Why Canada is a Leading Blockchain Hotspot

Bitcoin - Representational

Blockchain

Northern America has always been one of the major hubs for blockchain development. You would think that the United States would lead the charge in this area. And you’d be right. But don’t count Canada out.

It comes in second to the United States and the United Kingdom regarding the adoption and investments into this technology. The gap between the three leaders, however, is lessening fast. Have a look at Canada, and you’ll see that blockchain applications, especially Ethereum-based applications, have taken the country by storm.

The country has a number of different applications across the following sectors:

  • Government
  • Finance
  • Health
  • Legal
  • Space
  • Education
  • Cryptos
  • ICOs
  • Energy

 

Blockchain has the power to impact many different industries. Stefan from BitFortune review site wanted to find out exactly how many industries had already been affected.

He summarised data in the infographic underneath this piece. We think it’s fascinating that what was an obscure concept just five years ago is having such a far-reaching impact today.

It is undeniable that Canadians are enjoying the benefits of the tech. It is also clear that there seems to be an insatiable desire for new apps.

Perhaps it’s because the founder of Ethereum, Vitalik Buterin, lives in Toronto. Buterin’s Ethereum network is one of the most popular blockchain platforms thanks to its versatility. Instead of just being a ledger of transactions, it’s a tool that developers can use to create applications called dapps.

Ethereum makes it possible for developers to market their dapps without having to worry about using a third-party provider to facilitate the sale.

It’s also become famous because it allows for the creation of smart contracts. These are simple pieces of code that work on an “if–then” basis. So, if the contract’s conditions are met, it will execute automatically.

Crypto Mining Hotspot

Another aspect of the industry that could see big changes in Canada is crypto mining. Canadians enjoy the least expensive electricity fees in North America. This, in turn, has made it a haven for miners. Even China is losing miners to the region.

The climate is also conducive for running high power rigs that are bound to overheat. With cooler temperatures, the rigs are much easier to maintain.

The Regulations are Not as Intense

Now, granted, this could change. At the moment, though, the Canadian government has adopted a stance that encourages the industry rather than stifling it. In the United States, regulatory bodies like the SEC have been cracking down on ICOs and crypto companies.

In some instances, that is to the good – there are a lot of bad eggs out there. The problem with such strict regulation is that it can also stifle innovation. Legitimate companies wanting to make a go might be put off as a result.

Canada, on the other hand, has adopted a policy to stimulate growth in this area by offering aid and incentives to tech startups.

So, what do you think about blockchain apps? Do you have one in the works yourself? We’d love to hear about it in the comments below.

Infographic URL: https://bitfortune.net/blockchain-disruptions-infographic/

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