Ottawa, August 11, 2020—Canada’s blockchain ecosystem is expanding as industry embraces new use cases that improve business process efficiencies across various industries, which in turn creates new opportunities for foreign direct investment (FDI).
As industry understanding of blockchain evolves, and the concepts of blockchain and cryptocurrency are decoupled, blockchain’s value proposition drive the new growth in Canada’s blockchain hubs, particularly Toronto.
ICTC’s new study, Chain Reaction: Investment in Canada’s Blockchain Ecosystem, examines opportunities for blockchain-focused foreign direct investment (FDI), backed by primary research. The study compares Canada’s blockchain ecosystem to other key global centres of blockchain activity and presents the insights of industry experts on the value of blockchain across specific sectors.
For this study, industry experts (across 10+ markets) identified cost savings due to greater efficiency as a key value proposition for blockchain. Further, these experts expressed a growing interest in Canadian blockchain. Canada is perceived as having a maturing blockchain ecosystem, with strong educational institutions and skilled talent, making FDI potentially an attractive proposition.
However, they also noted impediments to FDI, including the relatively small size of Canada’s blockchain industry, regulatory uncertainty, faltering private or public investment, and a conservative business climate.
This study builds on the 2019 ICTC blockchain report Building Canadian Consensus, which serves as an introduction to blockchain technology in Canada, outlining blockchain trends and analyzing the country’s blockchain workforce by sector, type and size of company.
Blockchain’s initial successes focussed on unlocking value through waste reduction, but the technology also has the potential to reinvent the entire value chain, especially when combined with other advanced technologies such as artificial intelligence (AI) and the internet of things (IoT). By addressing the current challenges that blockchain faces in Canada and by continuing to support the supply of skilled talent and innovative IP, the country’s blockchain ecosystem is set to flourish and attract investment from around the world.
“Blockchain’s potential for improving the economics and resiliency of firms, enabling transactional transparency, and advancing security are at the heart of its value proposition. As blockchain becomes commonplace around the world, advancing the applications of this technology in Canada will be key for demonstrating its potential and attracting investment in a space that is ripe for the picking,” said Namir Anani, ICTC President & CEO.
The Information and Communications Technology Council is a not-for-profit, national centre of expertise for strengthening Canada’s digital advantage in a global economy. Through trusted research, practical policy advice, and creative capacity-building programs, ICTC fosters globally competitive Canadian industries enabled by innovative and diverse digital talent. In partnership with a vast network of industry leaders, academic partners, and policy makers from across Canada, ICTC has empowered a robust and inclusive digital economy for over 25 years.
For media inquiries or further information about Chain Reaction: Investment in Canada’s Blockchain Ecosystem, please contact Paul Stastny at [email protected] or 403.351.0138 Ext. 823.
This study was funded by Invest In Canada.