Blockchain Research Institute (BRI) that explores strategic opportunities of the blockchain technology, announced that its initiative is being supported by broad public sector.

The initiative, which is a syndicated research program of more than 40 projects working on strategic deployment of blockchain technology, has officially welcomed support from the Government of Canada, the Government of Ontario, the City of Toronto, The University Health Network in Toronto, Bank of Canada, and the Federal Institute on Governance, the release stated.

The institute has also received support from various private sector members including Thomson Reuters, Gowling WLG – the Institute’s first law firm, and Canadian technology firm TMX Group.

“We’re delighted to welcome this spectacular group of public sector organizations to our initiative. Blockchain will have profound implications for the operations of government, the nature of democracy and the modus operandi of every government agency,” Don Tapscott, an author and leader of the initiative, said.

The Blockchain Research Institute’s initiative is being funded by various global leading corporations including IBM, Accenture, SAP, Pepsico, Liberty Global, Centrica, NASDAQ, Digital Asset, along with blockchain leaders like Nuco, Paycase, Cosmos, among others. The program is now inviting governments, initially in Canada and now around the world to join the initiative.

“Blockchain is a great example of an emerging technology that Canadians are playing a lead role in developing. This research partnership with the Blockchain Research Institute will give Canada a globally competitive advantage in the development of this transformative technology,” Navdeep Bains, Minister of Innovation, Science, and Economic Development, Government of Canada, commented.

BRI is based in Toronto and is exploring and conducting the definitive investigation into blockchain strategies, market opportunities, and implementation challenges.