Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
How AI and Blockchain Have Changed Canada’s Business World
Guest post | Marie Fincher | Oct 26, 2018
The international business market is filled with the implementation of blockchain technology and artificial intelligence. Professionals trained in their industries fear the day when AI will be sufficiently developed to swap places with them.
Canada is a powerhouse in this regard and given the nature of government and organizational legislations already in place, pieces are slowly falling into place. With that in mind, let’s take a look at how AI and blockchain technologies have changed the face of Canada’s business world and will continue to do so for the foreseeable future.
The State of AI and Blockchain
Before we introduce the potential of these technologies in perspective to Canada’s growth, let’s clear them up a bit. Artificial intelligence represents a step towards a utopian future where people focus on personal and professional development, while automated machines do the rest for them. We see this trend in factory manufacture, web development and even GPS systems. It is most commonly seen in social media and other internet platforms in a form of a chatbot, a constantly-learning algorithm capable of customer support and rudimentary communication.
See: Cannabis & blockchain: Bad romance or a perfect match?
In terms of blockchain, the technology is widely used to track cryptocurrency exchange across the public and dark web. It was introduced in necessity and with noble intent. This initial role was quickly transcended when businesses saw the potential of tracking their own, internal data with blockchain. Soon the proverbial cloud was filled with financial documents, business reports and HR paperwork. The technology continues to provide a cleaner, quicker and cheaper way of doing business for willing participants. But how do these technologies fare in terms of Canadian economy and business industry?
AI in Canada’s Business Development
Artificial Intelligence (AI) technologies have become a mainstay in numerous industries. Things such as AR apps, chatbots and self-driven vehicles are not a thing of hypothesis anymore. Canada’s own development in that respect has received global praise, given the open nature of their dealings.
Foreign investors continue to add their contributions to the proverbial table and continue to accelerate Canada’s AI breakthroughs. With the USA and China and their continuous inward spiral, Canada is poised to emerge as the leader in terms of technological development and infrastructural expansion across the globe.
As global support continues to rise for the North American country, so does the government and union support. Canada’s lawyers association expressed their thoughts on the potential of both AI and blockchain in the country’s economic development. With this level of support, both small startups and large enterprises are encouraged to seek new innovations.
The Blockchain Aspect of Canada’s Development
Even though blockchain started as a means to track cryptocurrency exchange, its presence and potential cannot be overstated. The technology can now be applied to financial tracking, maintaining of documents as well as networking between companies. This opens the door for international partnership opportunities which were impossible only a few years ago. Canada’s numerous industries, including renewable energy, have already expressed their interest and desire for blockchain implementation.
See: How Blockchain Can Help Marketers Build Better Relationships with Their Customers
This mentality serves to prove the open-minded nature of Canada’s CEOs towards pioneering new ways of doing business. Imagine a Canada in which law enforcement, formal education and even home security are all interconnected through blockchain technologies. The safety of individual citizens as well as their professional development potential would effectively skyrocket as a result. However, such an endeavor would mean a nation-wide effort, both from government and private sectors. Whether or not this is the blockchain future we will see in the coming years remains to be seen.
What the Future Holds (Conclusion)
It’s hard to talk about the future and AI development without sounding too optimistic. Global initiatives based in Canada have already begun developing joint technology based on AI and blockchain. This tech aims to improve the business decision-making and development of the consumer loans market across Canada.
Toronto’s stock exchange has already seen a surge in popularity of blockchain when it comes to public stock trade. The aim is to have this technology present in everyday stock trade in order to streamline the processes and ensure that more exchange takes place each day. Businesses and stock owners have responded positively to this change of pace, which bodes well for blockchain in Canada’s trade scene.
See: Why FinTech needs 5G
Make sure to keep an eye out for announcements, news coverage and social media reception of Canada’s business world to AI and blockchain. No matter where you stand personally in regards to autonomous technologies in public use, fact of the matter is that Canada is leading the charge. The country has seen a spike in popularity both from overseas investors and ambitious youth ready to disrupt the industry and bring about a technological change. All that is left is to wait for the inevitable country-wide implementation of blockchain technology and AI to gauge the public interest and utility of the project.
