NCFA Canada | Craig Asano | Aug 10, 2018

FINTECH FRIDAY$ (ep.4-Aug 10): Importance of Smart Contract Safety Nets

Host: Manseeb Khan, NCFA, Fintech Fridays show host

Guest: Amy Wan, Founder & CEO, Sagewise

About this episode: On this episode, our host Manseeb Khan sits down with LA legal tech entrepreneur Amy Wan, the CEO/Founder of Sagewise, a smart contracts dispute resolution startup. They talk about why smart contact safety nets are important, the bridge between legal tech and fintech and how Amy closed out her seed round while being pregnant. Enjoy!

Join NCFA's weekly Podcast series 'FINTECH FRIDAY$' where we sit down with the incredible people in the Fintech community and talk about leading fintech products innovations developments and challenges!

Subscribe and tune in each Friday to check out the latest movers and shakers in fintech.

Listen to more Fintech Fridays podcasts here

Transcription of Interview

Manseeb Khan: Hey Everybody Manseeb Khan and you are tuning in to NCFA newest show Fintech Fridays. Today we have an amazing guest. She's a rock star in the industry. Ladies and gentlemen. Amy Wan is with us today. She's the CEO of Sagewise Amy thanks so much for making it.

Amy Wan: Thanks for having me.

Manseeb Khan: I just want to let you just closed out your seed rounds. I know you're super busy. I just want to thank you again for taking time out of your super busy day to make time for us.

Amy Wan: Of course of course. Anything for you guys. And honestly you know we were grateful for the exposure.

Manseeb Khan: So I guess for the listeners. Could you give us this like a minute of who you are, what you are and a little bit more of what Sagewise was.

Amy Wan: Sure I'll explain a little bit about myself and the company. So, I am a legal tech entrepreneur. I'm based in Los Angeles California. You know start off my career working for the federal government in international regulatory affairs and then was general counsel at a real estate crowdfunding platform. Then a fintech lawyer and law partner at a law firm that basically I'm rules. I'm a securities transactional attorney by training and started seeing that there was a huge issue in the block chain and smart contract industry. You know in early 2017 there were lots of ICO's that you know every other week were getting hacked and losing several millions of dollars. And I thought wow this is a huge gap in the ecosystem. Someone really needs to build dispute resolution infrastructure to handle these gaps otherwise there's no transactional competence or certainty. And so that's you know what we do now we build a safety net for smart contracts. The name of the company is called Sagewise and you know we just closed our seed round and are looking forward to launching the full platform later this year.

Manseeb Khan: I work with startup and I know how stressful it could be closing out a seed round I guess. Could you talk about the feeling or like the immense joy or the most just sigh of relief that you felt finally closing at.

Amy Wan: Well we are very relieved to finally close it. But at the same time this just means there's more break right now. Now we must sit-down concentrate building out the product and getting traction. The seed round I will say though was it was not easy right. And for a couple of different reasons one is because you know at the very beginning we had to decide to do we want to go out there and tokenized right away or do we want to do it more or more traditional equity round. And we decided to do the latter because in late 2017 when we were making this decision I went out and talked to couple crypto whales and they were really looking for you know instant liquidity and massive discounts. And I thought to myself. Man, I don't think these people are investors they're not true believers. They're not going to be great partners. They are speculators who want a quick flip and we really didn't want that kind of capital infusion into our company. The second thing is just that you know block chain is a technology. But for some reason this industry the space comes with a lot of philosophy. You know there's a lot of people in the crypto community who are like oh you know decentralized everything and immutable everything. There's a lot of philosophical dogma behind what blocking technology should be which I think clouds not only the industry but also the investment thesis within the industry. And so, we've found that when we went out to investors we needed to quickly determine what their philosophy if any was. Before we pitched them because there were certain people who were just not going to like you know what we were doing. And the third thing was just you know personally I was pregnant slash had a baby in the middle of raising around. And so that was that was you know a great personal challenge.

Manseeb Khan: Wow that's incredible. So, I just talk a little bit more about what is the life transition like from being a lawyer to an entrepreneur like those are in a sense to different wheel houses what they do have similarities. Would you say being a lawyer and now a new mom has a helped in your entrepreneur career.

