Rojin Nair, Advisor
June 1st, 2021
At Incyub8 Inc, Rojin is focusing on nurturing and guiding various national and international start-[...]
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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Open Banking Expo | Ellie Duncan | Sep 22, 2021 Toronto-headquartered TD Bank and California-based Envestnet|Yodlee have signed a North American data access agreement that means the bank’s customers will be able to connect their financial information to the more than 1,400 third-party applications powered by the Envestnet|Yodlee financial data aggregation platform. Under the agreement, should a customer request it, TD Bank will transfer the individual’s financial data to Envestnet | Yodlee through APIs, removing the need to share their banking login ID or password. See: Lack of open banking framework forcing Canadian consumers to choose between convenience and security, TD exec says “We know that our customers are interacting with us through digital channels more than ever before and we are focused on helping meet their needs however they choose to bank,” Franklin Garrigues, VP, digital channels at TD added. TD Bank has become the 13th US bank to sign such a data access agreement with Envestnet|Yodlee. Continue to the full article --> here 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, ...
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Wharton | Sep 20, 2021 When customers feel satisfied, they spend more money and are more likely to come back. Happy customers write positive reviews online and share their experiences through word of mouth. But great customer service is also really hard. Shoppers complain that sales associates aren’t listening to them or are just going through the motions. There is a simple and cost-effective way to fix that, and Wharton marketing professor Jonah Berger has new research that explains how. He found that when sales agents use concrete language, they make customers feel seen, heard, and valued. His paper with co-author Grant Packard, a marketing professor at York University’s Schulich School of Business, is titled “How Concrete Language Shapes Customer Satisfaction.” Knowledge@Wharton: Did you find that [something as simple as words agents used make customers more satisfied?]? Berger: We did. We found that a certain type of language improves customer satisfaction. It doesn’t just make people happier, it causes them to be more likely to come back and buy more in the future. This linguistic feature is called “concreteness,” basically how concrete the language is that people use. Sometimes we speak in a more abstract way, and sometimes we speak ...
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Read More
Kaspersky Blog | Hugh Aver | Aug 12, 2021 Loss or leaks of sensitive information can be serious problems for small businesses. Here’s how to keep confidential data safe. There’s no such thing as a business that doesn’t have sensitive data. Even a small retail company has documents with employees’ personal details that legally must remain confidential, for example. Bank documents would be hard to restore. Supplier and contractor contracts could include trade secrets. To protect important data from loss or inappropriate disclosure, follow these seven tips. 1. Enable full disk encryption on all devices On devices where confidential data is stored or transmitted (i.e., most of them), be sure to enable full disk encryption (FDE). Encryption protects the data in case the device falls into the wrong hands. In Windows, the FDE tool is called BitLocker. The macOS equivalent is FileVault. FDE is enabled by default on most iOS and Android phones; don’t disable it unless absolutely necessary. 2. Restrict confidential data to the office Another way important data can fall into the wrong hands is through the loss (or theft) of physical media: external hard disks or flash drives. Ideally, they should never leave the office. In fact, ...
Read More
CoinTelegraph | Sep 21, 2021 Miami’s mayor believes that if city-specific cryptos succeed, it would mean residents “won’t have to pay a cent in tax.” Miami Mayor Francis Suarez has been celebrating the success of a recent initiative to fund municipal projects through the proceeds of a city-specific crypto protocol built atop the Bitcoin blockchain. On Sept. 13, Miami’s city commissioners voted to accept funds generated by a new cryptocurrency, MiamiCoin, which was launched in August by CityCoins. The coin is built on Stacks, an open-source network of decentralized applications and smart contracts that use the Bitcoin blockchain as a programmable base layer. Hard-coded into MiamiCoin’s protocol is the requirement that 30% of all coins mined are routed to a digital wallet designated for the city. Those funds will be earmarked for spending on projects such as projects to mitigate the risks of climate change, funding initiatives for underprivileged communities, and investing in crypto education for tech entrepreneurs. See: The risk of not participating in crypto is now outweighing the risk of non-participation Fox Business estimated last week that roughly $2,500 worth of Stacks (STX) at its then-value of $1.50 were being transferred into the city’s wallet every 10 minutes. In ...
