Canadian Contributions to a Cashless Society

Forthlane Fridays Webinar – Canadian Contributions to a Cashless Society – October 29, 2021

Profound Impact’s Sherry Shannon-Vanstone joined panelists Alfred Menezes of the University of Waterloo and John Loeprich of 3iQ Corp to discuss Canadian contributions to a cashless society from both the macro and micro level that consumers do not often appreciate the importance of, including the technical side, energy and environmental implications.

If you missed the webinar, you can watch the recording here.

Watch the video pre-discussion for an introduction to blockchain and cryptocurrency technology by Alfred Menezes!

Here are the Key Takeaways from the webinar by Forthlane Partners.

The Cryptocurrency Landscape

  • Regulators in Canada are playing an important role in helping Canada become a leader in transitioning to a cashless society.
  • Since 3iQ Corp is the first company worldwide to receive regulatory approval for a prospectus product (the Bitcoin Fund) listed on a major stock exchange, it has made individuals a lot more comfortable. This has resulted in greater adoption in Canada.
  • There has been significant portfolio adoption in the U.S., despite cryptocurrency being unregulated.
  • Although cashless products are not a core-holding of any portfolios yet, we are seeing more comfort among a lot of institutional investors and hedge fund managers.
  • Canada’s research and education organizations have enabled the commercialization of science. As a result, Canada has been a major contributor of information to the cryptocurrency industry.
  • As a professor at Waterloo, Alfred Menezes has seen an increase in student interest in cryptography. As an example, a course Alfred teaches about cryptocurrency used to have enrollment of approximately 100 students but has now risen to over 275 students.
  • The US government and MIT have partnered around digital currency. In Canada, this partnership would most likely be seen between the government and University of Waterloo.
  • Waterloo has the largest research group in cryptography security. Waterloo has already launched the “Cybersecurity and Privacy Institute” with dozens of faculty members who are conducting research in this sector.

Cryptocurrency as the Reserve Currency of the World

  • The early developers of Bitcoin and Ethereum comprised of a few anarchists and many strong libertarians. Overall, the founders tend to be very idealistic people. However, this idealistic perspective does not always align with the perspective of banks and nations.
  • In principle, it would be wonderful if the world adopted one cryptocurrency, but in practice it is not realistic.
  • On September 7, 2021, El Salvador adopted Bitcoin as a legal tender and was the first country to do so. It is not clear why and whether it will be a success. It will be interesting to see what comes of this decision over the next few months and if Canada should follow.
  • Many countries are very against Bitcoin becoming the new world’s reserve currency. Since the U.S. dollar is the current world’s reserve currency, the U.S. does not want Bitcoin to replace it.

Cryptography

  • Cryptography helps address big problems, including democratization of access, cost of financial services, a hedge on government, and physical mobility (during WW2, Gold was heavy and immobile, so diamonds were viewed as the “more mobile” product).
  • Bitcoin and Ethereum have been wonderful experiments to explore what is envisioned, but there is a lot more to blockchain, with many applications outside of cryptocurrency.
  • To push cryptography forward, more commercialization opportunities and conversations are needed.
  • We need to continue to encourage research and start-ups, which encourage collaboration. The government is helping to support this as well as the private industry. Monetary investments are also important to support research.

Real World Applications of Cryptography

  • Finance companies are implementing security tools, prediction markets, and smart contracts which can all be implemented very quickly.
  • The Top 5 banks in Canada have not felt the need to innovate over the last several years. A simple example here is still needing to pay $40 for a wire transfer.
  • De-centralized finance can put pressure on the banks to innovate. For example, this could help reduce wire transfer costs and reduce overnight wait time for wire transfers to clear. Transactions could be instant.

De-Centralizing Cryptocurrency

  • In theory, de-centralization is nice, but in reality, it is quite hard to achieve.
  • Bitcoin was intended to be de-centralized, but decisions are ultimately made by the miners, so are quite centralized.

There are only a handful of miners in the world, and most of these miners were all in China, until a few months ago. Over the last few months, there has been a crack-down on miners in China.

