<?xml version="1.0" encoding="UTF-8"?><rss xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:atom="http://www.w3.org/2005/Atom" version="2.0" xmlns:itunes="http://www.itunes.com/dtds/podcast-1.0.dtd" xmlns:googleplay="http://www.google.com/schemas/play-podcasts/1.0"><channel><title><![CDATA[blog.kowsheek]]></title><description><![CDATA[🪷 Personal views & experiences]]></description><link>https://blog.kowsheek.com</link><image><url>https://blog.kowsheek.com/img/substack.png</url><title>blog.kowsheek</title><link>https://blog.kowsheek.com</link></image><generator>Substack</generator><lastBuildDate>Thu, 08 Oct 2026 22:05:39 GMT</lastBuildDate><atom:link href="https://blog.kowsheek.com/feed" rel="self" type="application/rss+xml"/><copyright><![CDATA[Kowsheek Mahmood]]></copyright><language><![CDATA[en]]></language><webMaster><![CDATA[kowsheek@substack.com]]></webMaster><itunes:owner><itunes:email><![CDATA[kowsheek@substack.com]]></itunes:email><itunes:name><![CDATA[Kowsheek Mahmood]]></itunes:name></itunes:owner><itunes:author><![CDATA[Kowsheek Mahmood]]></itunes:author><googleplay:owner><![CDATA[kowsheek@substack.com]]></googleplay:owner><googleplay:email><![CDATA[kowsheek@substack.com]]></googleplay:email><googleplay:author><![CDATA[Kowsheek Mahmood]]></googleplay:author><itunes:block><![CDATA[Yes]]></itunes:block><item><title><![CDATA[Evolution of Making with Artificial Intelligence]]></title><description><![CDATA[In science fiction, artificial intelligence and machines are often portrayed as drones that take over much of the data crunching and physical heavy lifting from humans.]]></description><link>https://blog.kowsheek.com/p/evolution-of-making-with-artificial-intelligence</link><guid isPermaLink="false">https://blog.kowsheek.com/p/evolution-of-making-with-artificial-intelligence</guid><dc:creator><![CDATA[Kowsheek Mahmood]]></dc:creator><pubDate>Sun, 09 Jul 2023 23:00:00 GMT</pubDate><enclosure url="https://substack-post-media.s3.amazonaws.com/public/images/6b1bd0b6-c6bd-4369-b687-d765619e6873_2000x1333.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="image-link image2" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Z4hd!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7b7facb-48a0-4b58-bddf-b9002196f3ae_2000x1333.jpeg 424w, https://substackcdn.com/image/fetch/$s_!Z4hd!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7b7facb-48a0-4b58-bddf-b9002196f3ae_2000x1333.jpeg 848w, https://substackcdn.com/image/fetch/$s_!Z4hd!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7b7facb-48a0-4b58-bddf-b9002196f3ae_2000x1333.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!Z4hd!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7b7facb-48a0-4b58-bddf-b9002196f3ae_2000x1333.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Z4hd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7b7facb-48a0-4b58-bddf-b9002196f3ae_2000x1333.jpeg" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/f7b7facb-48a0-4b58-bddf-b9002196f3ae_2000x1333.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:null,&quot;width&quot;:null,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;Evolution of Making with Artificial Intelligence&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="Evolution of Making with Artificial Intelligence" title="Evolution of Making with Artificial Intelligence" srcset="https://substackcdn.com/image/fetch/$s_!Z4hd!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7b7facb-48a0-4b58-bddf-b9002196f3ae_2000x1333.jpeg 424w, https://substackcdn.com/image/fetch/$s_!Z4hd!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7b7facb-48a0-4b58-bddf-b9002196f3ae_2000x1333.jpeg 848w, https://substackcdn.com/image/fetch/$s_!Z4hd!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7b7facb-48a0-4b58-bddf-b9002196f3ae_2000x1333.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!Z4hd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff7b7facb-48a0-4b58-bddf-b9002196f3ae_2000x1333.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div></div></div></div><p>In science fiction, artificial intelligence and machines are often portrayed as drones that take over much of the data crunching and physical heavy lifting from humans. In reality, however, we're finding that machine learning has been used to make art, music, and to hold conversations with us &#8212; reflecting the vast amount of content humans have created and shared through the Internet.