Don and Alex Tapscott have released a new report in which they have said that Canada will lead the way in blockchain revolution.

Titled “The Blockchain Corridor: Building an Innovation Economy in the 2nd Era of the Internet”, the report noted that internet is entering a second generation, powered by blockchain technology, and Canada could serve as the hub for this vast ecosystem for the new era of technology.

“Canada, in particular Ontario, is building strong clusters in artificial intelligence and quantum computing. The third leg of the stool is the technology underlying cryptocurrencies – the blockchain. Along with its key applications like fintech, this new development of the digital age can be at the heart of a vibrant Innovation economy for Canada”, the authors said.

Don and Alex Tapscott further said that Canada already has a solid base to build on and Canadian entrepreneurs have been on the leading edge of blockchain innovation from the start. The Tech North corridor between Toronto and Kitchener-Waterloo, being touted as Canada’s first “technology supercluster”, is already a world leader in quantum physics and artificial intelligence. Blockchain, including financial services technology, is ideally placed to be the third leg of the Tech North stool, they said.

The authors further pointed out that Canada also has strong financial institutions that are capable of embracing blockchain technology, along with a growing number of powerful incubators and accelerators, such as the Ryerson DMZ, rated #1 in North America.

“Canada is already the centre of global thought leadership on all things blockchain. What’s more, Blockchain dovetails with the priorities of all levels of government in Canada, from kick-starting innovation, to improving how those governments interact with citizens”, they added.

The report said that Canada needs to overcome several obstacles for cementing its leadership role in blockchain technology. This includes developing a clear strategy, creating a broader base of support for blockchain, resolving funding bottlenecks in the start-up space across all industries, moving beyond a culture of risk aversion, improving research and development spending, addressing policy and regulatory issues, and ending the brain drain and the startup drain.

“We cannot afford to be complacent, nor is time on our side. Canada’s leading position in the Blockchain Revolution could quickly evaporate as other hotbeds around the world, such as Berlin, Singapore, Shanghai, Tokyo, Sydney, London, and New York (to say nothing of Silicon Valley) race ahead. The time to act is now”, the authors added.