The Chamber of Digital Commerce Canada has released a comprehensive report, developed by the Don Tapscott’s Blockchain Research Institute found that the average annual blockchain salary in Canada is more than $98,000, nearly double the average Canadian salary making this among the highest-paid sectors in the country, on par with senior government officials, engineers, and professors.
“Our strong education and immigration systems, stable financial markets, thought leadership and traditions of stability and consumer protection make Canada’s economy world-class. These strengths need not be at odds with innovation and entrepreneurship,” said Don Tapscott, Executive Chairman of the Blockchain Research Institute. “If policymakers, regulators, and enterprise leaders can rise to this challenge, we have the opportunity to build the Silicon Valley of blockchain right here in Canada.”
The report measured the size, scope and scale of the country’s blockchain ecosystem, reporting on its impacts, strengths, and needs and it offers an inside peek at the burgeoning Canadian blockchain ecosystem through data collected from the first national survey of ecosystem stakeholders. More than 150 participants from industry, government, and academia provided their input for the report.
“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 a tremendous opportunity to those interested in a career in this field,” said Tanya Woods, Managing Director of the Chamber of Digital Commerce Canada.
To elevate Canada’s competitiveness, the industry requires government commitment to advance and grow this highly innovative technology sector. The Chamber of Digital Commerce Canada shared its asks for the next Canadian government earlier this year, including delivering clear federal mandates and coordinated policymaking efforts, delivering pro-growth statements and policies to encourage the private sector, and forming an all-party blockchain caucus and cross-departmental industry task force.
“This is an important time where Canadians are thinking about the future prosperity of our country, we have an opportunity in front of us now to enable our blockchain innovators to compete on a global level. We look forward to working with our government leaders to help promote and develop programs and policies to attract and retain blockchain innovators and their companies,” added Woods.
The report provides Canadian leaders with a baseline measurement from which to begin observing annual changes and growth over the next five years – and beyond.
The report also includes:
An overview of the global market. IDC, a market research firm, predicts that global spending on blockchain solutions will hit almost $16 billion in 2023. Canada is expected to have the single highest five-year compound annual growth rate in the world of 73.3 percent, and its spending will reach $846.3 million by 2023, according to IDC. The total global market capitalization blockchain platforms are currently around $200 billion.
A breakdown of Canada’s blockchain ecosystem by region, sectors, and company size. It also articulates detailed views of the types of innovation taking place in different regions across Canada. Ontario is identified as the province with the most blockchain innovators, as a hub of blockchain-based innovation and products; Quebec as a hub of infrastructure services and applications; British Columbia as a hub for decentralized applications as well as identity solutions; and, Alberta stands out for blockchain innovations that support natural resource and agriculture supply chains.
Additionally, the report found that spending by blockchain entrepreneurs is significant and growing fast. One-quarter of the Canadian entrepreneurs surveyed reported that they have spent in excess of $1 million each over the last five years on blockchain innovation. There are currently more than 400 companies in Canada identified as actively focused on blockchain innovation.
The Chamber of Digital Commerce Canada provides dedicated support for Canada’s emerging and rapidly growing blockchain ecosystem. Our mission is to promote the acceptance and use of digital assets and blockchain-based technologies. As broad and multi-sectoral applications of blockchain technology continue to emerge, so too do the complex policy, legislative, and regulatory issues. These unique issues are driving critical conversations across our country. They are also demanding attention and action from governments around the globe and will do so for the foreseeable future. Through education, advocacy, and working closely with policymakers, regulatory agencies and industry, our goal is to develop an environment that fosters blockchain innovation, infrastructure, job creation, and investment in Canada.
For more information on report go here.
The Blockchain Research Institute, founded and headquartered in Toronto, is the world’s largest independent think tank dedicated to understanding the implications of blockchain on business, government, and society. Conducted by a global faculty of over 50 of the world’s leading researchers, it’s over 100 research projects constitute the definitive investigation into blockchain use-cases, strategies and implementation challenges. The institute is funded by 60 global corporations and governments, including Canada, Ontario, Quebec and the city of Toronto – each who receive proprietary access to the research.
Also published on Medium.