Technology

Cryptocurrency (crypto) is one of the more controversial financial experiments of the 21st century. Its supporters note its potentially strong return on investment and its adherence to utopian philosophies, while its skeptics believe it’s a dangerous investment with no use in the real world. Since its mainstream adoption, the cryptocurrency market has been volatile and routinely gone through boom-and-bust cycles. Right now, it has a low valuation after the market crashed in 2022 and continued to receive blows through 2023. Some of these setbacks include the closure of two major crypto-friendly banks earlier this year and mass layoffs at Binance, crypto’s largest exchange platform, amid regulatory probes. However, the market has shown signs of bouncing back due to global macroeconomic situations and cooling rates of inflation. If you’re still scratching your head at what exactly crypto is, why it’s controversial, where it’s heading and if it’s still a solid investment, we have the answers for you. What is crypto, anyway? Most of us have heard of crypto, but its inner workings can seem confusing. An article published by Britannica Money defines cryptocurrencies as digital assets that use a technology known as the blockchain to record, verify and execute transactions. Crypto differs from conventional money. Fiat currency is the main form of currency in today’s world. Fiat currency is legal tender, backed, controlled and printed by a nation’s government, which contrasts with crypto, which seeks to create a decentralized currency free of control from any authority. Much of the confusion surrounding crypto is related to the blockchain concept. According to Investopedia, a blockchain is a shared database that records every crypto transaction permanently. It functions broadly like a public ledger or permanent record-keeping system that logs all crypto transactions. Anyone can view a blockchain, theoretically making crypto a decentralized, freely controlled currency. To purchase a cryptocurrency for either exchange or investment, an individual must spend legal tender, such as the Canadian dollar, to place a cryptocurrency in what is known as a wallet. What are the controversies? Crypto is not without its share of critics. Business magnate and billionaire Warren Buffett called Bitcoin, the first cryptocurrency, “probably rat poison squared.” To Buffett, a critical problem with crypto is that it is speculative and not backed by anything with real-world value. This is echoed in a report by the investment firm Starkiller Capital, explaining that crypto has no intrinsic value and investments rely solely on market fluctuations to earn profit. Beyond finances, some of the criticism concerns the blockchain itself. According to some sources, blockchains can have major security vulnerabilities because they are irreversible, and any cybercrime is irreversible and permanent. Besides blockchain security concerns, the currency is particularly vulnerable to other cybercrime, including ransomware attacks, issues with crypto wallet security and scams. In the first half of 2023, crypto-related cybercrime amounted to $600 million in direct loss to crypto users. Cryptocurrency has also been criticized for its environmental impact. PC Magazine reported that a single Bitcoin transaction emits nearly 1090 kg of carbon dioxide, creates roughly 290 grams of electronic waste and uses about 2,290 kWh of electrical energy. That is the equivalent carbon footprint of more than 180,000 hours of YouTube videos, the e-waste of more than one iPhone and the electrical energy used by an average US household in about 80 days. In other words, cryptocurrency transactions emit more fossil fuels and use more electricity than some countries do in an entire year. An uncertain future? Experts are divided on the future of cryptocurrency. Some believe that recent events signal the collapse of the crypto market, while others believe the low period is a sign of crypto’s regular boom-and-bust cycle. Although prominent cryptocurrencies such as Bitcoin have rebounded as much as 83 per cent in 2023, countries like China are beginning to ban crypto outright. Other authorities are simply calling for stricter regulatory oversight.  If cryptocurrency is here to stay, there are some challenges it needs to overcome. Proponents may call these growing pains, but critics call them fundamental flaws. Aside from the ongoing debate, if crypto continues to grow, these currencies must adapt to further regulatory oversight, better security hygiene and a lower environmental footprint. Whether or not it’s still a solid investment is also open for debate. Christopher Liew, a CFA charterholder and financial writer, recommends investing in crypto only if you have extra money you’re comfortable potentially losing. Crypto is an unpredictable and volatile market that offers high rewards but entails high risk. Ultimately, it’s best to choose an investment you feel confident and comfortable with instead of just going with the newest and trendiest thing. After all, who knows what the market will be like in the next month, week, day or even the next minute.