Celebrating Profound Impact Day

Celebrating Profound Impact Day 2021 – September 14, 2021

Profound Impact Day 2021 featured special guest speaker Dr. Feridun Hamdullahpur, former president at the University of Waterloo. A self-proclaimed lifelong learner, Feridun Hamdullahpur has been a powerful force in building the University of Waterloo’s reputation as a leader in innovation and academic excellence.

Profound Impact Day

Profound Impact Day

FOR IMMEDIATE RELEASE

WATERLOO STARTUP LAUNCHES IMPACTFUL ACTIONS AWARD AS PART OF SECOND ANNUAL PROFOUND IMPACT DAY CELEBRATION

Waterloo Region’s very own Dr. Feridun Hamdullahpur announced as inaugural recipient of the Award

WATERLOO, ON | SEPTEMBER 14, 2021 — Profound Impact™ Corporation, a Waterloo Region-based startup providing a next-generation social engagement and interaction platform, today celebrates the second annual Profound Impact Day by announcing the launch of the Impactful Actions Award program. Presented at the virtual Profound Impact Day event, Profound Impact™ is pleased to award Dr. Feridun Hamdullahpur, former President & Vice Chancellor (2010-2021) and Professor of Mechanical and Mechatronics Engineering at the University of Waterloo as the 2021 recipient.

The Impactful Actions Award is an annual awards program recognizing leaders from around the world who are making a profound impact on the global community by inspiring collaborative solutions to difficult problems. A monetary contribution will be made in honour of Award recipients to an initiative or cause that aligns with their work and impact. 

In Dr. Hamdullahpur’s honour as recipient of the 2021 Impactful Actions Award, Profound Impact™ has chosen to donate to the University of Waterloo Student Wellness fund. This fund supports student success by ensuring students have access to resources that promote their physical and mental wellbeing. 

“The Impactful Actions Award program brings together two of our core values at Profound Impact™: collaboration and making a positive impact,” said Sherry Shannon-Vanstone,Founder and CEO, Profound Impact Corporation. “It’s always exciting to see the ways our platform is being used to connect people and facilitate future impactful endeavours. It is an honour to recognize Dr. Feridun Hamdullahpur this Profound Impact Day for the impact he has made on university education, research and scholarship in our broader society through constant reform and innovation in the higher education sector, in addition to his involvement in the United Nations’ HeForShe initiative to take action on gender inequality.”

Celebrated annually on September 14, Profound Impact Day is a celebration of the world’s diverse leaders and changemakers who are leaving their mark on the global community through their initiatives, influence and impact.

This year, Profound Impact™ hosted a series of events engaging innovators, thinkers and doers from across Waterloo Region and the world as part of the Profound Impact Day celebration.

Beginning with a virtual event featuring a fireside chat with Dr. Feridun Hamdullahpur, discussing his previous work with the United Nations’ HeForShe Alliance as a 10x10x10 Impact Champion, the Impactful Actions Award was debuted in its inaugural year.

Further, Profound Impact™ is thrilled to be supporting Hack the North, Canada’s largest hackathon. Announced yesterday, the organization is hosting a pre-hack challenge for hackers to warm up for the 36-hour Hack the North event. Profound Impact™’s Chief Strategic Advisor, Brian Romansky, will present a Tech Talk titled “AI Technology for Data Aggregation and Normalization – Shifting the Value Proposition of Distributed Data”, taking place from 7:00-7:45pm on Saturday, September 18th.

To conclude the Profound Impact Day 2021 series of events, Profound Impact™ is pleased to announce the launch of their new career trajectory product, designed to help universities and colleges, research institutions and social impact organizations gain important alumni insights, develop new strategy and programming, and identify career progression success stories.

Even with the development of new and innovative products, Profound Impact™ remains dedicated to expanding the possibilities of its digital communities, recognizing them as one of the most important tools to help organizations continue to innovate, scale and strengthen — especially as the world emerges from the ongoing pandemic.

“Discovering new relationships, no matter where you are in the world, empowers collaboration. Now more than ever, a thriving digital community can help both individuals and organizations amplify the impact of the work they are doing,” said Sherry Shannon-Vanstone.

For more information on Profound Impact™ and the Impactful Actions Award, please visit www.profoundimpact.com. See how Profound Impact™ is being deployed by visiting https://demo.profoundimpact.com/.

