Blockchain could boost economic growth in Canada — but is Canada ready? | CBC News

A sign advertises a bitcoin cryptocurrency ATM at a shop in Halifax on February 4, 2020. Bitcoin is created, distributed, traded and stored through a decentralized ledger system known as blockchain — a technology one House of Commons committee said needs a national strategy.

"Witnesses told the Committee about the ways that blockchain technology is already changing the digital landscape and providing significant economic benefits, while also expressing optimism that greater opportunities using the technology lie ahead," the report said.A blockchain is a digital database or ledger that permits information to be shared securely. It's a network that permits every member, or node, to participate in maintaining and verifying the network.

"If you're looking at it from the cryptocurrency lens, and you're seeing it from bitcoin's perspective, it's just a ledger of send-and-receive codes," said Koleya Karringten, executive director of the Canadian Blockchain Consortium. Karringten, who testified at the committee hearings, told committee members blockchain could be used to crack down on fraud in the pharmaceutical industry and build resiliency and transparency in Canada's food supply chains — which could, in turn, solve or prevent some international trade disputes.Victoria Lemieux, a professor of archival science at the University of British Columbia and co-lead of Blockchain@UBC, said blockchain would be a boon for Canada's international trade.

Source: Digital Coin News (digitalcoinnews.net)

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