* * *
Marie Fincher is a content writer at Trust My Paper with a background in marketing, technology and business intelligence. She frequently writes about data science, BI, new marketing trends and branding strategies. Marie gradually changed her focus from working in marketing to writing about it.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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FCA | Release | Feb 3, 2023 The Financial Conduct Authority (FCA) required firms to amend or remove 8,582 promotions during 2022 - 14 times more than 2021, a report published today shows. Social media remains a major focus for the regulator’s work in combatting misleading promotions. The FCA has worked closely with several Big Tech companies to change their advertising policies to only allow financial promotions that have been approved by FCA-authorised firms, but more needs to be done by tech companies to protect consumers. The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021. ‘Fin-fluencers’ have also been a growing concern for the regulator. Unauthorised individuals should not advise people on the merits of certain investments, as this will likely be subject to our regulations and it could lead to action being taken against them. The FCA has already acted against several social media influencers over the past year. In one case, the FCA found a director of a regulated firm using their personal profile to promote the advice of unauthorised traders ...
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Guest Post | Feb 3, 2023 Technology advancements have allowed us to improve processes and cover previously impossible areas. For example, the latest technological advances in security have enabled our homes to remain safer daily, stay one step ahead and keep our home and loved ones safe. In this blog post, we will explore the latest tech in home security so you can know which of these innovations might be helpful for your home. Garage door security Improving garage door security is relatively simple and can be achieved through a few key steps: Upgrade your garage door with a smart opener for added convenience. With a smart opener, you can easily control and monitor the status of your garage door from your smartphone. This allows you to check if the door is open or closed and close it remotely when needed. Regular checks are recommended to maintain the proper functioning of the garage door. If any issues arise, a local garage doors professional can be consulted. Add remote access controls: Many smart garage door openers can add remote access controls, such as key fobs, which allow authorized individuals to open and close the garage door without a physical key. Install ...
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Federal Judge Dismisses Unregistered Securities Class Action Suit Against Coinbase (Shares Jump 21%)
MarketWatch | Dean Seal | Feb 2, 2023 Shares of Coinbase Global Inc. rose 21% to $79.50 after a federal district judge dismissed a proposed class action accusing the crypto exchange of selling tokens that qualified as unregistered securities. The suit, filed in October 2021, alleged that nearly 80 of the digital assets traded on the Coinbase exchange fit the description of a security under federal law, and that Coinbase therefore violated the law by selling the tokens without proper registration. A New York federal judge ruled Thursday that the token buyers behind the suit have made contradictory allegations between their original complaint and a later amended complaint as to whether Coinbase actually held title to or sold the tokens, rather than just facilitate their trading on its exchange, in "an apparent attempt to evade dismissal." See: Coinbase is Cutting 950 Employees (20%) | Brother of Former Employee 10 months Sentence for Insider Trading The judge further found that the terms of Coinbase's user agreement, which state that only exchange users hold title over tokens they trade, "flatly contradict" the lawsuit's allegations. Finding that further amendments would be futile, the judge dismissed the case with prejudice. The dismissal marks a ...
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Tristram Waye for Bitvo | Feb 2, 2023 After a substantial lift in crypto, it begs the question, was that the bottom? The answer, of course, is no idea. Because bottoms are not events but rather a process. After a challenging crypto winter, the relief is welcome, but the question of whether it’s over requires some evidence. This lift might be what is known as a bear trap. Bear traps entice buyers before heading back down. On the other hand, it might be the beginning of a new trading range for bitcoin and ether. So let’s have a look at some things that might tell us about where we are and how to use what we discover. See: Is Crypto Bouncing Back, or Bull Trap? Be careful picking market tops and bottoms Jesse Livermore: “One of the most helpful things anyone can learn is to give up trying to catch the last eighth —or the first. These two are the most expensive eighths in the world. They have cost stock traders in aggregate enough millions of dollars to build a concrete highway across the continent.” So on the upside, this means picking tops, getting on the short side too early ...