Amy Wan: Oh absolutely. I mean so being a lawyer you know especially having a bit of a background in capital markets and structured finance I think that helped me to make the determination of what kind of capital we wanted. Right. We weren't just trying to go out and raise several millions of dollars. And sell away the entire company or get investment that weren't necessarily strategic in our seed round. We've vetted every entrepreneur that invested every investor that put capital in and we took money. Always is for a very specific reason and then you know in terms of being a mom man it's made me become super-efficient rights because I you know I'm where a lot of hats nowadays great but also it's liberating in some sense because you know when we first came up with the concept I thought my God we have a huge thing here. It's a very inspirational. But it could be potentially very lucrative. But it's also very hard, very difficult. And I think when I found out I was pregnant I think kind of be the chains came off a day. I felt a bit liberated because I was like Now I'm a pregnant female minority founder. There's not much of a worse position to be in. And so, I feel like I've got nothing to lose. Let me just like go for as opposed to why you should try and tone this down a bit and have a more realistic goal.

Manseeb Khan:] Yeah that’s great way to look at it because I guess a not a lot of people would see that because it's like oh wow. I'm now going to be a mom on top of everything else. Fantastic that's the best the odds are out against me. That's wow.

Amy Wan: I couldn't even imagine. Oh, it's been. It's been very interesting although I'm very lucky.

Manseeb Khan: I'm I bet.

Manseeb Khan: Sooner or later you can have your little one just running around handing out t-shirts and giving out business cards.

Amy Wan: Oh totally, free labor.

Manseeb Khan: Exactly. You touched a little bit on smart contracts and why they're important. Could you I guess get a little bit more in depth of I guess letting the audience understand the limitations of when it calls smart contracts. If there's a dark side to smart contracts and how everyone should have like you a realistic view when it comes to this.

Amy Wan: Absolutely so. So, you know there's a lot of hype around smart contracts today biting to effectively reward them and use them. You must always understand the tool that you're using. And so, you must really understand limitations behind smart contracts as well. And so those limitations are just as if you're working with a traditional attorney right. The smart contract that your smart contractor opera creates for you. It's only as good as the code just as when you're using an attorney to contract that they draft for you. It's only as good as a lawyer who has drafted it right. And so, your smart contract you know it may have coding errors it may have a security vulnerability you may need to amend, modify, or terminate smart contract these on changing situations, right? because code is static that human beings’ human situations are not. And finally, you may have genuine disputes or how smart contract executed. And so those who were kind of the gaps that we saw going into this space in late 2017. And so, we're really trying to solve for those gaps because even if you have a great smart contract developer that's your first level of defense then you may have a great summer contract security auditing company. That would be your second level defense. But those two are not good enough were really your third level of defense were the safety net. Right. And what we're really doing is building dispute resolution infrastructure. So that you can freeze execution of the smart contract and have the luxury of time to resolve those coding errors or those amendments or to resolve those disputes before it gets written onto the boxing forever and make up may cause more problems in the future. We're on our mission really is to go after basically a transactional confidence and certainty problem today because basically today cryptocurrency investors apparently seem fine with randomly losing value. Right. And that's just not good enough for the mainstream audience to really get this technology to go mainstream. People need to feel confident that to the extent that they're using tech the technology they will be able to get out of it what they really intended. Just like you know how in the early 90s you know people were afraid of buying things online because they weren't sure if they'd get the widget. But once eBay, PayPal and Ali Baba and Amazon put into place reputation systems dispute resolution mechanisms than people are like OK I'm not going to get it, so I don't mind buying it online.

Manseeb Khan: Yeah, totally agree I think it kind of goes back to what we talked about moments ago when I was a crypto wale right. Like they really want this super liquid pump and dump kind of system because they're not really worried about losing or they're oddly okay with losing all the money because they know there's 15 businesses lined up that can do the exact same process and make up the margins or whatever. And for that to go mainstream it's really hard to build an economy based on the right if everybody's just super willing to lose money and not really going to make money on it.

Amy Wan: Yeah absolutely. I mean transactional cost and certainty is I think a key thing in any sort of ecosystem you're trying to build. Right. If you're trying to build a new economy that people can't transact or they don't have confidence that the transaction will go through or that they'll get what they intended to get. You know what good is that system.

Manseeb Khan: Why is it important for Fintech entrepreneurs to understand the bridge between legal tech and Fintech?

