BLOCKCHAIN HAS THE FULL ATTENTION OF THE TRUDEAU GOVERNMENT.

alike. Many predict blockchain, the underlying technology of the digital currency bitcoin, will eventually help counter inequality and deliver more benefits to poorer regions of the planet.

The advice in the 49-page report was developed following a December roundtable where public- and privatesector stakeholders explored ways to turn Canada into a global hub for the blockchain “revolution.”

Academics, business leaders, regulators and senior officials from the public service, including theninternational trade minister Chrystia Freeland, participated in the meeting.

Here some of the proposals laid out in a draft version of the report, obtained by The Canadian Press:

Establish a digital economy commission. The commission should be tasked with developing solid recommendations on how Canada can become a leader in developing technologies such as blockchain, quantum computing, artificial intelligence and self-driving vehicles. It would be made up of stakeholders from financial institutions, the research community, tech entrepreneurs, civil society and consumers.

Get governments using blockchain. The report says governments at all levels should use the technology to transform their own operations to provide examples of how the technology can benefit public sectors in Canada and abroad. Governments could use blockchain to collect taxes and manage public services more efficiently.

Create a blockchain centre of excellence. Universities and colleges in Canada should be closely involved in blockchain development, just like efforts that have been made in other countries. They can also test blockchain applications; electronic voting, for example, could be tested in campus elections.

Support a blockchain research institute and a centre of excellence. The report says the Tapscott Group is launching a not-for-profit institute with a goal to “unlock” the potential of blockchain in different industries as well as within organizations. It says global experts will undertake research to lay out the blockchain road maps.

Extend “flow-through” financing to the tech sector. This would give entrepreneurs access to large pools of funds to advance research and development in the tech sector, particularly in blockchain. It would also enable ordinary investors to get involved in the sector. The system could be set up on a blockchain ledger, increasing accountability and transparency.

Many challenges remain, however, before blockchain is ready for “prime time” in many applications, the report said.

Those include “userunfriendly” interfaces, unsustainable levels of energy consumption to perform secure tasks and the lack of a blueprint on how to regulate the technology.