Sometimes running a business can seem like a chore. Between tasks like bookkeeping, invoicing, customer service, marketing and advertising, owners and managers can spend most of their time on administrative duties. These administrative duties eat up a lot of time and money for business owners. This time could be spent serving clients or on business development initiatives. One solution to these problems is integrating automation into business operations. Automation simplifies tasks by using tools to accomplish them automatically rather than manually. Read ahead to learn about some of the strategies, benefits and considerations of automating a business. Accelerate accounting duties While bookkeepers can help reduce errors and streamline operations, they can be expensive. Hiring a part-time self-employed bookkeeper can cost as much as $20-50  per hour. Depending on the business size, the operational budget may not support this expense. One solution is to take the DIY approach using a small level of automation. One option is to utilize free financial statement spreadsheets available online. This can work for new small businesses, especially for ventures with little cash flow. Investing $20-40 per month for accounting software could be worth it for businesses looking for something requiring less labour. The features vary depending on the software, but most include invoicing, expense tracking, payment processing and other common low-level accounting tasks. For businesses that have employees and wish to automate payroll, there are payroll add-on plans for most accounting software choices. Alternatively, separate payroll software options can range in price from C$30-200. Streamline social media management Social media is an essential tool for modern businesses. According to an article published by Sprout Social,  55 per cent of consumers discover new brands through social media. Additionally, it was reported that eight per cent of consumers are more willing to buy from a company after a positive social media experience with them. However, social media can also be a time sink. HubSpot reported that 43 per cent of small businesses spend more than six hours per week on social media marketing. Additionally, one third of CEOs, owners and proprietors reportedly want to spend less effort on social media-related tasks. Some top challenges of social media management include finding time for social media, creating meaningful content and tracking the progress of social media management. Businesses can run a more efficient platform by automating some social media tasks. Though social media is hard to automate completely, some time-intensive tasks can be automated or assisted by automation. These tasks include scheduling social posts, consolidating platforms into a single webpage, automatically curating content and providing analytics. Businesses can expect to pay between $0-250 for these services. Social media can be fully automated by using chatbots. However, there might be better branding choices for many businesses than integrating these tools with social media. Depending on the business owners’ technical skills, it may also not be feasible. This is because creating chatbots requires know-how of computer programming, which are skills that may be out of reach for some. Snappy and speedy customer service HubSpot reported that 90  per cent of consumers rate receiving an immediate response when asking a customer service question as important or very important.    A fast turn-around time for customer service is important. However, most small businesses don’t have a 24/7 customer service department capable of handling every support ticket.     Automating customer service responses is one solution to increase response turn-around times for small businesses. One option for automation includes chatbots, computer software that automatically generates a response to human inputs. According to Forbes, premium options range in price from free to thousands of dollars. For a DIY approach, it is possible to build a chatbot from scratch and integrate it into websites, social media platforms and chatroom software. There are more accessible paid options available starting at $52 per year. For the tech-savvy, building a chatbot without using paid software is also possible. Automated email responses and phone messaging services are two other ways to incorporate automation into a business’s customer service approach. Although automation can help support a business in many ways, it won’t be able to take away all job tasks completely. Running a business is a lot of work and always will be. However, with automation, it is possible to redirect that energy into doing what you love rather than spending time on administrative duties.

Canada is no stranger to video games. The country is home to 16.4 million gamers playing an average of almost eight hours per week. For many, video games are a way to unwind from a stressful day or fill time during a hectic commute. For others, however, video games have become a tool for growing their businesses. Many organizations have found ways to incorporate video games into their operations, including using revenue-generation simulators and training tools as learning resources for employees. Some companies are even supplying workers with video games to increase productivity. Read ahead to learn how organizations are improving their businesses’ operational performance with video games. Business Simulators A business simulator is a video game that simulates running a business. The mechanics usually involve a high degree of resource management, requiring users to run a virtual business while earning as much profit as possible. In these simulators, failing results in the player being punished. Sometimes, if a player fails a scenario, they must redo it, allowing them to learn from their mistakes. Other times, the simulator gently nudges the player into an ongoing learning process. For example, if they spend too much money on an idea, it may not generate a large profit, but they will not fail the simulation. This approach can gamify earning money by employing positive reinforcement in the learning process. In an article published on LinkedIn, Will Sawney, head of marketing at The Conexus Group, explains writes that he uses the 1999 game Roller Coaster Tycoon as a business simulator to learn about various business components, including profits and losses, staff management, long-term strategic planning and crisis management. Training tools Some companies also use video games for training purposes. In an article published by Training Magazine in 2020, Dan Martin, a long-time digital marketer, explained that incorporating video games at work can help increase learning retention and productivity. Martin also said he believes that video games offer a more engaging training format, as opposed to training videos which workers may perceive as boring. Spark City, Walmart’s video game training program, is one example of an interactive and engaging training resource. In 2019, the company rolled out this application to teach department managers and supervisors about key business variables, including price changes and customer interaction strategies. Research also supports the philosophy of using video games as training tools. According to a study by the University of North Texas, workers who used video games in their training had better motivation, engagement, performance, and retention. Though not a substitute for hands-on, real-world training, companies can successfully use video games to support their overall training goals. Embrace video games as recreation Instead of viewing video games as business simulators or training tools, some companies embrace them as recreational activities. One sector where this is common is the tech space. Work Life reports that some companies actively encourage their employees to play video games with their co-workers in the middle of the day, believing that it increases productivity and morale. Research supports these claims. A 2018 study by Brigham Young University found that newly formed teams were 20 per cent more productive when playing 45 minutes of video games when compared to more traditional team-building exercises. Despite the benefits, some companies and leaders are unsure about integrating video games into the workplace. Workopolis reports that some leaders view game rooms as “a relic of the Dot Com era.” Additionally, the article explains that in some environments, video game rooms end up acting as a symbol of a forward-thinking company rather than a room that employees actually use. They’re not for everyone Although many businesses successfully use video games in their ventures, it may not be feasible for every organization. In workplaces where a casual, collaborative environment is essential to their culture, video games may be a perfect addition. However, video games may not be an appropriate addition for companies with a more formal, independent business model. Either way, video games can be used for more than just relaxing. They are also a tool for businesses to grow and develop new skills.