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Accenture | Michael Abbott | Jan 10, 2023 A combination of well-established forces and recent developments is reshaping banking. Overview: In the absence of that revenue stream, banks shifted their focus from the totality of customers’ financial needs to isolated products that continued to generate fees. At the same time, fintech innovators burst onto the scene, awash with cheap capital and valuing scale over financial returns. Now that positive rates have returned, the constellation of banking products is drifting into a more familiar and predictable orbit. Rising rates catalyze product innovation: It will come in the form of offerings similar to that of Amazon Prime. 2023 will see a renewed focus on branches: Without in-person interaction most banks have struggled to maintain close relationships. Demistifying the metaverse: Just as mobile did, the metaverse is opening a new world of possibilities. It won’t be without risk—but banks were invented to manage risk. Culture and Talent: Talent will make ever-increasing demands on banks’ leadership. If it isn’t given its due, it will become a burning platform. See: Will Open Banking Launch in Canada This Year? Risk everywhere: As new risks emerge, banks that focus on helping customers solve their problems, rather than on collections, ...
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Fortune via Yahoo Finance | Christiaan Hetzner | Feb 1, 2023 Hypersonic flight, 3D printed humanoid robots, groceries delivered by drones, molecular biomarkers for early detection of malignant tumors Report: That's the conclusion from her annual Big Ideas report published on Tuesday by her money management firm. This 153-page deep dive attempts to handicap the potential commercial opportunities awaiting those startups and incumbents quick to embrace promising new technologies set to supplant older, obsolete ones. Wood believes companies that succeed in disrupting existing industries will experience “super-exponential growth”, lifting their cumulative value by an average annual rate of 40% in the process to reach a staggering $200 trillion by 2030. To put that gargantuan figure into perspective, the International Monetary Fund estimated last April that the size of the entire world's economy would cross the $100 trillion mark in nominal GDP terms by the end of the year. See: a16z: Big Fintech Ideas to Tackle in 2023 Forecasting winners: Instead of emphasizing spreadsheets and valuation models that often focus on short-term fundamentals like a company’s forward-year cash flow or earnings per share, her ARK Invest research team prefers a top-down analysis of what macroeconomic problems inhibit social progress before examining ...
Read More
Chainanalysis | Feb 1, 2023 2022 was the biggest year ever for crypto hacking, with $3.8 billion stolen from cryptocurrency businesses. DeFi protocols by far the biggest victims of cryptocurrency hacks accounting for 82.1% of all cryptocurrency stolen by hackers — a total of $3.1 billion — up from 73.3% in 2021. And of that $3.1 billion, 64% came from cross-chain bridge protocols specifically. Bridges are an attractive target for hackers because the smart contracts in effect become huge, centralized repositories of funds backing the assets that have been bridged to the new chain — a more desirable honeypot could scarcely be imagined. If a bridge gets big enough, any error in its underlying smart contract code or other potential weak spot is almost sure to eventually be found and exploited by bad actors. See: Do Industry Operators, Researchers, and Regulators Agree On How Big Crypto Crime Is? Double edged sword: DeFi is one of the fastest-growing, most compelling areas of the cryptocurrency ecosystem, largely due to its transparency. But that same transparency is also what makes DeFi so vulnerable — hackers can scan DeFi code for vulnerabilities and strike at the perfect time to maximize their theft. The core ...
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CNBC | Jordan Novet | Jan 31, 2023 Artificial intelligence research startup OpenAI on Tuesday introduced a tool that's designed to figure out if text is human-generated or written by a computer. Schools were quick to limit ChatGPT's use over concerns the software could hurt learning. Sam Altman, OpenAI's CEO, said education has changed in the past after technology such as calculators has emerged, but he also said there could be ways for the company to help teachers spot text written by AI. Working on solution: OpenAI's new tool can make mistakes and is a work in progress, company employees Jan Hendrik Kirchner, Lama Ahmad, Scott Aaronson and Jan Leike wrote in a blog post, noting that OpenAI would like feedback on the classifier from parents and teachers. Far from perfect: "In our evaluations on a 'challenge set' of English texts, our classifier correctly identifies 26% of AI-written text (true positives) as 'likely AI-written,' while incorrectly labeling human-written text as AI-written 9% of the time (false positives)," the OpenAI employees wrote. Our work on the detection of AI-generated text will continue, and we hope to share improved methods in the future See: How AI Is Disrupting The Web Development Industry ...
