Feb 6, 2019
Mohamed is passionate about Blockchain technology and is committed to help growing the Blockchain ecosystem in Canada and around the world.
In addition to being CEO of Fast Access Blockchain, he is program manager at The BlockchainHub, a member of the Blockchain Global Consortium and leads the C-Lab program, the first peer-to-peer community based incubation program for Blockchain startups.
Mohamed is also a recipient of the “Durland Innovation Award” for a Blockchain use case and is a holder of the “Beta Gamma Sigma Scholastic International Award”. He is a world traveller and speaker on Blockchain and also the Blockchain Global Ambassador.
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Episode Overview:
- What is blockchain and why is it important
- Other visual assets besides cryptocurrencies
- How blockchain works from a security perspective
- The connection between privacy and blockchain
- Is there a dark side about blockchain?
- Is the technology ready to support blockchain in the ICO perspective
- Tips on how to get into blockchain as a clear specialty
What is blockchain and why is it important
Blockchain is a decentralized ledger that can manage pier to pier transactions in human world.
Blockchain was made to solve the double step problem. Double step problem is a process for when we send money from our banks to our recipients, we no longer have access to that money once sent. As Mohamen quoted:
“If we are able today to send many email in just seconds why is it not the case for visual assets like money and this is why bitcoin came about, to solve this problem.“
Bitcoin is just one of the centralized technology but Mohamed gives credit to the bitcoin as one of the most viable application of technology. Blockchain came after bitcoin just to describe the technology that is powering the bitcoin or any application that ran on top of this technology.
Other visual assets besides cryptocurrencies:
There is an evolution where some people call bitcoin blockchain 1.0 which is basically financial assets like money to move from different participants. After that, there is a debate from the local system which was, “if we are able to send the cryptocurrencies other visual assets can also be sent.”
Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. Ether is a cryptocurrency whose blockchain is generated by the Ethereum platform.
One of the process that Mohamed is working on right now is called Artscryption which uses blockchain technology to secure payments, reduce forgery and creates value for arts for musicians and etc.
How blockchain works from a security perspective:
Blockchain technology use cryptography which is the art of writing and solving codes and had been around for decades.
We have heard a lot of news about hacks and etc. but technically the blockchain has never been hacked. The bitcoin system has never been hacked especially. On the education perspective, we need to understand the technology and the tools as well.
The connection between privacy and blockchain:
Using the bank as an example: when you open an account the bank will ask you for your ID, but they really don’t need all the information on your ID. However, they might choose to get an additional information that they have such as your age and address as a tool for marketing.
With blockchain technology, you can enable the self control of identity that give the power back to the users.
The country that has the highest adoption rate in blockchain is USA and Canada but other countries are already picking up on the blockchain. The understanding in blockchain has now evolved and other countries are already adopting it to use n terms of marketing and security.
Is there a dark side about blockchain?
Mohamed tells us that there is a privacy paradigm when it comes to our transactions without really knowing the identity of the recipients. This is an issue in some cases but on the other side, if you look at the illegal traffic and etc, cryptocurrency is also used in drugs or illegal arms.
Mohamed think that today there is no in-depth research on how cryptocurrency is used in the dark side. It could be used but they don’t have the exact numbers about the problems. On the bright side, the blockchain technology has the chance to improve transparency .
Is the technology ready to support blockchain in the ICO perspective.
ICO also known as Initial Coin Offering is the cryptocurrency space's rough equivalent to an IPO in the mainstream investment world. ICOs act as fundraisers of sorts; a company looking to create a new coin, app, or service launches an ICO
In these situations, we should be looking at used cases like the people using the world blockchain. The questions that people should be asking is; “is technology ready to support this kind of application? It is like YouTube in the mind’s safety which is impossible because the foundational technology which is the internet could not at that time support YouTube. So, it is a used case that really doesn’t make sense in the technology perspective.
Another example is when we are looking at the chain which is actually involved in the process like using people’s name and pictures and they are not even aware that they are part of the project which basically taken this extra step to talk into the people to get involve into the project.
Tips on how to get into blockchain as a clear specialty:
There is a lot of opportunities in career for people who want to work in the blockchain because it is an industry that is rapidly evolving. Here are some tips that Mohamed gave us.
- Do some homework and reading about bitcoins and blockchains
- Understand what is the logic behind this technology
- Go to events and talk to people who are involved in doing projects
- Know and see if this is something you like to do
- Start educating yourself with the programs
Recommended Resources:
Book Recommendation:
- Blockchain Revolution by Don Topscott
- Blockchain: Blueprint for a New Economy by Melanie Swan
Other sources:
- Medium
- Newsletters
Favorite Hotspot:
- The Rushton in St. Clair, Toronto
About Fast Act Blockchain:
Fast Access Blockchain (FAB) is an enterprise-grade, next generation blockchain application platform for global enterprises that aim to fast track the adoption of blockchain technology. Using a unique architecture, it is scalable to over one million transactions per second.
Unlike other blockchain platforms for business which are mostly private or permissioned, FAB is a true public blockchain, providing the highest level of trust and reliability and includes pre-built applications that speed integration with existing enterprise systems.
FAB provides a comprehensive framework for large-scale applications for enterprises from all sectors to take advantage of the burgeoning, blockchain powered, decentralized trust economy.
Connect with Mohamed:
LinkedIn: Mohamed El Kandri
Website: