coding as young as possible, then Cubetto is the best place to start. It’s appropriate for children as young as three — which is largely because it strips the concept of programming down to its absolute basics. Oh, and there are no screens in sight. Cubetto is controlled entirely by putting colorful shapes in a wooden block that sends instructions to a smiley little robot. There are even Adventure Packs available that come with a play mat and a storybook to help put the core concepts in context.

The best educational coding kits for kids

tech will save us

from Engadget

JPMorgan’s chief data officer wowed CEO Jamie Dimon with a video depicting the bank’s databases as a solar system. It set him up to lead one of largest Wall Street data projects.


Rob Casper JPMorgan

  • As JPMorgan’s chief data officer, Rob Casper is involved in one of the largest data projects on Wall Street today.
  • His role, and that fact that it even exists, shows how important data is to Wall Street’s plans to hold on to customers and markets, despite the generational upheaval being brought about by technology.

Rob Casper stands up and takes a piece of laminated paper from behind his desk.

Standing in his 39th floor office in JPMorgan’s glass-walled midtown Manhattan headquarters, the bank’s chief data officer wants to make a point.

The card he holds lists iterations for the name of Long Term Capital Management, the hedge fund that collapsed more than 20 years ago. Full or partial acronyms, hyphens between different words, three- and four-letter abbreviations of the same word. The different titles take up the card’s front and back.

They’re just a sample of the names that Casper’s former firm, Morgan Stanley, used to refer to the hedge fund in its computer records, making it difficult to calculate how much the bank might lose in 1998 after Russia’s debt default sent the fund spiraling down. Wall Street bailed out LTCM in part because each firm didn’t know how much it would lose.

"You’d come in one day and say we found another $50 million in exposure, and your bosses would say, ‘Why didn’t you see this earlier,’" Casper said. "And the reason was, in this case, management was spelled ‘MGT,’ instead of ‘MGMT’ or ‘management’ in other places."

Read more: JPMorgan is in the middle of a ‘massive process’ of cleaning up thousands of databases, and it’s hoping to unleash AI once it’s finished

The experience proved formative for Casper, and laid the foundation for the work he’s now doing at JPMorgan. In what is one of the largest data projects on Wall Street today, Casper is consolidating the bank’s data architecture across hundreds of thousands of databases acquired during decades of acquisitions. He’s working with the firm’s machine-learning experts to clean the data and make it easier to use. And he’s developed a system of governance around how new data gets handled.

His role, and that fact that it even exists, shows how important data is to Wall Street’s plans to hold on to customers and markets, despite the generational upheaval being brought about by technology. In the coming years, the ability to find signals in the reams and reams of information owned and collected by banks may mean the difference between the industry’s winners and losers.

Rob Casper JPMorganCasper brings an unlikely background to the task. He started his career as a lawyer, at Cravath, Swaine, and Moore, the white-shoe law firm, representing the International Swaps and Derivatives Association on derivatives matters. Three years later, he joined Morgan Stanley, where he stayed until 2014. A stint as GE Capital’s first data chief preceded his 2016 move to JPMorgan. He has no technical training.

"I like the methodical approach that good data governance requires," he said, adding that in corporate America many people don’t take the time to address one issue before moving onto a second. "It’s really hard to execute a complex program like data governance. Thinking like a lawyer has helped in that regard."

At JPMorgan, Casper has taken a hard look at the hundreds of thousands of databases the bank maintains and begun to sort out which ones are integral to the bank’s functioning and which ones should be decommissioned. The bank maintains 390 petabytes of data storage. It would take 745 million floppy disks to store one petabyte of data.

He’s done so in a novel way. He asked staff to identify the most proximate databases for their needs, the ones they pull data from and those they send data to. Their answers will be collected and stitched together into a map of how JPMorgan’s databases are connected. He expects to see find orphaned databases that he can decommission.

In April 2018, Casper presented a video to JPMorgan’s management team to explain his work. The video shows the passage of time, starting with a cloud that looks like a solar system. As the video plays, lines begin to form between some of the stars, which grow in size and brightness. As the stars with the most links get larger, the solar system disappears into the background, leaving a network of connected stars linked by brightly colored lines.

The stars are databases and his video serves as a representation of how they communicate. CEO Jamie Dimon and copresident Daniel Pinto immediately got it, Casper said.

Read more: A subtle shift is underway at JPMorgan, and it illustrates Amazon’s influence on the Wall Street giant

That’s given him the budget and mandate to pursue what might otherwise seem rather mundane.

But its effect on JPMorgan may be huge. Shutting down databases ticks a number of helpful boxes: It saves money that was going to maintain them, improves customer-data safety by shrinking the number of hacker targets, gives the bank more control over its tech infrastructure, and helps to quickly identify and fix outages, according to Casper. JPMorgan spends nearly $11 billion a year on tech, and any money it can save could fall to the bottom line or be reinvested in innovation.

It also means wrangling the data into a form that can more easily be used for artificial intelligence and machine learning initiatives, he said. Casper is already working with Manuela Veloso, who heads the bank’s artificial-intelligence research. And he’s planning to design a search function for employees (a prototype already exists) to more easily query JPMorgan’s databases.

Read more: Credit Suisse’s CTO says that AI could create huge opportunities on Wall Street and that banks haven’t even scratched the surface

Rob Casper JPMorgan"Everybody loves artificial intelligence and machine learning, but without good data governance the benefits are likely compromised," Casper said, referencing the Wall Street buzz around AI and the promise of using it to predict client trades or future deals. "You need to make sure you have the best data for your machine-learning efforts to be successful."

One downside of shrinking the number of databases is that it makes those that remain more important, and increases the risk if one of the key databases goes down, Casper said.

More broadly, he’s established a governance framework that involves 51 taxonomies for the bank’s data. Employees are now applying those taxonomies and English words to databases, replacing what may seem like random numbers and letters with easily understood descriptors. They’re also examining hundreds of applications across the bank to ensure that the data they’re using matches up with the reference data.

It all goes back to an approach Casper developed at Morgan Stanley. He finally came up with a way of keeping all those LTCM accounts straight, taking steps to boil them down to a common denominator: the legal entity. The framework categorizes third-party account relationships, organizing legal entities into corporate hierarchies based on greater than 50% ownership, and can then be expanded to look at the people tied to those entities, as well as security issuers, derivatives or other product types, or vendor relationships.

The approach proved so groundbreaking that Casper and Jeff McMillan, now Morgan Stanley’s chief analytics and data officer, received a patent for their work, called "system and method for managing financial account information."

The model allows banks to more accurately measure their exposure to trading counterparties, as in the LTCM example. It also makes it easier to share information about an entity with various business units, removing some of the friction from the on-boarding process. And it makes complying with regulations easier since some authorities demand an ability to trace data from a specific cell in an Excel model back to its original source, while others expect lenders to monitor their international clients for anti-money-laundering controls.

"It was anything but rocket science; it was literally just having a very disciplined data model around legal entities and their relationship to each other," Casper said. The approach has "truly stood the test of time."

Join the conversation about this story »

NOW WATCH: WATCH: The legendary economist who predicted the housing crisis says the US will win the trade war

from SAI