The IRAP, managed by the National Research Council of Canada (NRC), has announced that the project has implemented the blockchain-based app on InterPlanetary File System (IPFS), a protocol and network that is designed to enable peer-to-peer storing and sharing of data on a distributed ledger.
With its new initiative, IRAP plans to test the use of public blockchains in government grants’ management, allowing users to perform instant searches for new grant data on the Ethereum (ETH) blockchain.
According to the official announcement, NRC IRAP first hosted a blockchain kickoff session in June 2017, revealing its plans to implement the technology in administering funding for innovative projects to Canada’s small and medium-sized enterprises (SMEs).
In early 2018, IRAP has successfully launched the Canadian government’s “first-ever” live trial of public blockchain technology on Ethereum’s ledger, in order to enable transparent administration of government contracts.
In June 2018, Canada’s national self-regulatory non-profit organization Investment Industry Regulatory Organization of Canada (IIROC) built up a working group to draw up proposals on blockchain within the capital markets ecosystem in a move to protect investors and support healthy domestic capital markets.
Last week, the Bank of Montreal and Ontario Teachers’ Pension Plan tested a blockchain-powered debt scheme for the Canadian dollar (CAD), which is reportedly the first time when CAD was used as “fixed-income issue” through DLT. Earlier in June, Canada’s central bank (BoC) issued a study reaffirming that double spending on blockchain is “unrealistic.”
Photo via Shutterstock.