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Senator Colin Deacon | Sep 27, 2021 On June 19th, 2019, the Senate Standing Committee on Banking, Trade and Commerce (Senate Banking Committee) released the report, Open Banking: What it Means for You, Following the release of this report, Senators Colin Deacon and Howard Wetston continued to invest a considerable amount of time advancing the issue of open banking. Their ongoing efforts reflect the Senate Banking Committee’s unanimous view that Canada should urgently develop and implement an open banking framework. More than two years later, on August 4th, 2021, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released the Advisory Committee on Open Banking (Advisory Committee)’s April 2021 Final Report. See: FFCON21 On-Demand with Seanator Colin Deacon: Inclusive Banking and Affordable Credit Following a request from Senator Wetston, recent chair of the Senate Banking Committee, the Library of Parliament completed a side-by-side comparison between the 10 recommendations made by the Senate Banking Committee and the 34 recommendations made by the Advisory Committee. The comparison identified that the Advisory Committee’s report contains additional, more detailed recommendations than those outlined in the Senate Banking Committee’s report, but that they did not differ in terms of direction or intent. It is reasonable to conclude that additional insight was ...
Read More
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Read More
Insurtech Insights | Sep 24, 2021 From bogus claims to reputational damage, the ability of synthetic media to seemingly bend reality is an emerging menace with a far reach. If you are familiar with photo and video editing tools, then you have probably heard of deepfakes, an emerging breed of artificial intelligence-enhanced videos that have demonstrated the ability to blur reality in ways that are extremely difficult for humans or even machines to detect. Unlike conventional video editing, deepfakes utilize artificial intelligence(AI) to alter or synthetically generate videos, bringing a new level of realism without the forensic traces present in edited digital media. See: World Economic Forum (WEF) Warns of Cyberattack that will Collapse Existing Financial System While these advanced fakes may sound like science fiction, many researchers have concluded it is only a matter of time before deepfakes become nearly undetectable to the human eye and subsequently undetectable even to elaborate forensic tools. Earlier this year, the FBI sounded the alarm that deepfakes are a new cyberattack threat targeting businesses. As a result, many organizations are pondering strategies to mitigate the risks and potentially undesirable outcomes that may result. Deepfakes or synthetic media can effectively be used to file ...
Read More
Open Banking Expo | Ellie Duncan | Sep 22, 2021 Toronto-headquartered TD Bank and California-based Envestnet|Yodlee have signed a North American data access agreement that means the bank’s customers will be able to connect their financial information to the more than 1,400 third-party applications powered by the Envestnet|Yodlee financial data aggregation platform. Under the agreement, should a customer request it, TD Bank will transfer the individual’s financial data to Envestnet | Yodlee through APIs, removing the need to share their banking login ID or password. See: Lack of open banking framework forcing Canadian consumers to choose between convenience and security, TD exec says “We know that our customers are interacting with us through digital channels more than ever before and we are focused on helping meet their needs however they choose to bank,” Franklin Garrigues, VP, digital channels at TD added. TD Bank has become the 13th US bank to sign such a data access agreement with Envestnet|Yodlee. Continue to the full article --> here 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, ...
Read More
Read More
ASC | Sep 27, 2021 ASC Connect includes a full morning (8:00 a.m. to 12:00 p.m.) of informative and interactive panel discussions led by industry experts and senior ASC leaders, in a format you can enjoy from your home or office. The Alberta Securities Commission’s fifth annual ASC Connect conference will be held virtually on Thursday, October 21, 2021. See: ASC and FCAA adopt new prospectus exemption to support small business capital raising In the past year, Alberta’s capital market was not spared from the significant challenges that impacted communities world wide. Despite these challenges, our market continues to create and leverage opportunities for growth. Join senior ASC leaders and industry experts in a full morning of informative and interactive panel discussions covering the opportunities, trends, and issues affecting Alberta’s capital market in its continued economic recovery. Register today for this FREE virtual conference and listen to industry experts discuss the critical opportunities and evolving trends affecting Alberta's capital market. This is your chance to gain new insights and perspectives from thought-provoking business leaders. Register for this event --> Now The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, ...