Amy Wan: Yeah sure. You look legal infrastructure power. You know I think maybe unbeknownst to a lot of people really power is so much of how financial transactions and economy works. Right. If you don't have good legal infrastructure people don't. There's just no confidence there in the entire ecosystem. And so, I think that's just crucial in general. You know the beautiful thing about smart contracts is in some aspects they can act as usual escrow. And in other aspects because they do execute automatically you know your kind of alleviating some of the trust issues there. So, for example if we look at a real-world example cross-border trade today or even cross-border finance right oftentimes you may be dealing with a party that you've never met. You don't know. You're never going to be able to track down. And so, if you do this transaction via a smart contract it can alleviate a lot of trust issues. I talked to you know a guy at the State Department a couple of months ago and he was telling me that upwards of you know 35 percent of international you know cross-border transactions end up in dispute but are never resolved because of the cost of resolving those disputes is just not feasible. Often you are you might be agreeing to jurisdictional law in New York or China and who knows what that law is right. That's a that's a huge concern and it eats up a lot of transactional costs and a lot of you know brainpower when you're trying to do business internationally. So, I really think that smart contracts offer a great potential solution here.

Amy Wan: But at the same time for everything that goes wrong because you know late in life lots of things go wrong you still really need a safety net and you know the STK that we are creating that it's part of the infrastructure that we're creating that is basically like an arbitration clause in code form. We take it you plop it into your smart contract and it anything is going wrong. Hey, you still have a backup solution because there's no way that your smart contract developer or our auditing firm is going to be able to code out everything that might possibly happen. You know human beings are just far too imaginative far too creative. Right. And things just happened that you never would have thought about. And so, you know for everything that you can't code into the smart contract you know we're there to basically provide a catchall almost insurance type solution.

Manseeb Khan: Aside from arbitration what how else do you see smart contracts being further implicated in both spaces?

Amy Wan: Sure as far as the legal profession and legal tech. I indeed think smart contracts will become increasingly used and get more adoption. But you know the funny thing is less than 2 percent the population can read code and smart contracts are basically there are agreements to perform written in code. And so, I think lawyers are going to have to start getting a lot wiser in how they're going to deal with this. Right. Even if they can't read code they have to find some way to facilitate understanding what is said in a smart contract and how it can execute. Otherwise there are going to be doing a big disservice to their clients on the tax side. There's already a lot of applications out there today that are trying to block Shane and Smart contract technology. And you know if I were to give any sort of advice for your listeners it is you know make sure you really understand the limitations of the technology because you know if you're just going out and using this technology willy nilly without really understanding it can cause more problems for you. Future.

Manseeb Khan: That makes total sense it's like a little kid with a handgun. Absolutely yes. I go for full disclosure I'm part of the 98 percent can't read code, the minute I see on screen. I walk the other way I'm like no that's fine because you're in the majority.

Manseeb Khan: Yeah super intimidated. It's OK. While the lines moving so fast? Why is there words and numbers were going on?

Amy Wan: But that's a problem right because if not she goes mainstream. But it is right now it's largely the domain of you know computer science geeks and basically you know the less than 2 percent of the world population. That's a problem. And I think one big issue in this space is creating a user-friendly interface like no one goes around saying Oh I use TCAP IP technology. No, they just they use the Internet. Right. They use. There's been a lot in the past few decades` have been done around creating user friendly interfaces. When you are using blocking or smart contracts had that technology you should not know that you're using blocking or smart contract technology. It should be that simple.

Manseeb Khan: Companies like you and other companies that are making block chain making crypto and making all these new markets a little bit more understandable and a lot more I guess user friendly when it comes to understand and code understanding what it is how is implemented and what they're really trying to build.

Amy Wan: Completely agree. You know I've heard stories where you know there is an ICAO launching that has a smart contract and the way a smart contract is coded. It is not reflective at all of what the company has said publicly it's not reflective of the white paper because the developer is developing it had not talked to the business team. Right. And so, deficit that's a big disconnect there. And it's a problem that needs to be solved.

Manseeb Khan: That I totally agree with, what you're saying or what you're doing is not matching up. That's not. Not a good way to run a business. What would be your advice and golden nuggets that you would know you'd love to share to our listeners

Amy Wan:] Yeah, I mean I think all this technology present certainly presents a lot of potential. But you know the pace at which the stuff is evolving is literally it's on a day to day. Right. And so, for those who were interested I would say follow the conversation closely please. Engage as well because I think right now this space is dominated by a lot of technologists who come with a lot of philosophical dogma about how the space should be, but I don't necessarily think everything has to be decentralized. Everything must be immutable. And I think if we get input from more business people, more people from the real world more people with real experience in things like financial services and FinTech. I think that will had very richly to come to the conversation to make this technology usable by real people.

