The National Research Council (NRC) of Canada-managed Industrial Research Assistance Program (IRAP) is ready to host a blockchain explorer on its own. The Canadian government has funded the IRAP that declared the project had executed the emerging technology-powered application on InterPlanetary File System (IPFS). This is a set of rules and network, which is meant to allow peer-to-peer storing, as well as, sharing of data through the blockchain technology. The initiative has demonstrated that the government is also keen to encourage technology through different channels.
Catena Blockchain Suite has helped to implement the IPFS blockchain browser, cointelegraph reported. BitAccess is providing the product as the company is engaged in offering access to emerging technology to businesses throughout the globe. This included startups or Fortune 500 companies. The company offers software services in more than 15 countries to promote the new age technology. Its customer depends on its core infrastructure, security and compliance apart from support services.
Following the latest initiative, IRAP will proceed with the testing of using public blockchains in government grants management. This will allow users to perform searches instantly as far as new grant data is concerned on the ethereum blockchain platform. Based on the official declaration, NRC IRAP has hosted a blockchain kickoff session for the first time in June last year. That enabled it to disclose its intention of executing the technology in fund administration for innovative projects. This included small and medium-sized enterprises (SMEs) in Canada.
In the current year, the IRAP emerged successful in launching the first-ever live trial of the Canadian Government’s public distributed ledger technology on ethereum’s platform. The objective is to allow transparent administration when it comes to government contracts. For quite some time, the emerging technology is gaining its traction in the country either with private participation or through the public. Despite some negative sentiments, there are continued efforts on the blockchain-powered solutions.
For instance, a few months ago Investment Industry Regulatory Organization of Canada (IIROC), which is a national self-regulated non-profit organization, has created a working group. The goal is to draft proposals on the distributed ledger technology (DLT) within the capital markets ecosystem. The ultimate aim of this is to protect investors’ interest, as well as, lend support to any healthy domestic capital markets.
Pension Plan Tested DLT
Co-founder Bitaccess, Moe Adham, commented, “Our goal is to enable institutions to become fully transparent, and enable constituents to participate in the verification and validation of public information. We built the Catena Blockchain Suite as a simple, low risk, application for institutions to get introduced to blockchain technology. So far the reception has been terrific”.
Interestingly, the Bank of Montreal, as well as, Ontario Teachers’ Pension Plan took initiatives to test a blockchain-driven debt scheme last week. For the first time, the Canadian currency was used to fix the income issues with the help of DLT. Two months back, the central bank in Canada had issued a study report that has reaffirmed its conclusion that double spending is unrealistic on blockchain technology.