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Variety | Todd Spangler | Jan 31, 2023 William Shatner fans bought up all the shares in the actor’s forthcoming feature-length documentary “You Can Call Me Bill” in less than a week — shelling out nearly $790,000 and topping the film’s crowdfunding goal. Legion M’s equity crowdfunding round for the Shatner documentary, exploring the life and career of the beloved 91-year-old actor, as of Monday had sold out from reservation holders before the company opened the offering to the public. Within four days, the project raised $789,655 from 1,338 investors. Distribution: The documentary has a production budget of $565,101, according to Legion M’s listing. After “You Can Call Me Bill” deducts expenses to third parties for accounting, legal, marketing and administrative fees, 100% of any revenue generated will be distributed proportionally to the film’s investors until they have recouped their initial investment. Any additional net revenue after that will be split, with 33% going to shareholders and 67% distributed to the producers of the film. With the Shatner doc, fans were able to invest directly in the Shatner documentary for a minimum of $100, subject to certain SEC restrictions, and they will recoup their money before any profits are shared ...
Read More
FCA | Release | Feb 3, 2023 The Financial Conduct Authority (FCA) required firms to amend or remove 8,582 promotions during 2022 - 14 times more than 2021, a report published today shows. Social media remains a major focus for the regulator’s work in combatting misleading promotions. The FCA has worked closely with several Big Tech companies to change their advertising policies to only allow financial promotions that have been approved by FCA-authorised firms, but more needs to be done by tech companies to protect consumers. The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021. ‘Fin-fluencers’ have also been a growing concern for the regulator. Unauthorised individuals should not advise people on the merits of certain investments, as this will likely be subject to our regulations and it could lead to action being taken against them. The FCA has already acted against several social media influencers over the past year. In one case, the FCA found a director of a regulated firm using their personal profile to promote the advice of unauthorised traders ...
Read More
Read More
Guest Post | Feb 3, 2023 Technology advancements have allowed us to improve processes and cover previously impossible areas. For example, the latest technological advances in security have enabled our homes to remain safer daily, stay one step ahead and keep our home and loved ones safe. In this blog post, we will explore the latest tech in home security so you can know which of these innovations might be helpful for your home. Garage door security Improving garage door security is relatively simple and can be achieved through a few key steps: Upgrade your garage door with a smart opener for added convenience. With a smart opener, you can easily control and monitor the status of your garage door from your smartphone. This allows you to check if the door is open or closed and close it remotely when needed. Regular checks are recommended to maintain the proper functioning of the garage door. If any issues arise, a local garage doors professional can be consulted. Add remote access controls: Many smart garage door openers can add remote access controls, such as key fobs, which allow authorized individuals to open and close the garage door without a physical key. Install ...
Read More
Read More
Federal Judge Dismisses Unregistered Securities Class Action Suit Against Coinbase (Shares Jump 21%)
MarketWatch | Dean Seal | Feb 2, 2023 Shares of Coinbase Global Inc. rose 21% to $79.50 after a federal district judge dismissed a proposed class action accusing the crypto exchange of selling tokens that qualified as unregistered securities. The suit, filed in October 2021, alleged that nearly 80 of the digital assets traded on the Coinbase exchange fit the description of a security under federal law, and that Coinbase therefore violated the law by selling the tokens without proper registration. A New York federal judge ruled Thursday that the token buyers behind the suit have made contradictory allegations between their original complaint and a later amended complaint as to whether Coinbase actually held title to or sold the tokens, rather than just facilitate their trading on its exchange, in "an apparent attempt to evade dismissal." See: Coinbase is Cutting 950 Employees (20%) | Brother of Former Employee 10 months Sentence for Insider Trading The judge further found that the terms of Coinbase's user agreement, which state that only exchange users hold title over tokens they trade, "flatly contradict" the lawsuit's allegations. Finding that further amendments would be futile, the judge dismissed the case with prejudice. The dismissal marks a ...