Manseeb Khan: Yeah, I totally agree. I don't it’s kind of scary that a lot of people have the burn the world mentality and let's rebuild a new one that's oh boy.

Amy Wan: And we'll see what happens.

Manseeb Khan: Yeah exactly. We'll see what happens. All right. Amy thank you so much for taking time out of your extremely busy schedule. It means so much for me for you to sit down with us and talk to us and to share your vast legal knowledge when it comes to Block chain.

Amy Wan: Yeah. Thanks so much for having me.

Manseeb Khan: All right take care. I can't wait to have you again when you close out Series A and when your kids start handing out t shirts and business cards.

Amy Wan: Awesome I'll let you know when that happens.

End of Podcast

The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org

Citi’s Top 10 Insights on Cross-Border Payments 2023

September 26, 2023

Report Insights | Sep 26, 2023 Dive into Citi's illuminating insights on the transformative landscape of cross-border payments for 2023 Based on the Citi's latest "Global Perspectives & Solutions:  Future of Cross-Border Payments" report September 2023, here are 10 of the most insightful thought leadership points, statistics, or facts and figures that would be of interest to fintechs and banks. The report is the culmination of insights gathered from prominent market infrastructure specialists both inside and outside of Citi, as well as from FinTechs and a broad spectrum of banks spread across four continents. Additionally, it encapsulates the primary discoveries from an exclusive survey conducted among over 100 financial institutions affiliated with Citi. See:  Understanding the Impact of Blockchain on Banking: Cross-Border Payments 1. Cross-Border Payments Inflection Point The world of cross-border payments is at a pivotal moment. As new competition and technologies emerge, there will be winners and losers. All players must adapt to maintain and grow their market share. 2. $250 Trillion Opportunity The value of cross-border payments is projected to reach $250 trillion by 2027. This massive growth presents a significant opportunity for both traditional banks and fintechs. 3. Market Share Shift to Fintechs Over 40% of ...

Read More

OSFI’s Evolving Focus on Integrity & Security

September 26, 2023

Regulatory Insights | Sep 26, 2023 OSFI Superintendent Peter Routledge recently delivered a keynote speech at the Global Risk Institute Annual Summit, highlighting the organization's evolving approach to risk management, particularly in the areas of integrity and security. Evolving Mandate Historically, OSFI's primary focus has been on prudential, financial risks, especially post the 2008 global financial crisis. This included aspects like leverage ratios, reserve capital, and liquidity. However, the growing prevalence of non-financial risks, such as those arising from climate change, digitalization, institutional culture, and geopolitical risks, has necessitated a broader approach. See:  OSFI and GRI report: AI in Finance Needs Safeguards, Explainability Key For Trust OSFI's mandate has recently undergone changes, emphasizing the importance of integrity and security in promoting confidence in Canada's financial system. Non-Financial Risks A Growing Concern While financial risks remain a significant concern, non-financial risks, if unaddressed, can manifest as prudential risks. Risks like climate change, digitalization, and institutional culture, although primarily non-financial, can have substantial prudential impacts. Geopolitical risks are becoming more prominent and can expose Canadian financial institutions to vulnerabilities. Addressing Threats to Integrity and Security The Government of Canada modified OSFI's mandate in June, emphasizing the supervision of federally regulated financial institutions ...

Read More

Luge Capital Secures $71M in Second Fund’s First Close

September 26, 2023

Capital | Sep 26, 2023 Luge Capital, a trailblazer in fintech-focused venture capital, has unveiled a significant milestone: the first close of its second fund, Luge Capital Fund II, amassing CA$71 million. MONTRÉAL – September 26, 2023 – With an ambitious target of $100 million for the fund, this announcement is set to reverberate across the fintech investment landscape. Since its launch in 2018, Luge Capital has been synonymous with innovation, backing early-stage startups in Canada and the U.S. that are led by transformative founders. Their inaugural fund of roughly $85 million saw investments in 21 pioneering companies, including standout names like Flinks, Plooto, and Owl. The second fund promises to be even more impactful. Not only will it continue the legacy of its predecessor, but it's also broadening its investment horizons. Luge is setting its sights on verticalized fintech startups that intersect with major industries and is also venturing into the realm of ESG-focused fintech startups. See:  Browse AI Secures US$2.8M Seed Funding: Vancouver Tech Startup’s Success Several prominent investors have returned, such as CDPQ, Desjardins, BDC Capital, and Sun Life, showing their continued trust in Luge's vision, while simultaneously attracting new investors such as  Inovia Discovery Fund I, ...

