Canada Working Towards a Nationwide Blockchain Ecosystem

A national blockchain ecosystem will be created in Canada according to an initiative of the ICTC in collaboration with several reputable blockchain-oriented entities. The project raised over $50 million in a few weeks.

The Information and Communications Technology Council (ICTC) of Canada, yesterday announced its intention to build a nationwide blockchain ecosystem to support the domestic economy and create new jobs. 

ICTC will conduct the project in collaboration with ColliderX, the Blockchain Association of Canada, Blockchain Canada, and the Blockchain Research Institute. 

ICTC is a nonprofit organization that aims to promote innovative technology solutions and supports Canadians in researching and implementing digital economy.

The new blockchain ecosystem is expected to bring over 107 thousand new jobs by 2024 and push the national blockchain market to CAD 2.5 billion. 

Recently, the ICTC raised over $50 million for the project and the CEO and President, Namir Anani, thanked the supporters for the overwhelming response. 

“This is a pivotal and transformative agenda for Canada that rallied so far considerable and tangible support. We are delighted to advance this initiative forward with key leaders and innovators in this space,” said Anani. 

His organization plans to involve companies, academic institutions, and non-profit organizations to work on the new format and support competitiveness. 

Namir Anani has been active in promoting blockchain technology in the national education system. Besides education, the new project, which will start next year on January 1, will focus on additional fields, such as investment, intellectual property, knowledge-sharing, and trade. 

Don Tapscott, Co-Founder and Executive Chairman of Blockchain Research Institute, said that Canada should maintain its leading position in the blockchain space:

“Canada is a leader in blockchain technology, but it’s critical we take action to maintain our digital advantage for years to come. This initiative is one of the critical ways we can assure Canada leads the second era of the digital revolution.”

Alan Wunsche, Co-Founder of Blockchain Canada, and Kyle Kemper, Executive Director of the Blockchain Association of Canada, commented on the new project in a joint statement: 

“We view blockchain as a transformative and foundational technology that has applications for all industries and regions in Canada. Through a multi-stakeholder strategic approach, we can advance education, awareness, skills development, research, adoption, and standards initiatives both nationally and internationally.”

In the financial sector, Canada is already making the first steps to apply the distributed ledger technology, mainly through its central bank and its largest investment bank. We reported earlier that the Central Bank of Canada is set to test blockchain tech for payments and securities transactions, while the Royal Bank of Canada will implement the technology for interbank transactions between US banks.