</p><p>For many of us who spend time on social media and technology news sites, the explosion of machine learning-powered technologies felt dizzying. It felt like these technologies came out of nowhere and would "take over." As makers of tools and products, we faced the fears of missing yet another wave.</p><p>These user interfaces and technology advancements, in fact, live on a continuum. In 2015, I worked on SimplyInsight, where users could use natural language to ask questions about their marketing data and generate analytics reports. We innovated on chat-like natural language interfaces, integrations with large-scale data platforms, and user interface solutions for live data. SimplyInsight, like many other solution, have been a blip on the thousands of small iterations we have collectively performed to bring about the latest breakthroughs.</p><p>This wave, like all other breakthroughs of technology, is but a ripple in the journey of the human experience of being creators, makers &amp; artists.</p><h2>The Journey is the Destination</h2><p>With the latest machine learning powered tools, the output is instantaneous, powered by a behemoth of machines. This is a big productivity gain, of course, despite the costs to enable the generative artificial intelligence services.</p><p>The focus on the output however narrowly scopes the human need &amp; experience of creativity. In his seminal book, <a href="https://www.notion.so/418dbb31eba14a93921623b697bc8afb">Flow</a>, the psychologist <a href="https://en.wikipedia.org/wiki/Mihaly_Csikszentmihalyi">Mihaly Csikszentmihalyi</a> outlines how being immersed in a process and finding one&#8217;s flow is crucial to fulfillment and happiness. Always optimizing for the end-goal &amp; output dilutes this experience that we crave.</p><p>Further to this, an individual&#8217;s journey and story of pursuing a craft is a source of profound meaning to all humans. For creative tools to flourish, with and without artificial intelligence, they have to enable its users&#8217; journey &amp; pursuit.</p><h2>Mastery Leads to Invention</h2><p>Understanding the pursuit of mastery has been the practice of many traditions. <em>ShuHaRi</em> for example is at the foundation of Japanese apprenticeship. <em>ShuHaRi</em> describes the three stages of the journey to mastery &amp; beyond.</p><p><em>Shu</em> (protect) describes the early days of learning, replicating and practicing a craft by following its rules and honing its traditional practices. <em>Ha</em> (detach) is the ability to bend &amp; break from the rules of a tradition once someone has learnt the practices of a tradition. And finally, <em>Ri</em> (leave) is achieved when inventions are brought to a tradition by someone who has mastered their craft; usually involving the amalgamation of multiple traditions and unique life experiences.</p><p>This process of invention has been a part of the human experience for eons and it is what continues to propel us forward. The mediums that artificial intelligence will enable will be yet another craft that humans will master &amp; invent against.</p><h2>Invention is Evolution</h2><p>Throughout history, when anything new was invented, it was often followed by a period of hype, fear and uncertainty. As the dust settled, the applications of the invention became clearer and eventually people adapted their skills and mastered the new.</p><p>The hype that everything is dramatically changed with artificial intelligence will be fast to wane. The fear that artificial intelligence will outpace us will slowly dissipate as we discover the evolution we humans undergo in the face of this invention.</p><p>In the words of the great <a href="https://en.wikipedia.org/wiki/Rumi">Rumi</a>, &#8220;You will come to see that all evolves us.&#8221;</p>]]></content:encoded></item><item><title><![CDATA[Making Revolution]]></title><description><![CDATA[I was born in Bangladesh, a lush country that was torn by war during its struggle for liberation in 1971 with millions of people uprooted and subjugated to immense suffering.]]></description><link>https://blog.kowsheek.com/p/making-revolution</link><guid isPermaLink="false">https://blog.kowsheek.com/p/making-revolution</guid><dc:creator><![CDATA[Kowsheek Mahmood]]></dc:creator><pubDate>Mon, 07 Mar 2022 22:42:00 GMT</pubDate><enclosure url="https://substack-post-media.s3.amazonaws.com/public/images/10f5a5a6-9523-48f0-a1ad-3aea29b14f1e_2000x1340.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="image-link image2" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!C1TE!