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ABOUT PROFOUND IMPACT CORPORATION

Profound Impact connects great people to do great things by providing a unique and transformational digital community to measure the worldwide impact of an organization and by facilitating and accelerating connectivity to inspire collaborative solutions to difficult global problems.

Website: www.profoundimpact.com

Facebook: @aprofoundimpact

Instagram: @aprofoundimpact

LinkedIn: Profound Impact Corporation

Twitter: @aprofoundimpact

For media inquiries, please contact:

Madison Lambden

519-994-1912 

media@profoundimpact.com

Shannon Dodangoda

905-806-7190

media@profoundimpact.com

Timmy Award Finalist

FOR IMMEDIATE RELEASE

LOCAL TECH STARTUP PROFOUND IMPACT™’S SOHAIL RAMZAN NAMED BEST TECH MANAGER FINALIST FOR TIMMY AWARDS

The prestigious tech industry awards program, created by Tech in Motion, announces top regional tech leaders for 2021

WATERLOO, ON | SEPTEMBER 23, 2021 — Profound Impact™ Corporation, a Waterloo Region-based startup, is proud to announce that Sohail Ramzan, Technical Program Manager at Profound Impact™, has been selected as a Best Tech Manager Finalist for the 7th annual Timmy Awards, which recognizes the top workplaces and people inside the North American tech industry. Ramzan has been named one of three regional finalists in the Toronto area.

Demonstrating great leadership and positive influence, managers such as Sohail Ramzan lead their teams through unexpected territories and inspire performance and growth. The Waterloo Region’s tech community can vote here until September 27 to decide the Regional Winners, who will be judged in the national round by experts from companies like Paypal, Netflix and Oracle.

“In an ever-changing world, we value the unwavering commitment and agility from tech leaders like these, who help strengthen and motivate those around them professionally,” says Mandy Walker, Executive Director of Marketing at Tech in Motion’s creator, Motion Recruitment. “Through the Timmys, we are glad for the opportunity to recognize leaders in tech workplaces dedicated to empowering their teams.”

The selection criteria for the Best Tech Manager is based on the following:

  • Promotes career growth and inspires innovation
  • Goes above and beyond to ensure a motivating, inclusive team culture
  • Employs a clear and communicated vision to produce an innovative product

“We are thrilled that Sohail’s talent and leadership is being recognized as a finalist for this prestigious award,” said Sherry Shannon-Vanstone, founder and CEO of Profound Impact™ Corporation. “At Profound Impact™, our work is rooted in inspiring collaborative solutions to difficult global problems — and Sohail continues to push our mission forward as a visionary manager who remains committed to empowering our team.”

Profound Impact™ offers a next-generation digital community and interaction platform, helping universities and colleges, research institutions and social impact organizations accelerate connectivity, inspire collaboration and measure their impact. Earlier this month, the Profound Impact™ team debuted their new career trajectory solution, designed to help institutions and enterprises find and tell their impact stories through alumni career trajectory data. The company looks forward to releasing additional solutions, including a research/researcher matching solution, to be announced soon.

After the success of last year’s virtual ceremony, the 2021 Timmy Awards ceremony on Thursday, October 28 will once again be a completely digital experience. To vote, RSVP or learn more, visit the Timmys website. 

For more information on Profound Impact™ please visit www.profoundimpact.com. See how Profound Impact™ is being deployed by visiting https://demo.profoundimpact.com/.

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ABOUT TECH IN MOTION EVENTS

Tech in Motion is a North American events series that brings local tech community professionals together to connect, learn and innovate. What started as a passion project in 2011, by IT staffing and recruiting firm Motion Recruitment, grew into an organization of over 250,000 members across 14 chapters in North America including Atlanta, Boston, Charlotte, Chicago, Dallas, LA, New York, Orange County, Philadelphia, Phoenix, San Francisco, Silicon Valley, Toronto, and Washington, D.C. Please visit www.techinmotionevents.com for more information about our notable speakers, sponsors and events.

ABOUT PROFOUND IMPACT CORPORATION

Profound Impact connects great people to do great things by providing a unique and transformational digital community to measure the worldwide impact of an organization and by facilitating and accelerating connectivity to inspire collaborative solutions to difficult global problems.

