Blockchain technology has the potential to transform various sectors of the Canadian economy, from banking and health care to energy and agriculture. However, Canada is lagging behind other countries in developing and implementing a national blockchain strategy that would foster innovation, competitiveness and trust in this emerging field.
That is why a group of lawmakers from different political parties have recently formed the Canadian Parliamentary Blockchain Caucus, a cross-partisan initiative that aims to raise awareness, promote dialogue and advocate for policies that support the development and adoption of blockchain technology in Canada.
The caucus, which was officially launched on June 15, 2023, is co-chaired by four members of parliament: Julie Dzerowicz (Liberal), Tom Kmiec (Conservative), Heather McPherson (New Democratic) and Elizabeth May (Green). The caucus also includes representatives from the Bloc Québécois and the People’s Party of Canada, as well as senators, academics, industry experts and civil society organizations.
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The caucus has three main objectives: to educate parliamentarians and the public about the benefits and challenges of blockchain technology; to engage with stakeholders from various sectors and regions to identify best practices and policy recommendations; and to advocate for a national blockchain strategy that would foster a conducive regulatory environment, support research and development, and encourage collaboration and coordination among different levels of government and industry.
According to Dzerowicz, one of the co-chairs of the caucus, blockchain technology is not only a disruptive innovation that can create new opportunities for businesses and consumers, but also a tool for social good that can enhance transparency, accountability and inclusion. She said that Canada has a unique opportunity to become a global leader in this field, but it needs a clear vision and a coordinated approach to achieve that goal.
“We have a lot of talent, expertise and potential in Canada when it comes to blockchain technology, but we also face some challenges, such as regulatory uncertainty, lack of public awareness and trust, and fragmentation among different stakeholders,” she said. “That is why we need a national blockchain strategy that would provide clarity, guidance and support for the development and adoption of this technology in Canada.”
Kmiec, another co-chair of the caucus, echoed Dzerowicz’s sentiments and said that blockchain technology can offer significant benefits for various sectors of the Canadian economy, especially in light of the COVID-19 pandemic and the recovery efforts. He said that blockchain technology can improve efficiency, security and resilience in areas such as supply chain management, digital identity verification, health data sharing and financial inclusion.
“Blockchain technology can help us address some of the most pressing challenges that we face as a country, such as ensuring the safety and quality of our food and medical supplies, protecting our personal data and privacy online, and providing access to financial services for underserved communities,” he said. “We need to embrace this technology and leverage its potential for the benefit of all Canadians.”
McPherson, another co-chair of the caucus, said that blockchain technology can also contribute to social and environmental sustainability, as well as democratic participation. She said that blockchain technology can enable more transparent and accountable governance, as well as more inclusive and equitable distribution of resources. She also said that blockchain technology can reduce carbon emissions and energy consumption by enabling more efficient use of renewable energy sources.
“Blockchain technology can be a force for good in our society, if we use it wisely and responsibly,” she said. “It can help us achieve some of the United Nations Sustainable Development Goals, such as reducing poverty and inequality, promoting peace and justice, and combating climate change. It can also empower citizens to have more control over their own data and decisions.”
May, another co-chair of the caucus, said that blockchain technology can foster more collaboration and cooperation among different actors in Canada and around the world. She said that blockchain technology can facilitate cross-border trade and commerce, as well as cross-cultural dialogue and understanding. She also said that blockchain technology can enhance trust and confidence among different stakeholders by ensuring verifiability and immutability of transactions.
“Blockchain technology can bring us closer together as a global community,” she said. “It can help us overcome some of the barriers and divisions that exist in our world today. It can also help us build more trust and mutual respect among different nations, cultures and perspectives.”
The caucus plans to hold regular meetings and events to discuss various topics related to blockchain technology, such as its applications, implications and challenges. The caucus also plans to produce reports and recommendations that would inform and influence the development and implementation of a national blockchain strategy in Canada. The caucus invites anyone who is interested in learning more about or contributing to its work to contact its members or visit its website.