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F272b1780-cc93-419c-b474-4a412f100e76_2000x1340.jpeg 424w, https://substackcdn.com/image/fetch/$s_!C1TE!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F272b1780-cc93-419c-b474-4a412f100e76_2000x1340.jpeg 848w, https://substackcdn.com/image/fetch/$s_!C1TE!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F272b1780-cc93-419c-b474-4a412f100e76_2000x1340.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!C1TE!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F272b1780-cc93-419c-b474-4a412f100e76_2000x1340.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!C1TE!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F272b1780-cc93-419c-b474-4a412f100e76_2000x1340.jpeg" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/272b1780-cc93-419c-b474-4a412f100e76_2000x1340.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:null,&quot;width&quot;:null,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;Making Revolution&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="Making Revolution" title="Making Revolution" srcset="https://substackcdn.com/image/fetch/$s_!C1TE!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F272b1780-cc93-419c-b474-4a412f100e76_2000x1340.jpeg 424w, https://substackcdn.com/image/fetch/$s_!C1TE!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F272b1780-cc93-419c-b474-4a412f100e76_2000x1340.jpeg 848w, https://substackcdn.com/image/fetch/$s_!C1TE!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F272b1780-cc93-419c-b474-4a412f100e76_2000x1340.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!C1TE!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F272b1780-cc93-419c-b474-4a412f100e76_2000x1340.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div></div></div></div><p>I was born in Bangladesh, a lush country that was torn by <a href="https://en.wikipedia.org/wiki/Bangladesh_Liberation_War">war during its struggle for liberation in 1971</a> with <em>millions</em> of people uprooted and subjugated to immense suffering. Learning about the destruction &amp; atrocities over the nine months of the war, I&#8217;ve often wondered why the superpowers of the world that purport to support freedom and democracy acted in opposition to these values. A half-century later, in the year 2022, the suppressions, oppressions &amp; wars waged across the world continue to raise the same question. And despite the posturing of pundits and politicians, endless suffering is being visited on humankind by its own.</p><p>In the face of such arduous circumstances that we face, what can I do to help? My approach to aiding in solving the challenges we face as a global civilization are derived from my background in the realm of creating, making and developing technological solutions.</p><blockquote><p>Technology ("science of craft", from Greek &#964;&#941;&#967;&#957;&#951;, techne, "art, skill, cunning of hand"; and -&#955;&#959;&#947;&#943;&#945;, -logia[2]) is the sum of any techniques, skills, methods, and processes used in the production of goods or services or in the accomplishment of objectives, such as scientific investigation.</p></blockquote><p>Technology in its many forms have been the key to alleviating the many pains we have faced over the centuries. It shaped and elevated societies out of decades of poverty, sickness and wars. Unfortunately though, we lost our way and as Peter Theil puts it, "We live in a financial and capitalist age, not a scientific or technological age, [we have seen] innovation in the world of bits, but not in the world of atoms." While there is no doubt that software has been extremely beneficial technology, I believe we are seeing diminishing returns from our continued focus on it.</p><p>The focus needs to shift to developing technology in the world of atoms and kick-off another age of exploration and revolutionary solutions.</p><h2>Make Democracy Direct</h2><p>Between the handling of the global pandemic, rising political divisiveness and international conflict it&#8217;s clear that governments and their systems have continuously been reactive and failed to achieve results that benefit the people they are meant to serve. And given the retaliatory approach of governments towards the people who give them power, it&#8217;s patently obvious that these structures are far too comfortable, bloated and corrupt.