Read More

Hear, Speak See No Evil: ChatGPT’s Latest Features!

September 25, 2023

AI | Sep 25, 2023 OpenAI Announces that ChatGPT Can Now Speak and Listen & Process Images.  New Features to Rollout to 'Pro Customers' Within 2 Weeks 1. The Power of Voice in Fintech Gone are the days when interactions with financial platforms were limited to typed commands. With the advent of sophisticated voice technology, businesses can now offer a more intuitive and personalized user experience. Imagine querying your financial dashboard using voice commands or authorizing transactions with a simple spoken phrase. The possibilities are endless. See:  FCA’s Emerging Regulatory Strategy for Big Tech and Artificial Intelligence To name but a few checkout below and unlock your imagination: Voice-Activated Financial Assistants: From checking account balances to setting up payments, voice commands streamline operations, especially for those who prefer hands-free interactions or have accessibility needs. Interactive Financial Education: Voice interactions can make financial literacy sessions more engaging, allowing users to ask questions and receive real-time responses. Voice-Powered Transactions: With advancements in voice recognition security, the future might see us authorizing payments or transfers using just our voices. Financial Planning and Advisory: Consumers can discuss their financial goals and plans with ChatGPT, which can then provide insights, suggestions, or even generate financial ...

Read More

Aquanow Unveils the AQN Digital Ventures Fund for Nextgen Blockchain Startups

September 25, 2023

Launch Release | Sep 25, 2023 Canadian digital assets infrastructure provider, Aquanow, unveils its latest venture: the AQN Digital Ventures Fund. Aquanow Overview Founded in 2018, headquartered in Canada with offices in Toronto and Vancouver.  Aimed at pioneering digital assets investment funds for Canadians in a transparent manner.  Team strength of over 100 professionals. AQN Digital is a wholly owned subsidiary of Aquanow CEO Phil Sham has a background in traditional finance, with roles at Connor, Clark & Lunn Financial Group and CIBC. Regulatory Moves in 2022: Registered AQN Asset Management, Ltd. with regulatory authorities in British Columbia and Ontario. Aimed at pioneering digital assets investment funds for Canadians in a transparent manner. The Fund Already invested over $1 million in seven companies.  Notable investments include BoomFi and Mash. Fund valuation stands at $13.4 million CAD ($10 million USD).  Comprises individuals and entities closely associated with Aquanow, including early investors and long-standing customers (especially ventures that align with Aquanow's core business of digital asset infrastructure and liquidity). Targeting early-stage investments in blockchain technologies, payments, infrastructure, and compliance within the crypto domain. Aims to invest between $100,000 and $500,000 per venture, and plans to make one to two additional investments monthly ...

Read More

UK PRA Launches Diversity and Inclusion Consultation

September 25, 2023

Consultation | Sep 25, 2023 The Prudential Regulation Authority (PRA) has released a consultation paper, CP18/23, on 25 September 2023, proposing rules and expectations to enhance diversity and inclusion in PRA-regulated firms to improve governance and decision-making. Purpose of the Consultation The Prudential Regulation Authority (PRA) has proposed rules and expectations to enhance diversity and inclusion in PRA-regulated firms. This is believed to bolster firm governance and decision-making, aligning with the PRA's objectives. The consultation has been developed alongside the Financial Conduct Authority (FCA), which is also releasing a consultation paper on the same topic for FCA-regulated firms. See:  McKinsey Report: Diversity in Global Private Markets 2022 and Institutional Investors as Catalysts for Change The current proposals are built upon the regulators’ joint discussion paper titled "Diversity and inclusion in the financial sector – working together to drive change" which was published in July 2021. Significance of Diversity and Inclusion Diversity and inclusion are essential for effective governance and decision-making within firms, reducing groupthink and enhancing risk management. While diversity covers demographics, experience, and thought, it's the role of inclusion to ensure these diverse perspectives are actively considered, especially by leadership boards, fostering a culture that values and encourages varied ...