Website: www.profoundimpact.com

Facebook: @aprofoundimpact

Instagram: @aprofoundimpact

LinkedIn: Profound Impact Corporation

Twitter: @aprofoundimpact

For media inquiries, please contact:

Madison Lambden

519-994-1912 

media@profoundimpact.com

Lindsay Lewis

Tech in Motion Events

lindsay.lewis@techinmotionevents.com

484-252-9071

CEO Message

Message from the CEO

Welcome to the September edition of Profound Connections. As autumn arrives in our part of the world and summer draws to a close, many of us are gearing up for a time of significant change. For some, it’s back to school — others, a career shift. Whatever this season looks like for you, I wish you continued learning, growth and success.

September is special for us at Profound Impact™ as we celebrate the second annual Profound Impact Day on September 14. 

On September 14, 2020, the inaugural Profound Impact Day was celebrated to recognize the global impact of the Faculty of Mathematics at the University of Waterloo and its role as an international centre of research and development in cybersecurity. Presented by Profound Impact™, the Day was inspired by the late Professor Scott A. Vanstone and the impact that his mentorship and guidance continue to have in the world of mathematics and across various fields.

Reflecting on this Day over the last year, the impact and scale at which we could tell these stories of collective impact and legacy was realized. We set out to develop a community that provides the opportunity for connection and collaboration that all current and future leaders need to meet their potential. We spotlighted those who are contributing to the greater good through their stories of impact. We celebrated the extraordinary accomplishments of those making a difference, right here in Waterloo Region and beyond. 

This month’s Impact Story shines light on Dr. Feridun Hamdullahpur, former President & Vice Chancellor (2010-2021) and Professor of Mechanical and Mechatronics Engineering, University of Waterloo, engineer, educator and leader. We are thrilled to also welcome Feridun to join us this Profound Impact Day for a fireside chat to discuss his involvement with the United Nations’ HeForShe initiative as a 10x10x10 Impact Champion. 

I’d like to extend a warm invitation to you and hope you will join us for this special event on September 14. Registration details and more information can be found below.

Thank you for your continuous engagement and support.

Feridun Hamdullahpur

Feridun Hamdullahpur
Dr. Feridun Hamdullahpur

Former President & Vice Chancellor and Professor of Mechanical and Mechatronics Engineering, University of Waterloo

Career summary and major highlights

A self-proclaimed lifelong learner, Dr. Feridun Hamdullahpur has been a powerful force in building the University of Waterloo’s reputation as a leader in innovation and academic excellence. Striving for better his entire career, Feridun made significant contributions to education through his role as the University of Waterloo’s sixth President and Vice-Chancellor. Although his leadership trajectory took him from professorship into administration, he remains an active researcher and engaged professor. An advocate of research, connection and innovation, his drive to maximize the impact of higher education on society built a community working together to do better and change the world.  

As a young professor busy with research, an early influential interaction with his department chair at TUNS (then the Technical University of Nova Scotia now Dalhousie University) would begin to shape his future. In a conversation with Les, chair of the Department of Mechanical Engineering, Feridun spoke of his dissatisfaction with how the graduate applications were being handled. Les told him there are two types of people in this world: those who complain and leave the work up to others and those who get things done, and asked him, “Which one are you?” Feridun accepted the challenge to get things done and moved into an administrative assignment to improve the program and set the course of his entire career. From this first position to Associate Dean for Graduate Studies and later Dean, Feridun became an influential administrator who constantly recognized opportunities to solve problems and make a difference in higher education. 

Viewing mentorship as incredibly important to inspiration, learning and growth, Feridun attributes being able to make the kind of difference he is proud of to working with wonderful people over the course of his career. An early mentor in Turkey taught him to understand the nature of research, and more importantly, the importance of failure and perseverance. Later, after Feridun came to Canada, he and Dr. David McKay would discuss finding meaning in their work. McKay also encouraged Feridun to share learning experiences with his own students, leading him on the path of constant learning. 

After a question at a University of Waterloo town hall brought the concerningly low number of female faculty to the forefront, Feridun was inspired to take action on gender inequality. Recognizing the human-made obstacles that stood in the way of gender equity, Feridun resolved to use his position to create an environment that takes action for a more equitable future while remaining committed to the highest degree of academic excellence. This led to his involvement in the United Nations’ HeForShe initiative, a program that seemed tailor-made to help set attainable targets that would shift attitudes and improve accessibility for female scholars. This initiative increased participation from female students and reached a higher number of female faculty members well before target deadlines, maintaining high standards for education while making space for female voices.  