</p><p>A technological approach to government is necessary to give people the power to truly govern themselves, as was the envisioning of democracy. With the scale at which software is able to operate today, there is no hurdle to bringing <a href="https://en.wikipedia.org/wiki/Direct_democracy">direct democracy</a> to fruition. If we believe that an electorate is capable of selecting representatives based on stated policies, the same electorate can determine policies for themselves. As for execution of policies, real-time accountability must be deployed across the executing agencies that are funded by the taxes levied on the people.</p><p>While it&#8217;s unrealistic that such a change will happen overnight, entrepreneurs can take advantage of the inefficiencies in the processes governments have deployed. Instead of operating within the bounds of bureaucracy, entrepreneurs should operate, at scale, to intermediate bureaucracy. Entrepreneurs &amp; makers should create a layer for people to use as an accessible frontend.</p><h2>Be your Own Bank</h2><p>The <a href="https://en.wikipedia.org/wiki/Loch_Ness_Monster">Loch Ness Monster</a> was first sighted in 1934 and while that&#8217;s been debunked as a hoax, what I find even more incredible is the fact that the bulk of United States financial system in 2022 is regulated using <a href="https://en.wikipedia.org/wiki/Securities_Exchange_Act_of_1934">laws made in 1934</a> as well. Though these laws have been incrementally changed over the years, their arcane nature has only obfuscated the system and enabled crimes in broad daylight on Wall Street.</p><p>The stark difference in wealth, the tacit destruction of companies and the endless extraction from the people have to stop. It is <em>not</em> an expression of human wellbeing to have to work three jobs to make ends meet and it is unbecoming of our &#8220;modern&#8221; civilization that it requires people to do so.</p><p>It is necessary for us, the people, to take control of the mechanism used to exert power over us &#8212; banking. There was a time when banks facilitated the movement of money and provided access to the many. Unfortunately, that time has long gone. Now, banks are in the business of generating wealth through &#8220;any means necessary.&#8221; This means <a href="https://en.wikipedia.org/wiki/Bank_failure">taking immense risk</a> with people&#8217;s money, <a href="https://en.wikipedia.org/wiki/Front_running">trading against their own customers</a> and relying on the people&#8217;s taxes to <a href="https://en.wikipedia.org/wiki/Bailout">save them when they fail</a>.</p><p>Technologies like the <a href="https://loopring.io/">Loopring</a> ecosystem of smart wallets, guardians, automated market-making and low-cost distributed public blockchain have opened the possibilities for individuals to digitally own all of their money and transact without needing to access a traditional, centralized bank.</p><p>The movement to this approach has already began and it is unlikely that the incumbent banks will survive the next financial collapse.</p><h2>Take Back Art, Science &amp; Engineering</h2><p>Much of the art, science and engineering that moved technology forward was realized by the individual creator &amp; maker. Over the past century institutions have co-opted the practices of making great art, radical scientific experimentation and inventive engineering. The story of <a href="https://en.wikipedia.org/wiki/Herbert_Needleman">Herbert Needleman</a> is no anomaly and will read far too familiar in this system that encourages conformity over exploration.</p><p>While creation of art has exploded on the internet, a similar movement of independent scientists and engineers engaged in self-study, experimentation &amp; invention &#8212; in the world of atoms &#8212; must be reignited. <a href="https://theoceancleanup.com/">The Ocean Cleanup</a> exemplifies this story of an independent inventor creating a solution that transcends the decades of ineffective attempts of institutions funded by the public. In Canada alone, $60 billion was spent from 2015 to 2020 to build a clean economy but the results have been far from radical and disappointing at best.</p><p>Ultimately the dearth of movement from the institutions of old is a call to us, the individual artist, scientist &amp; engineer, to find the inspiration and manifest another revolutionary scientific and technological age.</p><p>I leave the last word to the polymath &amp; symbol of <a href="https://en.wikipedia.org/wiki/Bengali_Renaissance">Bengali renaissance</a>:</p><blockquote><p>&#8220;We can look upon a road from two different points of view. One regards it as dividing us from the object of our desire; in that case we count every step of our journey over it as something attained by force in the face of obstruction. The other sees it as the road which leads us to our destination; and as such it is part of our goal.