Read More
Read More
Wharton | Sep 20, 2021 When customers feel satisfied, they spend more money and are more likely to come back. Happy customers write positive reviews online and share their experiences through word of mouth. But great customer service is also really hard. Shoppers complain that sales associates aren’t listening to them or are just going through the motions. There is a simple and cost-effective way to fix that, and Wharton marketing professor Jonah Berger has new research that explains how. He found that when sales agents use concrete language, they make customers feel seen, heard, and valued. His paper with co-author Grant Packard, a marketing professor at York University’s Schulich School of Business, is titled “How Concrete Language Shapes Customer Satisfaction.” Knowledge@Wharton: Did you find that [something as simple as words agents used make customers more satisfied?]? Berger: We did. We found that a certain type of language improves customer satisfaction. It doesn’t just make people happier, it causes them to be more likely to come back and buy more in the future. This linguistic feature is called “concreteness,” basically how concrete the language is that people use. Sometimes we speak in a more abstract way, and sometimes we speak ...
Read More
Read More
The Economist | Sep 18, 2021 Although the terminology is intimidating (fees are “gas”; the main currency is ether, and title deeds over digital assets are known as NFTs), the basic activities taking place on DeFi are familiar. These include trading on exchanges and issuing loans and taking deposits through self-executing agreements called smart contracts. One yardstick of activity is the value of digital instruments being used as collateral: from almost nothing in early 2018 it has reached $90bn. Another is the value of transactions that Ethereum is verifying. In the second quarter this reached $2.5trn, around the same sum as Visa processes and equivalent to a sixth of the activity on Nasdaq, a stock exchange. The dream of a low-friction financial system is just the beginning. DeFi is spreading to more ambitious terrain. MetaMask, a DeFi wallet with more than 10m users, acts as a digital identity. To enter a decentralised “metaverse”, a looking-glass world with shops run by its users, you link your wallet to a cartoonish avatar who roams around. These digital worlds will become the subject of intensifying competition as more spending shifts online. Big tech firms could impose huge taxes on these mini-economies: imagine Apple’s ...
Read More
Read More
Fair Canada | Sep 15, 2021 The three banks (RBC, TD Bank and CIBC), according to recent media reports, have decided to stop selling “third-party” mutual funds to segments of their clients in their bank branches. This was in response to the “know-your-product” (KYP) rules, a component of the client focused reforms. How can the three banks justify this move? They say it’s because under the new rules starting in 2022, employees in local bank branches who hold themselves out as financial advisors will have to know and understand the mutual funds they sell to clients. Apparently, it is too much work to train their advisors to understand mutual funds offered by other banks or manufacturers before selling them. So, to make it easier to comply with the know-your-product rules, they will simply limit choices available to their clients. See: Retail investors are becoming more than shareholders Their decision is deeply disappointing. These banks are flying in the face of the spirit of the client focused reforms. By limiting customer choices in an apparent attempt to reduce their know-your-product compliance obligations, they are putting their own interests ahead of their clients’ interests. This is ironic, given the countless public commitments ...
Read More
Read More
Kaspersky Blog | Hugh Aver | Aug 12, 2021 Loss or leaks of sensitive information can be serious problems for small businesses. Here’s how to keep confidential data safe. There’s no such thing as a business that doesn’t have sensitive data. Even a small retail company has documents with employees’ personal details that legally must remain confidential, for example. Bank documents would be hard to restore. Supplier and contractor contracts could include trade secrets. To protect important data from loss or inappropriate disclosure, follow these seven tips. 1. Enable full disk encryption on all devices On devices where confidential data is stored or transmitted (i.e., most of them), be sure to enable full disk encryption (FDE). Encryption protects the data in case the device falls into the wrong hands. In Windows, the FDE tool is called BitLocker. The macOS equivalent is FileVault. FDE is enabled by default on most iOS and Android phones; don’t disable it unless absolutely necessary. 2. Restrict confidential data to the office Another way important data can fall into the wrong hands is through the loss (or theft) of physical media: external hard disks or flash drives. Ideally, they should never leave the office. In fact, ...
