Thank you for that good question.
One of the challenges with managing innovation is understanding that the effects of our decisions in in these rooms can have enormous consequences for the industry at large. Before we can go and make these regulations, it's really important that we understand the technology and its scope or the opportunities it presents.
Blockchain technology is a paradigm-shifting technology. It is like the Internet. It is like the automobile. It stands to change the very fabric of society. Around here, we have been discussing the rules and the regulations and looking at this from a wax and wick point of view, and now we have electricity. We need to be building sockets to encourage and utilize the benefits of this technology.
Listening to my fellow panellists here, they mentioned an open corporate registry. Absolutely. Blockchain can solve this perfectly. As far as real estate goes, and putting real estate titles onto a blockchain, absolutely.
As far as FINTRAC and compliance go, having proof that all of those records are submitted and are verifiable would be excellent, excellent, excellent.
The scope of the opportunities is just incredible. From an investment point of view, being able to track that, and thinking about when we register a corporation, as opposed to just assigning a number that says 100,000 shares to you and 100,000 shares to you, we could actually use tokens that are tied to digital identities, tied to permissions about whether you can vote, about who's the officer, who's the secretary, who's the legal counsel, and do you have access to a building. It all comes full circle.
Where are the regulations that are hindering it? I think there are those who speak very negatively about it, or suggest potentially banning the cryptocurrency. We saw that in New York, as one example, with their BitLicense agenda, to requires anybody who is developing solutions around Bitcoin and cryptocurrencies to have state approval. It actually pushed a lot of the businesses away.
If we develop regulations that way, if we think about the Internet, and if we require people to get licences to open websites, people are just going to open websites in other countries. They're going to move away to jurisdictions that are more friendly.
We need to understand that we're in a time of convergence where we have technologies like artificial intelligence, robotics, and automation all coming together as one, and that in order to register your company, you're going to be looking for the best conditions do that. So it's our duty. Thank you.