&#8221; &#8212; <em><a href="https://en.wikipedia.org/wiki/Rabindranath_Tagore">Rabindranath Tagore</a>, <a href="https://books.google.ca/books?id=1ADftQVyteYC&amp;redir_esc=y">Sadhana : The Realisation of Life</a></em></p></blockquote>]]></content:encoded></item><item><title><![CDATA[The Myth of Innovation in Canadian FinTech]]></title><description><![CDATA[A look at the darlings of Canadian FinTech would have you believe that we live in a golden age of innovation in the industry.]]></description><link>https://blog.kowsheek.com/p/the-myth-of-innovation-in-canadian-fintech</link><guid isPermaLink="false">https://blog.kowsheek.com/p/the-myth-of-innovation-in-canadian-fintech</guid><dc:creator><![CDATA[Kowsheek Mahmood]]></dc:creator><pubDate>Wed, 13 Jan 2021 18:11:00 GMT</pubDate><content:encoded><![CDATA[<p>A look at the darlings of Canadian FinTech would have you believe that we live in a golden age of innovation in the industry. With billions of dollars invested in enterprises like RBC Ventures, Clearbanc, Borrowell, and Koho, one would assume that the everyday consumer is offered painless, extraordinary banking and financial services. The reality however, as every adult Canadian knows from experience, is far from painless.</p><div class="captioned-image-container"><figure><blockquote><p>.<a href="https://twitter.com/TangerineBank?ref_src=twsrc%5Etfw">@TangerineBank</a> sends me a "we successfully changed your pin" ... which I didn't trigger! and now I can't login to my account ... online support chat is not available unlesss you login, and 45 minutes wait time on phone ...<br><br>someone out there has all the time to steal my money!</p><p>&#8212; Ahmad Nassri (@AhmadNassri) <a href="https://twitter.com/AhmadNassri/status/1334576824765046787?ref_src=twsrc%5Etfw">December 3, 2020</a></p></blockquote></figure></div><h3>Myth of Innovation</h3><p>The above enterprises are reverently reported on in the mainstream media regularly for their significant funding and acquisition events. Since Canada's technology journalism is no more than <a href="https://betakit.com/?s=fintech">another marketing channel</a>, there is never any information beyond what the enterprises and their controlling interests want reported. There's no examination of these business moves that have long-term implications on the health and prosperity of the ecosystem.</p><p>Any definition of innovation must take into account tangible impact and value that is generated for the ecosystem. In the Canadian FinTech landscape however, impact has been forgone for glamour and financial gain for a <a href="https://www.powercorporation.com/en/companies/fintech-investments/">few institutional investors</a> resulting in stagnation and waste in the entire ecosystem.</p><p>To come out of this stagnation, we must first acknowledge the truth and examine with clarity, the layers that make up our financial system to identify areas that require attention and solutions. Now, more than ever entrepreneurship and rapid innovation is necessary.</p><h3>Myth of Open Banking</h3><p>One of the key technologies that FinTech companies routinely leverage is <a href="https://en.wikipedia.org/wiki/Data_scraping">screen-scraping</a>. While there are valid use-cases for it, the fact that this technology is at the core of applications that access our bank accounts is a fundamental and major problem. Firstly, screen-scraping only works (with varying degrees of accuracy) because the banking services do not change the way they expose financial data frequently enough; this is an indication of stagnation. Secondly, it requires the consumer to hand over their banking credentials to third-parties. And though there are security measures in place to protect these credentials, this data is <a href="https://krebsonsecurity.com/2019/11/ncr-barred-mint-quickbooks-from-banking-platform-during-account-takeover-storm/">extremely vulnerable for a breach</a> that would affect consumers immeasurably.</p><p>The proposed solution to this problem is the long awaited Open Banking but the promises of a modern interface into the banking system are unlikely to come to fruition <a href="https://betakit.com/canadas-open-banking-consultations-delayed-until-fall-at-the-earliest/">any time soon</a> while <a href="https://plaid.com/">Plaid</a> continues to capitalize on our marketplace through their products that address this problem.