Read More
Read More
CoinTelegraph | Sep 21, 2021 Miami’s mayor believes that if city-specific cryptos succeed, it would mean residents “won’t have to pay a cent in tax.” Miami Mayor Francis Suarez has been celebrating the success of a recent initiative to fund municipal projects through the proceeds of a city-specific crypto protocol built atop the Bitcoin blockchain. On Sept. 13, Miami’s city commissioners voted to accept funds generated by a new cryptocurrency, MiamiCoin, which was launched in August by CityCoins. The coin is built on Stacks, an open-source network of decentralized applications and smart contracts that use the Bitcoin blockchain as a programmable base layer. Hard-coded into MiamiCoin’s protocol is the requirement that 30% of all coins mined are routed to a digital wallet designated for the city. Those funds will be earmarked for spending on projects such as projects to mitigate the risks of climate change, funding initiatives for underprivileged communities, and investing in crypto education for tech entrepreneurs. See: The risk of not participating in crypto is now outweighing the risk of non-participation Fox Business estimated last week that roughly $2,500 worth of Stacks (STX) at its then-value of $1.50 were being transferred into the city’s wallet every 10 minutes. In ...
Read More
Read More
Senator Colin Deacon | Sep 27, 2021 On June 19th, 2019, the Senate Standing Committee on Banking, Trade and Commerce (Senate Banking Committee) released the report, Open Banking: What it Means for You, Following the release of this report, Senators Colin Deacon and Howard Wetston continued to invest a considerable amount of time advancing the issue of open banking. Their ongoing efforts reflect the Senate Banking Committee’s unanimous view that Canada should urgently develop and implement an open banking framework. More than two years later, on August 4th, 2021, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released the Advisory Committee on Open Banking (Advisory Committee)’s April 2021 Final Report. See: FFCON21 On-Demand with Seanator Colin Deacon: Inclusive Banking and Affordable Credit Following a request from Senator Wetston, recent chair of the Senate Banking Committee, the Library of Parliament completed a side-by-side comparison between the 10 recommendations made by the Senate Banking Committee and the 34 recommendations made by the Advisory Committee. The comparison identified that the Advisory Committee’s report contains additional, more detailed recommendations than those outlined in the Senate Banking Committee’s report, but that they did not differ in terms of direction or intent. It is reasonable to conclude that additional insight was ...
Read More
Read More
Betakit | Sep 27, 2021 “The reality is [the banks] have been used to an environment where they can increase fees without increasing value to customers.” Biography: Senator Colin Deacon The Honourable Colin Deacon’s entrepreneurial background brings a unique perspective to Canada’s Upper Chamber. Before his June 2018 appointment to the Senate as an Independent Senator representing Nova Scotia, Senator Deacon spent much of his career turning ideas into organizations, products and services that improve lives. Also: Canada’s Library of Parliament Report: A Comparison of Open Banking Recommendations Minister Freeland releases final report with 34 recommendations on Open Banking from the Advisory committee FFCON21 On-Demand with Seanator Colin Deacon: Inclusive Banking and Affordable Credit In 2009, he founded BlueLight Analytics, a company in the restorative dentistry field. The company has successfully commercialized new technologies that improve the longevity of dental fillings. Their products were sold in dozens of countries, and they worked with most dental multinationals. Until 2006, he served as CEO of SpellRead, which improved reading skills among children and adults, and was regularly cited as one of Atlantic Canada’s fastest-growing companies. Senator Deacon has also contributed to the charitable sector, where he has been an active member on the board of several organizations, including those dedicated to children’s health and well-being, ...
Read More
Read More
Insurtech Insights | Sep 24, 2021 From bogus claims to reputational damage, the ability of synthetic media to seemingly bend reality is an emerging menace with a far reach. If you are familiar with photo and video editing tools, then you have probably heard of deepfakes, an emerging breed of artificial intelligence-enhanced videos that have demonstrated the ability to blur reality in ways that are extremely difficult for humans or even machines to detect. Unlike conventional video editing, deepfakes utilize artificial intelligence(AI) to alter or synthetically generate videos, bringing a new level of realism without the forensic traces present in edited digital media. See: World Economic Forum (WEF) Warns of Cyberattack that will Collapse Existing Financial System While these advanced fakes may sound like science fiction, many researchers have concluded it is only a matter of time before deepfakes become nearly undetectable to the human eye and subsequently undetectable even to elaborate forensic tools. Earlier this year, the FBI sounded the alarm that deepfakes are a new cyberattack threat targeting businesses. As a result, many organizations are pondering strategies to mitigate the risks and potentially undesirable outcomes that may result. Deepfakes or synthetic media can effectively be used to file ...
Read More
Read More
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