Feridun Hamdullahpur speaks at the United Nations HeForShe IMPACT Summit in September 2018. 

Despite not being in a classroom for over 20 years, Feridun never stopped being a professor. Reflecting on his own experience, he does not see a future where he is not involved in teaching in some way. He kept up with research, graduate supervision and publishing while remaining committed to improving the student experience, doing as much as possible outside the classroom to enrich and expand their horizons. With continued involvement with the United Nations’ HeForShe initiative as a 10x10x10 Impact Champion and on several university boards and committees in an advisory capacity, Feridun remains involved in shaping the future of education.  

After 11 years, Feridun stepped down from the Office of the President, leaving a legacy of lasting change. Four of the six deans at the institution are women and during his tenure Feridun hired four women Vice Presidents and one University Secretary all of whom reported to him, a direct result of building a place of respect that made it accessible for the right people to come forward. There is still room to grow, but Feridun is confident the growth will be organic and a foundation for the exciting changes yet to come.  

Feridun has a long history of entrepreneurial and academic success. You can view some of his most significant accomplishments outlined in the images below. 

Here’s a link to a live graph on the Profound Impact platform showing Dr. Hamdullahpur’s academic ancestry.

Do you have an impact story to share? Reach out to us at connections@profoundimpact.com for a chance to have your story featured in an upcoming newsletter! 

CEO Message

Message from the CEO

As summer continues, our team at Profound Impact™ is taking some time to reflect on the success of the recent months and highlight future projects we are looking forward to sharing with you. 
 
I’d like to thank all of you for your continued engagement with our webinar series — Profound Insights. As we are not hosting a webinar this month in preparation for our upcoming annual Profound Impact Day celebration in September, we have included recaps and links to each of our previous webinars in case you were not able to attend. We look forward to continuing our webinar series in the following months and facilitating new discussions with highly regarded panelists. 
 
This month’s Impact Story shines a light on James Wesley (Wes) Graham (1932-1999), professor, innovator, entrepreneur — otherwise known as the “Father of computing” at the University of Waterloo as the first director of the University’s computing centre. Throughout Wes’ esteemed career, he was accredited for providing the leadership in software development for education that has given Canada and the University of Waterloo an international reputation in this important field. Helping to cement Waterloo as a leader in computer science education and research and a dynamic software development hub, Wes’ contributions have resulted in significant positive economic and employment impact for the Region. His tenacity and ambition left a lasting impact on the countless students and colleagues he engaged with during his career. We hope you enjoy the unique academic ancestry and impact visualizations we have included in this newsletter showcasing the far reach of Wes’ impact. 
 
As we continue to transition into various re-opening stages, we encourage you to continue to learn more about how online virtual events and platforms like Profound Impact can elevate your organization’s engagement and the strong relationships it can build now and into the future.
 
Check out our free self-assessment tool to learn more about Profound Impact’s digital engagement communities and how the Profound Impact platform can ensure a safe and secure platform for your entire organization and attendees while aligning with your organization’s strategic objectives.
 
Thank you for your continued engagement and support. 

James Wesley (Wes) Graham

James Wesley (Wes) Graham

“Father of Computing” at the University of Waterloo

With exceptional leadership in the field of computer science and his dedication to making computers accessible to a wider audience, James Wesley (Wes) Graham (1932-1999) was known as the “Father of Computing” at the University of Waterloo. Serving as early director of the University of Waterloo’s Computing Centre, Wes had an active role in shaping computer science education worldwide. His experience teaching at the University inspired the creation of software to support education, particularly in programming and access to computers. Many of the software systems that would further enhance Waterloo’s international reputation were created under his leadership. 

After starting his career as a systems engineer at IBM Canada, Wes joined the University of Waterloo in 1959 to teach statistics, where he quickly became one of the first professors offering courses in computer science. The move into this field brought exciting change and challenges for the University, leading to significant impact on Canadian and international computer science education and software development practices. Wes and other early professors were instrumental in establishing the department of computer science and in  realizing the importance of computers to a wide range of applications providing opportunities for future generations. 

