The Canadian House of Commons committee report has proposed recognizing blockchain as an emerging industry in the country and emphasized the need for various steps to support its growth.
The report highlighted the diverse applications of blockchain technology, encompassing cryptocurrency, supply chain management, public sector uses, and non-crypto financial innovations.
After conducting a comprehensive study involving multiple meetings and testimonies, the Canadian House of Commons Standing Committee on Industry and Technology released a report acknowledging Canada’s strong performance in blockchain innovation and entrepreneurship, citing that a significant number of Canadians worked in the blockchain industry.
The comprehensive report showcased diverse applications of blockchain, encompassing cryptocurrency, supply chain, public sector uses, and non-crypto financial innovations. The report also highlighted an often-overlooked concern amid the spotlight on large-scale problems: small-scale consumers entering the crypto market are also frequent targets of malicious actors.
Canadian blockchain market
According to the statistics, in 2021, 2.5% of large Canadian enterprises utilized blockchain, whereas the adoption rate for small- and medium-sized enterprises remained below 1%.
The witnesses estimated a significant workforce in the blockchain industry, with around 16,000 Canadians employed in 2020 and cryptocurrency firms alone employing 13,000 Canadians in 2022.
Therefore, to foster the industry’s growth, the report outlined 15 additional recommendations, emphasizing the necessity for regulatory clarity and a national strategy in collaboration with industry stakeholders. The report also addressed the need for stablecoin regulation, given the diverse opinions among committee witnesses regarding their classification as securities.
Blockchain technology offers beyond security
Beyond security, blockchain technology introduces a new economic layer to the gaming industry. It offers a decentralized defence against fraud and transforms player experiences. With an estimated $200 billion industry by 2023, blockchain’s transparency, decentralization, and immutability are powerful tools in combating fraud.
The decentralized nature of blockchain enhances security by thwarting hackers, while transparency and smart contracts facilitate detecting illicit transactions. Immutability ensures indisputable asset ownership, amplified by the thriving NFT market.
Blockchain’s implementation goes beyond fraud prevention. Embracing this technology has the potential to redefine gaming rules, elevate industry standards, and create immersive player experiences while curbing fraud.
As stakeholders collaborate, blockchain’s role in gaming promises a future of enhanced control, fairness, and engagement, signalling a thrilling new era for the gaming industry. It could be a solution for Canada should think of by adopting crypto in its gaming industry as well.
However, challenges in scalability, energy consumption, legal aspects, and user education must be overcome for successful blockchain integration.
Integrating iGaming with blockchain technology
With the rise of Bitcoin, crypto casinos emerged. These casinos interact with the blockchain rather than integrating it within their systems. Leveraging the decentralized and secure nature of the blockchain, players can now engage with games using Bitcoin as their currency.
Now there are many games like slots, table games, and live dealers on many Bitcoin casinos. The sites are well-designed, easy to use, and offer fast, secure payments. There are also attractive bonuses and promotions for gambling with cryptocurrencies, especially Bitcoin.
Integrating iGaming with blockchain technology has the potential to revolutionize the gaming industry. One of the key advantages of blockchain in iGaming is its ability to facilitate fast-paced games and seamless real-time updates.
Blockchain’s decentralized and distributed ledger system ensures that data is securely stored and verified across multiple nodes. This eliminates the need for a central authority to process transactions, resulting in faster and more efficient gaming experiences.
Players can also enjoy near-instantaneous deposits, withdrawals, and in-game transactions without the delays typically associated with traditional payment methods.
To play simple and straightforward games like crypto Plinko, where you drop the ball down the pegs to predict where it lands, you only need to find a platform that offers cryptocurrencies like Bitcoin or Ethereum as its payment method. Though luck plays a role, use strategies like paying attention to odds and playing with smaller amounts of crypto to boost players’ chances of winning in this particular game.