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.

Creating a website is an important part of building a business today. Many businesses have abandoned brick and mortar altogether and opted to save money on rent. They’re doing so through a digital storefront.  In 2020, Canadian businesses brought in over $350 billion in sales, whereas the physical retail sector earned $22 billion. The COVID-19 pandemic changed the landscape of e-commerce and the way people shop in general.  Online sales for businesses grew significantly since 2013, when all Canadian businesses grossed $136 billion in e-commerce. An online storefront in a post-COVID-19 world can prove profitable. That is due to the new stream of consumers turning to online orders instead of in-store purchases.  In terms of online sales, over 70 per cent of businesses with online sales used a company website and 36 per cent of businesses used a third-party website, platform, app or online marketplace. Around 11 per cent used an app they built for their business. The numbers show that most businesses are using websites to drive their online sales. Credit cards are also the most accepted mode of payment. As 81 per cent of businesses reported them as their primary payment method. When constructing a website, one of the first steps is selecting a domain name that aligns with your business’ name. When choosing a domain, it is important to search what you plan to name your website. In doing so, make sure the chosen name isn’t already taken. It is important to keep your domain name short and concise and avoid unnecessary characters such as hyphens or underscores. It is also highly recommended to choose a domain name that is search engine optimized (SEO). This means including keywords and a location in the domain name. For example, “TorontoMovers.ca” would be SEO-friendly because it is short and includes the business’ location and the service provided.  If you have previous experience coding or building websites, creating a website from scratch is an option. There are also services to help with website-building for those less experienced in the area. Cira.ca is a website for Canadians looking to build their own website. It allows you to browse through registrars and select one that can offer the services you need.  A registrar is a company that sells domain names and related services like web hosting. Choosing a registrar that works for you and your business’ needs is a key step in launching your website.  After the technical elements are completed, it is important to start working on the “About us” section of your website. You want to communicate who you are and what you do clearly and concisely. Doing so will inform potential customers who visit your website. You should display your mission statement, contact information and any other relevant details that first-time website visitors need to know. So users can purchase services and products from your website, you will need a service allowing customers to transact financially. There are many different platforms to use, such as Shopify, Wix, Business Squarespace and GoDaddy. You can assess your business needs and choose which platform is best for your growing business. Once you get your website up and running, with hosting and e-commerce, you should spruce up the website. Make design choices that reflect your personal taste and the aesthetics chosen for your business and its services.  From there your website will be ready for customers to browse with your products and services available to purchase.

Cyber crimes are becoming a big concern in Canada, with every growth rate breaking records from the previous year. In 2020, CyberEdge Group reported that 78 per cent of Canadian organizations fell victim to cyber-attacks at least once. In 2021, this increased to 85.7 per cent.  There has been increased awareness calling for cybersecurity investments. Small- and medium-sized businesses continue to be the most compromised of all organizations. In fact, they account for 41 per cent of cyberattacks in 2021, with damages incurring up to $100,000 in costs.  The Insurance Bureau of Canada (IBC) released a report stating that only half of the affected small business owners said they implemented stronger defenses in cyber protection. And only a quarter (24 per cent) planned to invest in cyber insurance within a year.  Cybercrime means identity and corporate theft, loss of staff and customer sensitive information, disabled servers and disruption of trades. And large financial losses potentially leading to bankruptcy. In a few seconds, your business could disappear. Aside from recovering lost data, the costs of repairing are crippling. Some costs may include quarantining infected software and hardware, repairing or replacing infected systems and implementing stronger security. As cybersecurity technology advances, so, too, do cybercriminals’ innovative tactics. Understanding cybersecurity and the ways a cybercriminal can compromise your system is the first step in developing a prevention strategy. What is cybersecurity? Cybersecurity is the prevention and protection of equipment, networks, software and data of an individual/organization through various security layers. Many programs such as Kaspersky Internet Security offer these multi-layered services. These services provide protection of email spam, malware, phishing, hacking attempts and data leaks. But a comprehensive security strategy for a company must cover all parties concerned. All employees who work with technology must receive cybersecurity training and participate in the company’s security prevention strategy. They must also  understand the resources available to them for self-defense. Investments in IT support, experts and cybersecurity programs greatly  improve the effectiveness of security measures. Common types of cybercrime Malware Malware is designed to gain unauthorized access to a system and disrupt it by modifying, destroying, blocking or rendering data. It can also significantly affect the performance of the system. Examples of malware include worms, trojan viruses, spyware and adware.  Phishing Phishing is a common counterfeit communication operation. It can be found through emails or text messages that appear to be from a credible source. Cybercriminals often manipulate vulnerable people into clicking their links using emotional strategies like fear, curiosity or greed. Once a link is accessed, private data is stolen. Ransomware Ransomware is one of the most significant threats to businesses globally. It encrypts sensitive data until a specific ransom in Canadian dollars, bitcoin or cryptocurrency is paid. In some cases, this data is not recovered and is completely deleted by the cybercriminal. More people began to work from home in recent years. This has sparked more opportunities for online criminals to target small businesses. Disrupted denial of service (DDoS) A DDoS assault disrupts the traffic of a business server, service or network. It does so by flooding it with so much malicious internet traffic that the server crashes. A cybercriminal accomplishes this by creating hundreds to thousands of “botnets”. These make up a literal army of infected devices that cooperate under the criminal’s command. Incident response plan Often, in the unfortunate event that a data breach does occur, if there is no incident response plan laid out for all staff to use, panic can quickly ensue. The Canadian Centre for Cyber Security recommends that staff always have a written response plan on hand. This ensures that a productive response is carried out without incident. Each response will vary based on the incident of each business. They claim the incident response plan should at least stick to the PICERL process: Preparation Identify the first steps employees should take when a potential incident has occurred. Examples include evaluating risk assessment, information on symptoms of a data breach and assigning specific roles to every employee. As well as contacting professional staff or affiliated businesses as soon as possible. Identification Outline how your organization will identify and detect an incident. As evidence of a data breach, this phase requires all data available for access. This can include log files, error messages, intrusion detection system reports and firewalls to be documented. Assess the severity of the breach and track down the source. Containment Outline the unique actions your organization must take to prevent further damage from occurring and shut down necessary devices. Some steps could be: change all passwords while documenting old ones and contact all potential at-risk individuals and your bank. Then, disable remote open access on the internet until the malware has been eradicated. Eradication Provide instructions on how your staff can remove and restore infected systems. This can be as simple as disconnecting infected devices and wiping out the virus with an antimalware program. This may require more complex steps, which all IT professionals must conduct. Recovery Specific staff should be instructed on how to restore backup data and replace or wipe data storage drives. IDS systems also proposes activating a cloud-based replica of your entire network. It could save your whole business by allowing operations to continue while investigations continue. Lessons learned—make sure it doesn’t happen again! This may be the last step, but keep in mind that it should always be first in your prevention plan. Take inventory and understand how the incident occurred in full transparency with your team. Then, evaluate your incident response plan to see if there could be additional improvements. Even with the most advanced security measures, human error will continue to pose a serious threat to your business. Your employees are your greatest asset and greatest responsibility. As a leader, you cannot hold people responsible for future mistakes if you do not prioritize safety via education. Short-term cybersecurity training can save you from long-term damage.