Blockchain’s potential to transforming Canada’s financial, social, and governance systems has been well known over the years. There has been a tremendous surge of innovative companies in the blockchain space within the country over the last three to four years.
We have seen a plethora of applications of Blockchain surfacing: supply chain, retail, real estate, automotive, energy & power, insurance & financial services, resources & mining, media, and healthcare, within Canada.
“Is a new method of keeping records (a ledger) of transaction which is distributed/shared in nature, which works together to validate a transaction using consensus algorithm”. – Michael J. Casey, “The Truth Machine: The Blockchain and the Future of Everything”.
Arguably, many researchers and reports have named Canada as the third most popular country for emerging blockchain technology and applications. Some of the factors that supplement the claim are the country’s low energy cost, high internet speeds, weather conditions, and favorable regulations.
With the outburst of innovative companies in the blockchain space, the Canadian government offers plenty of opportunities to share innovation risks and costs. A lot of new projects aimed towards solving existent limitations of high energy consumptions, scalability, technological complexities, faced in popular blockchains such as Ethereum and Bitcoin are undertaking massive steps to innovate and try new methodologies.
At the same time deployment of smart contracts, faster settlements, cryptography, and seamless consensus mechanisms to enable interoperability of various blockchains is a highly advanced and complex experimental development. The Canadian government encourages such demanding innovation, allowing lucrative tax breaks for projects advancing the industry standards and pushing the overall technological landscape.
Every year millions of funds are being allocated towards blockchain development and R&D projects through the Scientific Research and Experimental Development (SR&ED) program. With $3 billion funds allocated to over 20,000 claimants annually, SR&ED is Canada’s most lucrative and oldest program to shoulder risks associated with innovation for qualifying companies.
With 20+ years of domain experience in R&D consulting, spanning across various industries: Health Science, Manufacturing, IT, Sustainable Energy, and Blockchain, our clients rely on our experts for an in-depth understanding of their projects and deliver outstanding results.
We work with several top names within the blockchain space to assist them in minimizing the risks and maximizing their full technological potential. Piloting through complex development modules and deploying holistic blockchains is a highly advanced and iterative process that requires the use of cutting-edge technologies.
Leyton offers comprehensive partnerships to fund projects through SRE&D and enable projects to harness the true potential of technological advancement. Contact our team to know more!
Sanket Raskar – SR&ED Consultant