The pace of innovation in the blockchain industry is constantly increasing. Companies have to introduce new or improved products to keep consumers engaged in a hyper-competitive industry with rapidly changing trends.

The significant financial investment required in order to launch a new blockchain product can make the journey to viable launch and scale-up challenging. In order to encourage additional investment into Research & Development in blockchain activities, the Canadian government provides considerable tax relief for businesses who are innovating in this sector.

Blockchain companies are well-positioned to be eligible for SR&ED Tax Credit as innovation is constantly being performed during the development process. This tax relief can help offset costs in areas such as staff salaries, materials, or contractor costs.