</p><p>Furthermore, the term <em>Open</em> Banking is an Orwellian doublespeak that would make Orwell himself proud. As it stands, the Canadian government creates and implements policies unilaterally based on consultations from representatives of the institutional interests that the government itself chooses to invite. This approach glamourizes the initiative and keeps it exclusionary without being truly open, broad, inclusive and collaborative with citizens.</p><div class="captioned-image-container"><figure><blockquote><p>Next phase of Canada's <a href="https://twitter.com/hashtag/OpenBanking?src=hash&amp;ref_src=twsrc%5Etfw">#OpenBanking</a> consultations start today and I'm looking fwd to playing a part. Important for innovation, competition and consumer data ownership. <a href="https://twitter.com/cafreeland?ref_src=twsrc%5Etfw">@cafreeland</a> <a href="https://twitter.com/NavdeepSBains?ref_src=twsrc%5Etfw">@NavdeepSBains</a> <a href="https://twitter.com/FinanceCanada?ref_src=twsrc%5Etfw">@FinanceCanada</a> <a href="https://twitter.com/ISED_CA?ref_src=twsrc%5Etfw">@ISED_CA</a></p><p>&#8212; Andrew Graham (@andrewtgraham) <a href="https://twitter.com/andrewtgraham/status/1333409777670623232?ref_src=twsrc%5Etfw">November 30, 2020</a></p></blockquote></figure></div><div class="captioned-image-container"><figure><blockquote><p>The team <a href="https://twitter.com/Wealthsimple?ref_src=twsrc%5Etfw">@Wealthsimple</a> is grateful to participate in government consultation on <a href="https://twitter.com/hashtag/openbanking?src=hash&amp;ref_src=twsrc%5Etfw">#openbanking</a>. This initiative is incredibly important to meet consumer expectations around financial data portability, privacy and security, while encouraging innovation and economic growth.</p><p>&#8212; Blair Wiley (@BlairWiley) <a href="https://twitter.com/BlairWiley/status/1333490210039074818?ref_src=twsrc%5Etfw">November 30, 2020</a></p></blockquote></figure></div><h3>Myth of Security</h3><p>There have been <a href="https://ipolitics.ca/2020/12/14/largest-financial-data-breach-in-canada-due-to-security-gaps-privacy-watchdog/#:~:text=Events-,Largest%20financial%2Ddata%20breach%20in%20Canada,to%20security%20gaps%3A%20privacy%20watchdog&amp;text=The%20personal%20data%20of%20nearly,privacy%20commissioner%20reported%20on%20Monday.">many</a> <a href="https://www.zdnet.com/article/bank-of-montreal-cibcs-simplii-financial-confirm-customer-data-breaches/">large-scale</a> security breaches in the financial industry, but they will have paled in comparison given the vulnerability from <a href="https://cloud.google.com/blog/products/identity-security/identifying-and-protecting-against-the-largest-ddos-attacks">attacks</a> as exponentially higher computing power, and soon Quantum computers, become available to the masses and bad actors. While this is just one of the many types of attack vectors that the financial systems face, without action, it is a matter of eventuality that irreparable damage is done.</p><p>Using security as a catch-all excuse to deflect the challenges to the (profitable) status-quo has always worked since it taps into the fear of financial stability. The reality though is that the current approach of <a href="https://en.wikipedia.org/wiki/Security_through_obscurity">security though obscurity</a> is an ancient and rejected approach that has and will undoubtably continue to fail us.</p><blockquote><p>[W]e do not rely on the secrecy of source code for the security of products, and our threat models assume that attackers have knowledge of source code.<br>&#8211; <a href="https://msrc-blog.microsoft.com/2020/12/31/microsoft-internal-solorigate-investigation-update/">Microsoft Internal Solorigate Investigation Update</a></p></blockquote><p>Thus, without real and rapid innovation in FinTech our money, financial certainty and social stability remains at threat despite the appearances.</p><h3>Layers of the Financial System</h3><p>The financial system is large and difficult to grasp. Abstractly though, there are three layers that make up the entire system:</p><ol><li><p>Money: in which, without any modern technology, one could buy, sell, borrow and lend using currency.</p></li><li><p>Infrastructure: the mass of technology that has been built over time to facilitate the transactions in the money layer.