Quadriga Corp is launching Canada’s first exclusive research and development lab for Blockchain technology and is already working on its first project.

Quadriga Corporation is launching Canada’s first R&D lab for Blockchain technology and has already drawn up plans for its very first project.

In a press release, Vancouver-based Quadriga, widely known as Canada’s largest bitcoin exchange has chalked out the lab’s first project – a platform developed to serve two core functions.

They are, handling the “onboarding and client data management for financial crime systems” using Blockchain technology and; supporting machine to machine (M2M) payments with always-on Internet of Things (IoT) providers for all participating cities.

The application for blockchain as a verifiable, incorruptible ledger could prove to be a key feature in checking for and preventing financial crimes.

Quadriga CEO Gerald Cotton said:

Blockchain technology has an unchangeable, fully traceable ledger of activity and as such, represents a crucial innovation for financial technology, particularly for systems designed to combat money laundering, terrorist financing and fraud.

Furthermore, citing the growing need for reliable instant payments, he added:

We are very excited to be starting a Blockchain lab and helping to develop FinTech in Canada…to be the intersection point for M2M payments for cities as they become digital and need to build in micro-payments that are efficient, instantaneous and transparent.

Last month, a group of mainstream Bitcoin companies and prominent individuals in the Bitcoin space formed the Blockchain Alliance as a means to help law enforcement use and understand blockchain in combating crime.

Featured image of Vancouver from Shutterstock.