Dr. Hamed Taherdoost Answers Our Questions
How does your professional background support your ability to be an authority on this book?
Dr. Hamed Taherdoost: With over 20 years of experience across both industry and academia, I have deeply immersed myself in the fields of digital finance, FinTech, and emerging technologies like cryptocurrency. My journey includes leading international projects in various industries such as IT, healthcare, transportation, oil and gas sectors, which has given me a broad perspective on how technological trends reshape traditional business models.
As the founder of Hamta Business Corporation, I have developed several innovative solutions and worked with global experts to push the boundaries of digital transformation. My academic roles as an Associate Professor at University Canada West, and my involvement with multiple advisory boards and consulting positions, have further strengthened my expertise. These experiences have allowed me to stay at the forefront of technological advancements while contributing to scholarly research, making me well-positioned to offer valuable insights into the future of digital finance and the mainstream adoption of cryptocurrency.
What is cryptocurrency, and how does it fit into the future of digital finance?
Dr. Hamed Taherdoost: Cryptocurrency represents a digital, decentralized form of currency that operates independently of traditional financial institutions. Built on blockchain technology, it ensures secure, transparent, and efficient ways to manage and transfer wealth without the need for intermediaries like banks. Cryptocurrencies like Bitcoin, Ethereum, and others have rapidly transformed financial markets by offering a new level of financial autonomy, reducing transaction costs, and providing instant cross-border transactions.
Looking into the future of digital finance, cryptocurrency is poised to play a pivotal role in revolutionizing how we conduct business, manage financial transactions, and interact with global markets. The potential for cryptocurrencies to foster greater financial inclusion is particularly noteworthy, as they offer access to financial services for unbanked populations across the world. However, mainstreaming cryptocurrencies also requires addressing challenges related to regulation, security, and volatility. This book explores the vast potential of cryptocurrencies, the necessary risk management strategies, and the impact of digital currencies on organizational structures and global economies.
What are the key advantages and disadvantages of using cryptocurrency-based payment methods?
Dr. Hamed Taherdoost: Cryptocurrency-based payment methods offer several key advantages, including lower transaction fees, faster processing times, and enhanced security through blockchain technology. They also provide greater financial privacy and can facilitate cross-border transactions without the need for intermediaries. However, there are notable disadvantages, such as price volatility, regulatory uncertainty, and the potential for cybersecurity risks. The lack of widespread acceptance and the complexity of managing digital wallets can also pose challenges for users and businesses.
How do you see FinTech evolving in the next decade?
Dr. Hamed Taherdoost: The evolution of FinTech over the next decade is likely to be characterized by increased integration of artificial intelligence and machine learning, which will enhance decision-making processes and personalized financial services. We can also expect greater adoption of blockchain technology and cryptocurrencies, leading to more decentralized financial systems. Additionally, advancements in digital identity verification and cybersecurity will be crucial in addressing fraud and ensuring user trust. The ongoing development of regulatory frameworks will play a significant role in shaping the future landscape of FinTech.
What are the major challenges faced by cryptocurrency markets today?
Dr. Hamed Taherdoost: Cryptocurrency markets face several major challenges, including regulatory uncertainty, which can impact market stability and investor confidence. Security concerns such as hacking and fraud are prevalent, and the volatility of cryptocurrency prices poses risks to both investors and businesses. Additionally, the scalability of blockchain technology remains a challenge, as does the need for improved user education and accessibility to make cryptocurrencies more mainstream. Addressing these challenges is crucial for the long-term viability and growth of the cryptocurrency market.
How do you approach risk management in cryptocurrency investments?
Dr. Hamed Taherdoost: Effective risk management in cryptocurrency investments involves a multi-faceted approach. This includes conducting thorough research and due diligence on potential investments, diversifying one's portfolio to mitigate risk, and employing strategies such as setting stop-loss orders to limit potential losses. It is also important to stay informed about market trends and developments, as well as to use secure and reputable digital wallets and exchanges. Additionally, understanding and adhering to regulatory guidelines can help manage compliance-related risks.
What role does digital transformation play in modern financial services?
Dr. Hamed Taherdoost: Digital transformation plays a crucial role in modernizing financial services by integrating technology to enhance efficiency, accessibility, and customer experience. It enables the automation of processes, the development of new digital products and services, and the use of data analytics to better understand and meet customer needs. Digital transformation also supports the creation of more secure and transparent financial systems through technologies like blockchain and artificial intelligence. Overall, it helps financial institutions stay competitive and adapt to the rapidly changing landscape of the financial industry.
How do cryptocurrency and traditional financial systems intersect and impact each other?
