These past years, countries and territories around the world is experimenting and maximizing what Blockchain can do.
And now, Canada has announced that it will trial the use of blockchain to add transparency to government funding and research grants.
Canadian government is working out the use of blockchain tech to improve transparency in government funding.
Specifically, Canada’s National Research Council (NRC) is sharing information about funding and research grants for its Industrial Research Assistance Program (NRC IRAP) in real time via the Catena Blockchain Suite, which is built on the Ethereum blockchain.
Moreover, for Canada’s blockchain trial, every time the NRC creates or alters a grant, that information is added to the blockchain, which will be connected to a publicly accessible online database.
Also, besides elevating transparency between the government, research organizations, and the public, Canada’s blockchain trial also increases security.
Here’s why. The data on a blockchain is stored in encrypted blocks that are managed by a decentralized global computer network. Essentially, this setup renders the data unalterable.
The NRC likely chose the Ethereum blockchain for several reasons. It is one of the most established blockchain technologies in existence right now, and unlike the blockchain supporting the bitcoin cryptocurrency, the Ethereum blockchain can run smart contracts, which gives it far more utility.