The Information and Communications Technology Council (ICTC) has announced a new initiative to strengthen Canada’s digital advantage by further developing a nationwide blockchain ecosystem.

Announced in collaboration with ColliderX, the Blockchain Association of Canada, the Blockchain Research Institute, and Blockchain Canada, the initiative is expected to boost Canada’s blockchain market to $2.5B (CAD) and create approximately 107,700 jobs, ICTC said. ICTC thanked the supporters for their “sense of urgency” and “strong momentum” that raised over $50 million in a few short weeks.

“This is a pivotal and transformative agenda for Canada that rallied so far considerable and tangible support. We are delighted to advance this initiative forward with key leaders and innovators in this space” says, ICTC President & CEO, Namir Anani.

Over the coming months, ICTC will be working with the blockchain community, including companies, academic institutions, and not-for-profits, to develop the framework to fuel further blockchain innovation and competitiveness in Canada.

“Canada is a leader in blockchain technology, but its critical we take action to maintain our digital advantage for years to come,” said Blockchain Research Institute Co-Founder and Executive Chairman Don Tapscott. “This initiative is one of the critical ways we can assure Canada leads the second era of the digital revolution.”

The new blockchain ecosystem will commence its activities on January 1st, 2018, to facilitate collaboration on intellectual property, investment, knowledge-sharing, education, trade and to support appropriate regulatory activities.