Mon Feb 18
Reading time: 3 minute(s)
Blockchain’s current state is similar to the way the Internet looked 20 years ago and it has the potential to change the world at least as much as the Internet did if not even more. Canada itself is a country hungry for technology, always finding the best ways to implement them in its organism. Blockchain found in Canada open arms and tons of enthusiasm not only from entrepreneurs but from the government too.
The P2P network enjoys innovation, low energy costs, high internet speed and a very favorable regulatory regime in the North American Nation. Its dominance comes in part from Toronto being home to Vitalik Buterin, the inventor of the Ethereum Blockchain, which created a protocol for building trustworthy decentralized networks. It took Satoshi Nakamoto’s Blockchain design to a new level by adding the concept of smart contracts. Too much regulation could stifle innovation and accordingly, Canada lightly regulates anything related to crypto (cryptocurrencies/ICOs/tokens/etc). It even incentives and aids startup tech companies interested in Blockchain. Here below you can find an infographic made by BitFortune displaying the multiple uses of Blockchain.
Canada took advantage of this new tech to the fullest by implementing it in all kind of industries like finance, legal, health, education, government, space, national, energy, and many others. Canada’s central bank, Toronto Stock Exchange (TMX Group) and non-profit organization Payments Canada tested if blockchain can be used for instantaneous securities settlements and concluded that it is usable for automating these settlements in real time. Both cash and assets can effectively be “tokenized” for instant exchange. Gerry Gaetz, president, and CEO of Payments Canada: “This shows that it is possible to deliver payments in a way that has never been done before – by directly swapping cash from buyers to sellers, resulting in instant settlements.” Smart entrepreneurs and businesses already implemented the new technology in different kind of ways, from just choosing to pay a % of salaries in crypto to changing their whole website for the blockchain tech. And why not? It brings benefits in terms of security, transparency, time & cost efficiency, fraud reduction, privacy, smart contracts, record keeping, decentralization.
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