Canada's Blockchain Sector Has Highest Growth Rate in the World and Pays Double the National Wage
A study commissioned by the Chamber of Digital Commerce Canada (CDCC) and conducted by Accenture and the Blockchain Research Institute has found that Canada's nascent but active Blockchain sector has been growing at a CAGR of 73.3% over the last five years. This represents the highest growth rate of any country in the world.
This is not a surprise to those in the industry, given the ecosystem of startups and enterprises working in the area. However, to note that this is the highest in the world despite the challenges the industry has faced as a result of the slow pace of global regulation and the relatively lower rate of investment within Canada, the finding are encouraging.
The study also finds that those employed in the Blockchain field make double the national average in wages.
According the the CDCC,
" Canada has an opportunity to lead the world in this emerging area of the digital economy. The time is now to go all-in and to catalyze organic activity in the Canadian blockchain ecosystem, with swift, decisive, and aligned leadership and active collaboration between public and private sectors."
The Study surveyed 200 organizations, of which 39% of them identified themselves as startups. Of the respondents,
44% indicated that they have completed a rollout (aligns with the large percentage of startups),
24% are educating themselves on the what Blockchain can do for them,
20% conducted pilots,
8% did at least one proof of concept, and
4% did no Blockchain related projects.
The study finds that skills development in Blockchain technology is key to success and that this has a direct impact on the economy, stating:
"Not just technical developers but business professionals—from the executive suite to the front line—must understand the fundamentals of blockchain and its applications. Companies are hiring based on experience with the technology, inventing with the technology and, where possible, relevant academic skills and certifications."
With 25% of respondents stating that lack of talent was a major barrier to success, the need to Blockchain skills in both technical and non-technical areas continues to grow, outpacing the demand for even Machine Learning talent by over 33% according to Accenture's research.
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