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Bitcoin and blockchain – the technology on which the cryptocurrency is built – were introduced together more than 10 years ago. In these days, however, the application of blockchain technology has extended far beyond the simple transfer of Bitcoin.
"Blockchain technology is positioned to become the backbone of valid data for any organization," he says Mehran Hydary, the blockchain delivery lead to Deloitte Canada.
Hydary was one of many students of U of T who shared his career insights at the recent Graduate Engineering Network of the Faculty of Applied Engineering and Engineering on Data Analysis and Artificial Intelligence (AI).
Blockchain expert, Hydary analyzes the technology itself, the ways it is revolutionizing industries and how it could play a key role in changing the Internet of the future.
Blockchain in a nutshell
Bitcoin – a form of decentralized digital currency – was created to eliminate dependence on central banks or any single administrator to mediate the transfer of value from one person to another.
"One of Bitcoin's key success factors was the introduction of the blockchain," explains Hydary.
Think of the blockchain as a more complex Google spreadsheet: an updated shared database available to all participants, with an encryption layer that links information together. While more people share the same set of data, cryptography ensures that the information on the blockchain is secure, valid and that only the intended recipient can read the data.
Beyond the Bitcoin
Blockchain technology is no longer linked only to Bitcoin. It can be applied to simplify data in almost all sectors, as long as there are people who share and rely on the same set of information.
In the financial sector, the blockchain can be used to accelerate and simplify cross-border payments. In health care, it can be used to create a common set of patient data for doctors. In the supply chain industries, the blockchain introduces the ability of different parties – for example, competing companies – to start sharing information to improve their businesses.
"What's enabling is process simplification – companies can now collaborate with their suppliers, customers, and competitors to begin thinking about which blockchain-based data they can use to drive more efficient processes," says Hydary. "Blockchain eliminates that vacuum of trust among competitors."
Also sees the blockchain playing an important role in the next evolution of the Internet, countering the spread and spread of misinformation and "false news".
"At the moment, anyone can share information online, many of this information is good and many of this information is unreliable," he explains.
"One day, we will all be on web platforms built at the intersection of machine learning, AI, the Internet of Things and blockchain, and developers will explore ways to harness these technologies to validate information, validate identity and ensure that what is shared on the Internet has merit – and a person – behind it. "
How to become an expert in blockchain
During the fourth year of Hydary at U of T, the price of Bitcoin crashed, losing much of its value within a few weeks
The Bitcoin crash was an easy starting point for Hydary, who decided to buy a Bitcoin. "I knew it was a good time to get acquainted with the technology, since the price of Bitcoin was low at the time, but the subject was still getting a lot of traction," he says.
Once he understood the process of buying a single Bitcoin, he started plunging into the details behind it. His blockchain experience has led to his current position in Deloitte, where he helps provide blockchain solutions to customers in a wide variety of industries, from financial services to health care.
His advice to current students interested in blockchain or machine learning is to absorb as much knowledge as possible. Hydary says that space is evolving so fast, the sooner they enter it, the better they will be positioned to keep up and move on.
Students can be involved in this rapidly evolving field in many ways, from code learning and the implementation of end-to-end web applications with blockchain technologies, to the pursuit of the new minor AI and U of T Engineering certificate and participation in hackathons or networking events.
"Whether it's AI or blockchain, the entity of these technologies will have an impact on all sectors," says Hydary. "I would like to tell the students to understand what these technologies are, or how they can be applied to the industry they want to pursue, and use them to become a pioneer and expert in that space."