Wes thoroughly enjoyed teaching and mentoring students and recent graduates throughout his career. Receiving the Distinguished Teacher Award from the University of Waterloo in 1978 was one of his proudest accomplishments. His professorship at the University and engagement with this burgeoning field of computer science allowed him to provide leadership and momentum in the growth of this new area that would establish a direction for others. Believing that computers should be available to the widest audience possible, Wes orchestrated the University of Waterloo’s investment in an IBM 360/75 computer in the mid 1960s, the most powerful computer in Canada at the time. He was influential in the development of the computer studies programs, along with hardware and software, for both university and high school students.  

Wes Graham at the University of Waterloo beside the IBM 360 Model 75. 

Wes was a champion of ‘ease of use’ for computers, long before ‘ease of use’ became central to the software industry. Recognizing that the available software was not designed for teaching purposes, Wes led a team in building a solution to facilitate learning. With four students and a junior faculty member, WATFOR (Waterloo Fortran Compiler) was built to solve speed of processing and obscure error reporting. Attracting worldwide attention, this compiler was eventually used in thousands of colleges and universities around the world as well as businesses and governments and led to the development of many other educational software systems at Waterloo. 

With the intent of influencing software so that it could be better applied in education, Wes would often use the software to build his own programming examples for instructional books, providing candid feedback to the developers about his experience. If he felt software was confusing or had inappropriate error messages, he insisted it be improved. His determination was instrumental in the transformation of computing to make it accessible to more people. His approach and influence in the early WATFOR project helped make early Waterloo compilers successful—not just because of speed and efficiency, but because they were easier to use. 

Wes’ hands-on approach to teaching was a reflection of his desire to provide leadership and guidance to others while exploring the many possible uses of computers. Many of the expectations Wes had for software and computing can be recognized in today’s systems and in the ongoing work of those who he mentored. In recognition of his many accomplishments Wes Graham was made an Officer of the Order of Canada in 1999. 

Click on the image below to go to the Profound Impact™ academic ancestry graph connecting Wes Graham all the way back to Friedrich Leibniz!

Wes Graham had a long, impactful career as a professor, innovator and entrepreneur. You can view some of his most significant accomplishments listed in the image below. 

Do you have an impact story to share? Let us know at connections@profoundimpact.com for a chance to be featured in an upcoming newsletter! 

CEO Message

Message from the CEO

Welcome to June, a month to celebrate a new season and warm weather. As we look forward to what this month has to offer, it is imperative to recognize June’s significance as National Indigenous History Month and the #215children. In light of recent events, the Profound Impact™ team wishes to emphasize its support for the Indigenous community and its efforts to continue to positively support and share resources through our various platforms. ⁣

Thank you to those who attended our most recent Profound Insights webinar titled, “The Future of Work: Lifelong Learning & Networking with Digital Communities.” The webinar, moderated by Rob Darling, was a great success and facilitated engaging conversations with our esteemed panelists from the Waterloo Region including Simon Chan, Vice President of Talent, Academy & Future of Work at Communitech, Dr. Judene Pretti, Director of the Work-Learn Institute at the University of Waterloo, and Caitlin MacGregor, CEO and Co-Founder of Plum to discuss lifelong learning, professional development and talent resilience. 

This month’s Impact Profile will shine light on Don Cowan, Distinguished Professor Emeritus from University of Waterloo. Don’s rich and expansive career history in mathematics is attributed to his emphasis on mentorship and connections in academic ancestry, especially his connection to Sir Isaac Newton. We hope you enjoy the unique academic ancestry and entrepreneurism visualizations we have included in this newsletter. In each of our newsletter, we look forward to highlighting exceptional impactful individuals and welcome your suggestions on who to feature.

As the province-wide lock-down comes to an end, we encourage you to continue to learn more about how online virtual events and platforms like Profound Impact can elevate your organization’s engagement and the strong relationships it can build now and continue when we are able once again to engage in person.

Learn more about Profound Impact’s digital engagement communities and how the Profound Impact platform can ensure a safe and secure platform for your entire organization and attendees and align with your organization’s  strategic objectives by completing our free self-assessment tool.

Thank you for your continuous engagement and support.