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CANADIANLAWYERMAG.COM/INHOUSE JULY/AUGUST 2019
The federal government is cautiously wading in. Enticed by the promise of block-
chain to simplify the management of trusted information in a secure fashion, the
Canada Border Services Agency and the Port of Montreal, the country's second-
biggest port, are now testing a blockchain-enabled digital solution to see if it will
streamline freight shipping. Several provincial governments are also swayed by the
prospect of being able to better deliver government digital services, beginning with
the British Columbia provincial government, which launched OrgBook BC, a new
blockchain-powered online search tool that allows users to verify if businesses and
organizations are legally incorporated in the province.
The private sector is leading the charge, with investments in blockchain surging.
Worldwide spending on blockchain solutions is forecast to increase by nearly 90 per
cent this year to nearly US$2.9 billion, a figure expected to grow to US$12.4 billion
by 2022, according to market intelligence firm International Data Corporation. The
financial sector continues to account for the lion's share of blockchain spend, fol
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lowed by the manufacturing and resources and the distribution and services sector.
Blockchain is at an inflection point just as the development of the internet was
in the 1990s. It is still seeking solid footing outside of early adopters, with some
businesses and sectors working hard to build practical applications. Pilot programs
PHOTO:
SHUTTERSTOCK
I n d u s t r y S p o t l i g h t
BY LUIS MILLĂN
Is blockchain worth the hype?
In-house counsel should look at strategic value of implementation
