Canada's blockchain industry needs more support to thrive, says report

A report by blockchain advocacy group the Canadian Chamber of Digital Commerce published earlier this month said that Canada is posed to be a global leader in the blockchain economy—once it overcomes some regulatory hurdles and solves funding issues. 

According to the report, employees at blockchain companies rake in almost twice the average salary; last year, the average salary in Canada was $52,052. According to the report, the average salary of someone working in blockchain in Canada was $98,423.

The report also suggested that the amount of money Canada spends on blockchain will increase by almost nine times by 2023, from $72 million in 2019 to $644 million by 2023.

The report also shows how Canada is the eighth best place in the world if you want to get investment for your blockchain company. Over $10 billion in private investments into blockchain was raised over the last five years; half of that went to the US and Japan, but $220 million went to Canada. Not bad, but not enough to save the efforts of Canadian blockchain companies Kik and QuadrigaCX.  

The report also found that 60 percent of the 200 people it surveyed online, and over two dozen people in the blockchain industry and government, believed that Canada’s blockchain industry needed more support. 39 percent of survey respondents cited legal and regulatory issues, and a further 35 percent cited funding gaps. 

“There is a need for public education to support the blockchain innovation ecosystem. We agree with one respondent’s comment that “Canada gets the importance of AI. We don’t get blockchain.” While many business and government leaders understand AI at a basic level, there is a need for more dialogue to highlight the opportunities blockchain could unlock,” wrote Don Tapscott, executive chairman at the Blockchain Research Institute.