</p></li><li><p>Frontend: products and services that consumers interact with to perform money layer transactions through the infrastructure layer. Much of the security and compliance systems also exist in this layer.</p></li></ol><p>Most FinTech enterprises like the aforementioned and Open Banking are operating in the frontend layer. For tangible impact however, entrepreneurs need to be operating in the infrastructure layer. But, this layer has been made opaque by invoking the fears of security.</p><p>While cryptocurrencies and Distributed Ledger Technology intended to replace all three layers of the financial system, their implementation inevitably fell into the grasps of the incumbent financial systems whose proponents have once again <a href="https://www.theglobeandmail.com/report-on-business/rob-commentary/could-dlt-underpin-an-entire-wholesale-payment-system/article35106771/">named security</a> as reasons to maintain the status-quo despite <a href="https://www.bankofcanada.ca/2017/05/upgrading-the-payments-grid-the-payoffs-are-greater-than-you-think/">encouragements from one of their own</a>.</p><p>After facilitating APIs and operating in the frontend layer for years, Stripe in the United States has <a href="https://stripe.com/newsroom/news/treasury">turned their attention to the infrastructure layer</a>. Though a very welcome step, this approach of progressive abstraction &amp; enhancement is only possible due to the clout, financial backing and risk tolerance of Stripe which few companies can bolster. Stripe engages banking partners who will continue to manage and obfuscate the infrastructure layer which is the technological mass that sorely needs innovation.</p><p>When I worked American Express Technologies a director of technology shared his retirement plan during an one-on-one with me. He planned to learn COBOL because that would remain the most in-demand and highly-paid programming language in the financial industry. This was almost a decade ago and he was <a href="https://www.forbes.com/sites/tomtaulli/2020/07/13/cobol-language-call-it-a-comeback/">absolutely correct</a> because he was counting on one certain fact: the core of our financial system had been and will remain stagnant &#8211; this is the major challenge in the infrastructure layer.</p><h3>Overcoming Stagnation</h3><p>The first and major hurdle that all entrepreneurs face when tackling the financial system is a lack of visibility. The infrastructure layer is complex and archaic. Without understanding how each piece of this layer works and how they interact with each other, enterprises are left to build and operate in the frontend layer.</p><p>A consortium, with diverse membership, on the core technology behind the financial system would significantly improve the transparency we currently lack while maintaining the integrity and security of the systems in the layer. Similar to the consortiums behind open (and <a href="https://www.linuxfoundation.org/en/join/members/">powerful</a>) software, a consortium on financial systems would greatly accelerate the contribution and innovation from the entire ecosystem.</p><p>This organization would be dissimilar to Open Banking since it would be responsible for establishing (and possibly executing) the policies, systems, architecture and technologies of the infrastructure layer. Its function would also be open to all citizens to examine and contribute, in addition to enterprises operating financial services. The financial arms of the government would be equal participants alongside the citizens and corporations.</p><p>If we achieve greater transparency through a truly open and collaborative approach, then the pace of iteration in the ecosystem will significantly increase and create tangible impact. Faster iteration will allow entrepreneurs and innovators to test their ideas and push the boundaries of what is possible and move towards providing Canadians the financial services and FinTech they deserve.</p><div><hr></div><p>This post is in dedication to all Canadians whose struggle, work, creativity and invention continue to move us forward despite the failings of our governments and systems.</p><div><hr></div><p>Thank you:<br>- <a href="https://twitter.com/rohan10">Rohan Nair</a> for insights and feedback drawing from his plethora of experiences.<br>- <a href="https://twitter.com/mocha384">Rakesh Gohel</a> for pointed questions and feedback and his clarity of thought.<br>- Compatriots who have opted to remain anonymous for their contributions, feedback and encouragement.</p>]]></content:encoded></item></channel></rss>