Changes

<h2>1. Business Brief</h2>

<h2>1. Business Brief</h2>

Blockchain is a list of digital records (called blocks) that are securely linked together to form a chain using secure encryption and time stamps. Blockchains form a digital ledger, which is a history of transaction records that can be accessed by multiple users but cannot be individually modified.

Blockchain is a list of digital records (called blocks) that are securely linked together to form a chain using secure encryption and time stamps. Blockchains form a digital ledger, which is a history of transaction records that can be accessed by multiple users but cannot be individually modified.

<br>The theory behind blockchain was first described in 1991. The desire was to create a system in which documents could be timestamped and linked together digitally or cryptographically. In 2008, someone or a group of people, known as Satoshi Nakamoto, created the first cryptocurrency known as Bitcoin. The creation of Bitcoin in 2008 also unveiled the technology behind it - Blockchain. Blockchain provides the means for recording bitcoin transactions (as a shared ledger), which can be used to record any transaction and track the movement of any asset that is tangible, intangible or digital.

 

<br>Due to increasing mistrust around data sharing by some large corporations, as well as the financial crisis earlier that year, there was a growing desire for a means in which personal data or currency could be held individually. It needed to be decentralized and needed to reduce the requirement for middlemen, such as banks, brokers, or insurance companies. As the first of its kind, blockchain technology was revolutionary.

The theory behind blockchain was first described in 1991. The desire was to create a system in which documents could be timestamped and linked together digitally or cryptographically. In 2008, someone or a group of people, known as Satoshi Nakamoto, created the first cryptocurrency known as Bitcoin. The creation of Bitcoin in 2008 also unveiled the technology behind it - Blockchain. Blockchain provides the means for recording bitcoin transactions (as a shared ledger), which can be used to record any transaction and track the movement of any asset that is tangible, intangible or digital.

<br>While blockchain technology has begun to expand since its creation, when it first began, users were exclusively individuals. While individual uses involving cryptocurrency such as Bitcoin are still in existence, companies such as Ethereum, Golem, and Blockstack have since emerged and also employ blockchain technology for the rendering of “smart contracts” between individual parties, the sharing of computer processing power and open-source app development respectively. However, the technology is still deemed immature and underutilized. Of the respondents to Gartner’s 2018 CIO Survey, only 1% have invested in and deployed blockchain technology.

 

Due to increasing mistrust around data sharing by some large corporations, as well as the financial crisis earlier that year, there was a growing desire for a means in which personal data or currency could be held individually. It needed to be decentralized and needed to reduce the requirement for middlemen, such as banks, brokers, or insurance companies. As the first of its kind, blockchain technology was revolutionary.

 

While blockchain technology has begun to expand since its creation, when it first began, users were exclusively individuals. While individual uses involving cryptocurrency such as Bitcoin are still in existence, companies such as Ethereum, Golem, and Blockstack have since emerged and also employ blockchain technology for the rendering of “smart contracts” between individual parties, the sharing of computer processing power and open-source app development respectively. However, the technology is still deemed immature and underutilized. Of the respondents to Gartner’s 2018 CIO Survey, only 1% have invested in and deployed blockchain technology.

<h2>2. Technology Brief</h2>

<h2>2. Technology Brief</h2>

<br>Currently, a number of Government agencies are engaged in Blockchain in a number of ways. Maybe SSC could support the following departments in their initiatives to explore how Blockchain can help solve these issues:

<br>Currently, a number of Government agencies are engaged in Blockchain in a number of ways. Maybe SSC could support the following departments in their initiatives to explore how Blockchain can help solve these issues:

<ul>

<ul>

   <li>Elections Canada – practical applications to support Voter List Management, Secure Identity Management, and management of electoral geography.</li>

   <li><b>Elections Canada</b> – practical applications to support Voter List Management, Secure Identity Management, and management of electoral geography.</li>

   <li>Financial Transactions and Reports Analysis Centre of Canada – exploring implications for anti-money laundering and counter-terrorism financing.</li>

   <li><b>Financial Transactions and Reports Analysis Centre of Canada</b> – exploring implications for anti-money laundering and counter-terrorism financing.</li>

   <li>Public Safety Canada – focused on various uses and misuses of virtual currencies, such as extortion or blackmail.</li>

   <li><b>Public Safety Canada</b> – focused on various uses and misuses of virtual currencies, such as extortion or blackmail.</li>

   <li>Natural Resources Canada – use as a public registry for the disclosure of payments under the Extractive Sectors Transparency Measures Act.</li>

   <li><b>Natural Resources Canada</b> – use as a public registry for the disclosure of payments under the Extractive Sectors Transparency Measures Act.</li>

   <li>Bank of Canada – exploring a proof of concept model alongside Payments Canada, Canadian commercial banks and the R3 consortium.</li>

   <li><b>Bank of Canada</b> – exploring a proof of concept model alongside Payments Canada, Canadian commercial banks and the R3 consortium.</li>

   <li>ISED – engagement with Government departments, provincial-territorial-municipal partners, and key industry players.</li>

   <li><b>ISED</b> – engagement with Government departments, provincial-territorial-municipal partners, and key industry players.</li>

</ul>

</ul>