Read More

SEC Intensifies Probe of Wall Street’s Use of Messaging Apps

September 25, 2023

Regulatory Insights | Sep 25, 2023 The U.S. Securities and Exchange Commission (SEC) has intensified its investigation into Wall Street's use of private messaging applications, including popular platforms like WhatsApp and Signal. This move has raised eyebrows in the financial sector, and here's a breakdown of the situation. The digital age has brought about a plethora of communication tools, with messaging apps like WhatsApp taking center stage. However, the convenience they offer has also led to regulatory concerns, especially within the financial sector. A Hefty Price for Non-Compliance in the U.S. Recently, the SEC fined 11 brokerage firms and investment advisers for failing to monitor and preserve employees' messages on these platforms. Major financial institutions like Wells Fargo, BNP Paribas, Société Générale, and Bank of Montreal faced the brunt of these penalties who agreed to pay a staggering $549 million in fines.  The SEC's focus is on ensuring that all business communications are recorded, as mandated by their regulations and has recently required Wall Street banks to review the personal phones of top traders and executives to determine the frequency of using these platforms for business.   This has all been part of a a two-year crackdown into potential breaches of ...

Read More

The Rising Popularity of Online Casinos in Canada

September 25, 2023

Sep 25, 2023 As we delve deeper into the digital age, industries worldwide are reshaping to accommodate the surge in online activities. One such industry is the gambling industry, and the proliferation of online casinos in Canada is an ideal illustration. One of the best reflections of this shift is Ontario’s flourishing virtual gambling sector, typified by the impressive variety of best Ontario online casinos. Before hitting the bell and spinning the wheel, we will take a closer look at the world of online casinos, focusing on Canada's landscape. Understanding the Shift Life is increasingly revolving around smartphones and computers, and so are many recreational activities. As a result, more persons are choosing to play games online, including casino games. Why visit a brick-and-mortar casino when virtual gambling promises accessibility, convenience, and an equal amount of thrill from the comfort of one's home? The global pandemic significantly accelerated this shift. Many casinos had to close doors for weeks, if not months, to prevent the spread of the virus. Gamblers turned to the web out of necessity. As lockdowns were relaxed, physical casinos reopened, but many were surprised to find that players did not return in droves. It seemed the convenience ...

Read More

CEO Views on AI in Deals Amid Economic Shifts

September 22, 2023

AI | Sep 22, 2023 The world of deal-making is undergoing a significant transformation, driven by technological advancements and shifting economic landscapes. A CEO's Perspective on the Economy The July 2023 EY CEO Outlook survey reveals that US CEOs are gearing up for what might be termed a "new normal" characterized by expensive capital and heightened volatility. A striking 97% of US CEOs are preparing for a potential economic downturn in their primary market. This cautious approach is not unfounded. The US, while showing signs of a possible "soft landing" due to factors like labor market resilience and moderating inflation, still presents uncertainties. CEOs are not banking on best-case scenarios but are instead fortifying their organizations for sustainable growth. AI in Deal-Making - A Game Changer AI's role in this evolving landscape is undeniable. A significant 80% of US CEOs have either already integrated AI into their products and services or plan to do so within the next year. However, the application and benefits of AI vary. See:  Birth of the First AI-Generated Memecoin, AstroPepeX (APX) AI and ML have the potential to revolutionize the merger and acquisition process. They can make the due diligence process more efficient by analyzing ...

Read More

How to Safely and Securely Store Your Digital Files

September 22, 2023

Sep 22, 2023 Gone are the days when you’d need huge filing cabinets and boxes of paperwork. These days, most people store documents and files through digital means, either saving them directly onto their device, using external storage or uploading them to the cloud. This is much easier and saves costs on paper, but is it safe? While storing files on your computer is certainly easier, there are data security issues to consider. Not only that but having only digital copies of your documents could mean you run into issues if you ever lose your device or your storage becomes corrupted. However, there are ways you can safely store them and not have to worry. Backing Up Data One of the most important things you can do to ensure your digital files are safe is to back them up regularly. Whether you save all your files to the cloud, your device or an external storage unit, you should always back them up with at least one other copy in another location. This way, you prevent loss of data due to memory issues, lost devices or other problems. If you do run into issues with memory, it’s not necessarily the end ...

Read More