We are living in a generation where technology is rapidly changing. In many ways, technology makes life more efficient. For instance, sharing photos or talking to friends across the globe is a lot easier, thanks to common digital tools. The evolution of technology has made people more connected and digitally literate. However, other aspects of technology pose a threat — especially to the workforce. Artificial intelligence (AI) digital languages like ChatGPT can perform human-like tasks, such as rewording, correcting and identifying errors in written work. This has led to job insecurity in various industries, including service, banking and marketing. Other AI digital languages, such as DeepAI, DeepDream and OpenAI’s DALL-E 2, also affect local artists because they can manipulate and create visual art. AI can process large amounts of information quicker than humans. It can rapidly generate art from text prompts without human creativity and imagination. AI technology can create art without the elements that make artists want to produce art. “My art speaks a lot about our lives. It is imaginative, whimsical and has a strong sense of story-telling,” Michele Taras, an Orangeville-based painter, said. “I love being an artist because it allows me to share my concepts and ideas with the rest of the world.” Similarly, Karen Darling, a local painter in Brampton, Ont., feels that self-expression is a significant part of being an artist. “I love the freedom to express myself through painting and the creative experimentation my process allows for,” Darling explained. One of the major ways AI is negatively impacting artists is through scraping. Scraping is when AI forms artistic images from texts by stealing from artists that put their art through AI. This can happen to artists that make their images available on the internet. Even worse, AI does not give credit to artists it scrapes from. The result is plagiarized art that can look very similar to other artworks made by hard-working artists. Darling said she believes there is potentially a huge problem with AI’s ability to take and use images from artists on the internet without their consent or giving credit. “There are copyright laws in place, but so far, they have not been tested against this new technology, and I wonder if artists would even be able to have any real power as individuals,” Darling said. Taras added that AI algorithms need more transparency and communication as they form their art. “Ethically and business-wise, you should always have permission from the original creator and compensate them as both parties agree,” Taras said. “I feel that countries should work together to protect the intellectual and artistic work of individuals.” Although artists producing digital art are primarily at risk from AI, artists from different fields are also affected. Because AI provides advanced speed, accuracy and convenience, it can change how viewers appreciate art altogether. “Will we become so used to seeing AI-generated art that we become unable to differentiate between it and art created by humans… or stop caring about the differences?” Darling asked. “Will the work of artists still be considered valuable in the face of easily obtainable AI-generated imagery?” While AI continues to rapidly produce art, local artists can still create tangible artworks that exist outside of a computer screen. Taras explained that AI art is still digital files. This makes them seen by art collectors as less permanent than works on canvas created by hand. After all, individual brush strokes on a canvas are texturally different. They are also evidence of the hard work and time local artists put into their work. “A painting on the wall with all the attributes of the medium used will be easily distinguishable from an AI-created printed image. And I hope that people will still appreciate and want the individuality, soul and story that the artist brings to the work,” Darling added. On the bright side, digital tools other than AI certainly help procedures inherent to local art businesses. These tools demonstrate how technology makes us interconnected. “I have clients from Europe, the Middle East and the U.S. that have bought my art because they have seen it on Instagram or Facebook,” Taras said. “Without these tools, it would be harder for people abroad to know about my work.” There are also opportunities where devices can aid the artistic process rather than hinder it. For instance, Darling regularly uses her iPad and iPhone to review her work. “I use [my iPad] in multiple stages of my painting process to try out different compositions or colour combinations before I even think about using paint. I use my iPhone to check my composition decisions while I’m painting,” Darling said. Furthermore, part of the evolution of technology is to merge with art, and part of the evolution of art is to merge with technology. However, consumers still need to be ethically minded about what artwork they purchase. This is particularly important when technology goes too far and attempts to invade the creativity and individuality inherent in producing and sharing art. Society needs both art and technology to thrive. As the future of art and technology evolves and merges, they will continue to affect the communities and environments around us. While AI’s emergence in the art world is confusing, there are some things AI can’t replicate. After all, you can’t train AI to be human and have individual experiences — and that is where great art comes from.