Alex Tapscott: Thousands of people descend on the city this week to see ground-breaking work in the new ’internet of value’
Canada has a rich history of innovation, but in the next few decades, powerful technological forces will transform the global economy. Large multinational companies have jumped out to a headstart in the race to succeed, and Canada runs the risk of falling behind. At stake is nothing less than our prosperity and economic well-being. The FP set out explore what is needed for businesses to flourish and grow.
It holds the potential to transform not only how we move, store and manage financial assets, but also allows us to finally rethink many of our institutions and address global problems such as financial inclusion, privacy and identity. It is also critical to Canada’s transition to a prosperous and thriving knowledge economy.
Canada’s immigrant communities spend considerable amounts in fees to send money to family in their former homes. Fees on these remittance payments can run upwards of 10 per cent. Blockchain eliminates the need for costly middle-men, allowing money to be sent using cryptocurrencies such as Bitcoin.
Toronto has emerged and continued to evolve as a leading global blockchain hub, and for good reason: It has a thriving start-up ecosystem that has produced many leading projects, such as Ethereum, Cosmos and Aion. The city has a financial industry that has shown a genuine interest in investing in blockchain. Business leaders in many different industries have begun investing in this technology, and some government leaders are beginning to consider the policy implications.
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