A report from Canada’s Chamber of Digital Commerce has sheda largely positive light on the country’s fledgling blockchain ecosystem,albeit with warnings over scalability.
The paper, the first in a series put together alongsideAccenture and the Blockchain Research Institute, assessed that more than 400ventures in Canada are leveraging distributed LEDGER technologies (DLT), withOntario accounting for more than half of these organisations. The country isjust inside the top 10 for blockchain-related funding received, at US$220million over the past five years.
Aiming to provide the first quantitative analysis of theCanadian blockchain ecosystem, the report conducted an online survey of 200respondents, with follow-up interviews undertaken from entrepreneurs andleaders in large organisations.
The report notes Canada’s interest in blockchain technologiesgoes back longer than most, with the Toronto Bitcoin Meetup Group in 2012 citedas the first major event. The first meet was attended by Ethereum inventor VitalikButerin, of Canadian and Russian heritage. Hyperledger’s decision to hold itsannual member summit in Montreal last year was seen as a key recent initiative.
In terms of specifics, the most popular Canadian blockchain businessis by providing blockchain-based products, cited by 30% of those polled. Awarethat there is potential for overlap, business consulting services (26%) came second,ahead of infrastructure development (24%). More interestingly, 24% said their businessfocused on decentralised enterprise applications. Nine out of 10 respondentshad joined at least one industry consortium.
While the report notes enterprises were thin on the ground inthe initial survey, this is a growing area and will be checked assiduously overtime. Despite this publicly disclosed enterprise blockchain initiativesincluded plays in payments, the supply chain, identity, and healthcare.
Respondents also see Canada as being a fertile breedingground for future innovation. Eight in 10 of those polled said their country’slaws, policies and regulations supported their blockchain and digital assetprojects.
Despite this, uncertainties naturally remain. Optimism wasthere in terms of access to consulting and venture capital firms for Canadianblockchain businesses; yet regulatory concern, access to talent, and obtainingaffordable legal services are roadblocks. The question of scalability was thethorniest; 60% of respondents said Canada’s ecosystem needed support to remaincompetitive, with funding gaps cited alongside regulatory issues.
“The report presents a compelling picture of opportunity forCanada to leverage its existing blockchain ecosystem to advance nationalpriorities in the public and private sectors,” the researchers conclude. “Thepace of growth in the global innovation ecosystem is accelerating, and the timeto develop a roadmap and national plan to harness this potential in Canada isnow.”
This publication has previously reported on blockchain initiativesin Canada. Last July the Canadiangovernment reviewed blockchain as a possible solution for securely trackingmarijuana ‘from seed to sale’, following the passing of a bill legalisingrecreational use of the drug the previous month. A year later, theCity of Richmond Hill was reportedly working with Coinberry to provide a cryptocurrency-basedpayment processing solution.
You can read the full report here (pdf, no login required).