Read More
Read More
Tristram Waye for Bitvo | Feb 2, 2023 After a substantial lift in crypto, it begs the question, was that the bottom? The answer, of course, is no idea. Because bottoms are not events but rather a process. After a challenging crypto winter, the relief is welcome, but the question of whether it’s over requires some evidence. This lift might be what is known as a bear trap. Bear traps entice buyers before heading back down. On the other hand, it might be the beginning of a new trading range for bitcoin and ether. So let’s have a look at some things that might tell us about where we are and how to use what we discover. See: Is Crypto Bouncing Back, or Bull Trap? Be careful picking market tops and bottoms Jesse Livermore: “One of the most helpful things anyone can learn is to give up trying to catch the last eighth —or the first. These two are the most expensive eighths in the world. They have cost stock traders in aggregate enough millions of dollars to build a concrete highway across the continent.” So on the upside, this means picking tops, getting on the short side too early ...
Read More
Read More
Wilson Elser Moskowitz Edelman & Dicker | Anjali Das | Jan 23, 2023 The recent implosion of crypto firm FTX and its affiliates provides a case study for potential crypto exposure under traditional insurance policies in this series of four articles Silent Crypto for D&O and Corporate Liability Insurance (Part I), Silent Crypto Exposure for Accountants (Part II), Silent Crypto Exposure for Lawyers (Part III), and Crime and Custody Coverage for Crypto Assets (Part IV). See: White House Releases Comprehensive Framework for Digital Assets Highlighting 6 Key Priorities OCC Softens Stance on Banks' Cryptocurrency Activities: In the past few years, the U.S. Office of the Comptroller of the Currency (OCC) has issued a series of interpretative letters and guidance regarding the agency's loosening stance on banks engaged in cryptocurrency activities. First, OCC confirmed that banks may provide cryptocurrency custody services to customers by holding the "unique cryptographic keys associated with cryptocurrency. Second, OCC has indicated that banks also may hold reserves to support "stablecoin" transactions. Third, OCC has authorized banks to participate in cryptocurrency transactions based on blockchain or DLT, including independent node verification networks (INVNs). With advances in technology and the global financial markets, there is "increasing demand in ...
Read More
Read More
Accenture | Michael Abbott | Jan 10, 2023 A combination of well-established forces and recent developments is reshaping banking. Overview: In the absence of that revenue stream, banks shifted their focus from the totality of customers’ financial needs to isolated products that continued to generate fees. At the same time, fintech innovators burst onto the scene, awash with cheap capital and valuing scale over financial returns. Now that positive rates have returned, the constellation of banking products is drifting into a more familiar and predictable orbit. Rising rates catalyze product innovation: It will come in the form of offerings similar to that of Amazon Prime. 2023 will see a renewed focus on branches: Without in-person interaction most banks have struggled to maintain close relationships. Demistifying the metaverse: Just as mobile did, the metaverse is opening a new world of possibilities. It won’t be without risk—but banks were invented to manage risk. Culture and Talent: Talent will make ever-increasing demands on banks’ leadership. If it isn’t given its due, it will become a burning platform. See: Will Open Banking Launch in Canada This Year? Risk everywhere: As new risks emerge, banks that focus on helping customers solve their problems, rather than on collections, ...
