Recent Developments in Canada’s Technology Sector
Canada’s technology sector has grown significantly over recent years and has become a significant part of the country’s economy
JUST LIKE OTHER countries throughout the world, Canada’s technology sector is in a period of growth. There have been recent developments in a multitude of areas including the blockchain, clean technology and AI. Much of this has had implications across a variety of sectors including the financial, entertainment and iGaming areas. So, let’s take a closer look.
Canada’s AI usage
Across the world, AI has really taken hold since 2023. At the beginning of 2024, one in seven Canadian businesses were planning to use generative AI in some form in their work. This means using AI for text, images and audio. Many major cities in Canada such as Toronto, Montreal and Ottawa are major AI hubs, too. And, Canada has its own key player in this space in the form of Element AI Canada. In May, this company launched its solution, ElementCreative, which is designed to help create marketing content, email outreach and social media management. Reports also show that this type of generative AI could add more than $180 billion each year to Canada’s economy by 2030, which means that productivity in the labour force would also increase. As such, it’s likely that this year more companies will transition to integrate generative AI into their processes.
Keeping it clean and going green
While there is an increase in technology, the environmental impacts of such leaps forward are not being overlooked. Clean tech is now increasingly important in Canada, with the federal government creating a clean economy grant. In fact, the government has committed money to manufacturing electric vehicle batteries to ensure that the environment is not overlooked. There are even further legislative drafts regarding tax credit for clean tech investment as well, indicating how important this will be for the country going forward.
Anonymous and secure
Another major area where Canada’s tech is growing, is in regards to blockchain technology. While this has been inextricably linked with cryptocurrency for the past decade or so, there are now additional uses for the blockchain, many of which are becoming more prevalent. For instance, the blockchain is increasingly used for supply chain management, real estate and finance. Of course, one of the biggest sectors is still in the iGaming industry.
But, rather than focusing on cryptocurrencies and payment methods, there are other uses. This includes offered Apps for playing at online casinos as well as offering provably fair games. Using the blockchain for casino games such as an online slot machine or lottery, means that players are now able to check for themselves to see how fair it is. They’re able to check that the game really is fair and unbiased. These days, this is becoming increasingly popular at online casinos.
At the moment though, blockchain technology is governed by provincial laws within Canada. This is to ensure regulation for transparency. However, the application of blockchain technology in the country is likely to expand. It’s predicted to include asset tokenization and be used for digital identity verification, which will be beneficial at online casinos as well as for other uses. In fact, within Canada, there is a strong possibility that it will be used in healthcare data security, giving Canadians more control over their records.
Exciting new research
In Canada, there have been other major steps made when it comes to quantum computing. 2024 saw major breakthroughs in the advancement of quantum computing research in the country. To keep this sector of research growing, Canada’s government has allocated an impressive $360 million to funding the growing quantum ecosystem in the country. Its goal is to promote ongoing research while also funding thousands more jobs and aiming for impressive monetary returns by 2045.
Another area important in Canada is against DeepFake images, videos and audio. This issue is increasingly becoming a concern for businesses in Canada, with 80% of companies voicing concerns that deep fakes will impact their operations. As such, there are measures being taken to reduce the malicious use of such technologies, and develop a form of defence against them.
Finally, 5G mobile networks are already here and bringing faster speeds and connectivity throughout the country. There’s going to be an enhancement of the 5G network throughout Canada, allowing businesses to make use of cloud gaming, virtual reality and other major technology innovations. The future is looking bright.