The Canadian Digital Chamber of Commerce released its October report on the country’s blockchain industry growth, enlightening about the current strong points as well as the limitations of the eco-system.

The report comprised of data from more than 150 participants coming from the cryptocurrency and blockchain industries, Canada’s government and academia. Blockchain Research Institute (BRI) with the support of professional services company Accenture took the initiative to conduct the study.

The report dives in deep into Canada’s blockchain ecosystem by region and company size and it stated that the industry desperately needs government commitment for gaining legal clarity and helping the growth of this new-age, highly innovative technology sector. 

BRI’s chairman Don Tapscott said:

“While the research showed that the blockchain industry is diverse and growing in Canada, it also surfaced challenges regarding access to funding and business services, and uncertain regulatory environments.”   

According to the report, Canada definitely has the potential to become a global leader in the blockchain industry, but this doesn’t make the eco-system free from challenges. Issues like funding, lack of regulatory environment, insufficient public education and little to no cooperation of banking and auditing services keep coming and they have to constantly deal with them.

The average annual blockchain salary in Canada is more than $98,000, making blockchain among the highest-paying careers in the country. This is one of the major plus points mentioned in the report. 

Managing director of the Chamber of Digital Commerce Canada Tanya Woods said:

“Canada’s existing innovation ecosystem offers best-in-class talent and pro-growth policies that can be leveraged to establish a leading global blockchain hub here at home. It is clear that Canada’s blockchain ecosystem offers tremendous opportunity to those interested in a career in this field.”