Dr. Hamed Taherdoost: Cryptocurrency and traditional financial systems intersect in several ways, influencing each other as they evolve. Cryptocurrencies offer an alternative to traditional banking and payment systems, challenging existing financial models and prompting traditional institutions to explore blockchain technology and digital currencies. The rise of cryptocurrencies has led to increased regulatory scrutiny and discussions about integrating digital assets into the broader financial system. Conversely, traditional financial systems provide a framework for cryptocurrency regulations and stability, influencing the adoption and acceptance of digital currencies.
About the Editor
Hamed Taherdoost is an award-winning leader in research and development, known for his contributions across both industry and academia. He is the founder of Hamta Business Corporation, Associate Professor and Chair of RSAC at University Canada West, & Director of R&D at Q Minded |Quark Minded Technology Inc. He has over 20 years of experience in both industry and academic sectors. He has worked at international companies from Cyprus, the UK, Malta, Iran, Malaysia, and Canada and has been highly involved in development of several projects in different industries, healthcare, transportation, residential, oil and gas and IT. Additionally, he has served as a trusted technical and technology consultant for multiple companies, providing advisory and mentorship. In academia, Dr. Taherdoost has held teaching positions in Southeast Asia, the Middle East, and North America since 2009. He began his academic career as a lecturer at AU & PNU and later served as an adjunct professor and faculty fellow at Westcliff University, USA. His research tenure at IAU lasted over eight years, during which he supervised numerous students. Dr. Taherdoost has organized and chaired many workshops and conferences and has frequently been invited as a keynote speaker. He is an active member of the editorial, reviewer, and advisory boards for several prestigious journals published by Taylor & Francis, Springer, Emerald, Elsevier, MDPI, EAI, IGI Publishing, and Inderscience. He has also participated as an organising, scientific and technical committee member in over 270 conferences held across Europe, America, Australia, Asia, and Africa. He published over 250 scientific articles published in top-tier journals and conference proceedings. His work has been widely recognized, evidenced by an h-index of 45, i10-index of 106, over 18,300 citations on Google Scholar, more than 3.2 million reads, and 9,200 citations on ResearchGate, and 250,000 downloads on SSRN as of August 2024. He has also contributed 30 book chapters, 14 edited books as well as 13 authored books in the field of technology and research methodology. Dr. Taherdoost's leadership and innovation have earned him numerous accolades, including THE BIZZ Business Excellence Award, PeerJ Award, and recognition at the Asia Corporate Excellence & Sustainability Awards. He was a finalist for the Innovation in Teaching of Research Methodology Excellence Awards and Southeast Asian Startup Awards by Global Startup Awards. Additionally, his research achievements also include winning several best paper awards, outstanding reviewer awards and best presentation awards like MLIS Best Presentation Award of 2021 & 2022, the Outstanding Editorial Board Member award from Bilingual Publishing Co., Best Paper of the Year of Computers MDPI, and Best Interview Award of Encyclopedia. His rankings include being listed among 10 top SSRN Business Authors (2022, 2023 & 2024) and featured in the Stanford-Elsevier list of the world's top 2% of Scientists in 2021, 2022 and 2023. He is the Editor of a Book Series with Routledge (Taylor & Francis Group) entitled “Mastering Academic Excellence: Research, Teaching, Learning, and Publishing” . He is Editor of International Journal of Information Technology Project Management, IGI (IF: 0.8), EAI Endorsed Transactions on Scalable Information Systems, EAI (Q2), International Journal of Electronic Government Research, IGI (IF: 1.2), Information Resources Management Journal, IGI (IF:1.4), Journal of Blockchain MDPI, and and International Journal of Data Mining, Modelling and Management (IF: 0.5 & CS: 0.9) by InderScience. He is Associate Editor of Frontiers in Research Metrics and Analytics (Scopus). He’s been a guest editor of special issues in Results in Engineering, Elsevier (IF: 5 & CS:4.5), Electronics MDPI (IF: 1.9 & CS: 4.7), Computers MDPI (IF:2.8 & CS: 4.7), Discover Computing by Springer and Academic Editor of PLOS ONE. He is a Certified Cyber Security Professional and Certified Graduate Technologist. He is a GUS Fellow - GUS Institute |Global University Systems, senior member of IEEE, IAEEEE, IEDRC & HKSRA, Fellow Member of ISAC and IASED, Working Group Member of International Federation for Information Processing - IFIP TC 11 - Human Aspects of Information Security and Assurance and Information Security Management and member of CSIAC, ACT-IAC, and AASHE. Currently, he is involved in several multidisciplinary research projects, including studying innovation in information technology, blockchain and cybersecurity, and technology acceptance.