Read More
Read More
Fortune via Yahoo Finance | Christiaan Hetzner | Feb 1, 2023 Hypersonic flight, 3D printed humanoid robots, groceries delivered by drones, molecular biomarkers for early detection of malignant tumors Report: That's the conclusion from her annual Big Ideas report published on Tuesday by her money management firm. This 153-page deep dive attempts to handicap the potential commercial opportunities awaiting those startups and incumbents quick to embrace promising new technologies set to supplant older, obsolete ones. Wood believes companies that succeed in disrupting existing industries will experience “super-exponential growth”, lifting their cumulative value by an average annual rate of 40% in the process to reach a staggering $200 trillion by 2030. To put that gargantuan figure into perspective, the International Monetary Fund estimated last April that the size of the entire world's economy would cross the $100 trillion mark in nominal GDP terms by the end of the year. See: a16z: Big Fintech Ideas to Tackle in 2023 Forecasting winners: Instead of emphasizing spreadsheets and valuation models that often focus on short-term fundamentals like a company’s forward-year cash flow or earnings per share, her ARK Invest research team prefers a top-down analysis of what macroeconomic problems inhibit social progress before examining ...
Read More
Read More
Chainanalysis | Feb 1, 2023 2022 was the biggest year ever for crypto hacking, with $3.8 billion stolen from cryptocurrency businesses. DeFi protocols by far the biggest victims of cryptocurrency hacks accounting for 82.1% of all cryptocurrency stolen by hackers — a total of $3.1 billion — up from 73.3% in 2021. And of that $3.1 billion, 64% came from cross-chain bridge protocols specifically. Bridges are an attractive target for hackers because the smart contracts in effect become huge, centralized repositories of funds backing the assets that have been bridged to the new chain — a more desirable honeypot could scarcely be imagined. If a bridge gets big enough, any error in its underlying smart contract code or other potential weak spot is almost sure to eventually be found and exploited by bad actors. See: Do Industry Operators, Researchers, and Regulators Agree On How Big Crypto Crime Is? Double edged sword: DeFi is one of the fastest-growing, most compelling areas of the cryptocurrency ecosystem, largely due to its transparency. But that same transparency is also what makes DeFi so vulnerable — hackers can scan DeFi code for vulnerabilities and strike at the perfect time to maximize their theft. The core ...
Read More
Read More
CNBC | Jordan Novet | Jan 31, 2023 Artificial intelligence research startup OpenAI on Tuesday introduced a tool that's designed to figure out if text is human-generated or written by a computer. Schools were quick to limit ChatGPT's use over concerns the software could hurt learning. Sam Altman, OpenAI's CEO, said education has changed in the past after technology such as calculators has emerged, but he also said there could be ways for the company to help teachers spot text written by AI. Working on solution: OpenAI's new tool can make mistakes and is a work in progress, company employees Jan Hendrik Kirchner, Lama Ahmad, Scott Aaronson and Jan Leike wrote in a blog post, noting that OpenAI would like feedback on the classifier from parents and teachers. Far from perfect: "In our evaluations on a 'challenge set' of English texts, our classifier correctly identifies 26% of AI-written text (true positives) as 'likely AI-written,' while incorrectly labeling human-written text as AI-written 9% of the time (false positives)," the OpenAI employees wrote. Our work on the detection of AI-generated text will continue, and we hope to share improved methods in the future See: How AI Is Disrupting The Web Development Industry ...
Read More
Read More
Variety | Todd Spangler | Jan 31, 2023 William Shatner fans bought up all the shares in the actor’s forthcoming feature-length documentary “You Can Call Me Bill” in less than a week — shelling out nearly $790,000 and topping the film’s crowdfunding goal. Legion M’s equity crowdfunding round for the Shatner documentary, exploring the life and career of the beloved 91-year-old actor, as of Monday had sold out from reservation holders before the company opened the offering to the public. Within four days, the project raised $789,655 from 1,338 investors. Distribution: The documentary has a production budget of $565,101, according to Legion M’s listing. After “You Can Call Me Bill” deducts expenses to third parties for accounting, legal, marketing and administrative fees, 100% of any revenue generated will be distributed proportionally to the film’s investors until they have recouped their initial investment. Any additional net revenue after that will be split, with 33% going to shareholders and 67% distributed to the producers of the film. With the Shatner doc, fans were able to invest directly in the Shatner documentary for a minimum of $100, subject to certain SEC restrictions, and they will recoup their money before any profits are shared ...
Read More
Read More
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