It’s a story about the use of a cryptocurrency to buy food in a country where the food sector has largely fallen out of favor.
For example, when you’re in China, it’s easy to buy your meal online, but in Canada, there’s little incentive to do so.
It’s also difficult to make a grocery purchase from a Canadian grocery store because there are so many restrictions on who can buy food.
That’s why people in Canada have a huge appetite for blockchain-based alternatives to traditional grocery stores.
And now, a new type of blockchain-enabled store is coming to Saskatoon.
The Saskatoon BMI Mining Industry Group is partnering with Bitcoin Canada, a blockchain-centric mining company that operates in the mining industry.
The company, which has been running since 2014, offers a marketplace where users can buy, sell and trade cryptocurrency and other digital assets for traditional goods and services.BMI is looking to use blockchain technology to facilitate transactions and trade.
In its first two months, BMI has been able to purchase goods with the blockchain technology.
“We’re trying to get a real sense of the benefits and the costs and the opportunities that are out there for people to purchase and sell,” says BMI CEO Mike McCarron.
“So far, we’ve been able, we’re seeing that there are very low transaction costs, and very low costs in the end, for transactions in a lot of cases.
And that’s because the costs are very very low.”BMI’s mining operation in Saskatoon, Saskatchewan.
The Saskatoon Mining Industry Association says Bmi has made significant inroads in the local food and beverage sector.
In the first two weeks of the year, the group says, it processed 2,600 transactions.
The group says it’s the first Canadian company to accept Bitcoin and Ethereum in its network.
But McCarrons goal is not just to serve food and beverages.
He says he wants to develop a network for the construction industry and for the mining and energy industry.
“It’s a very interesting industry,” says McCarros team leader, Justin Woodham.
“We see it as a really interesting opportunity for BMI to be a part of.”
For McCarross, that opportunity has already been a success.
“This business is growing,” says Woodham, a former executive at Calgary-based Nexen.
“It’s growing, and we’re getting great returns on our investments.”
In January, Woodham bought a property in Sask�s capital city, Saskatoon and opened the BMI mining facility.
But he says the company has been very selective about the types of projects it’s involved in.
“So far we’ve invested in the food processing industry, we haven’t invested in mining,” says Wilson.
“The other ones have been a bit more niche and maybe more focused on the logistics or the mining itself.”
It�s not just the mining that has McCarroins team excited.
The BMI also offers a virtual tour for visitors, where they can learn about the mining technology and how it works.
The site of the Bmi mining operation.
The BMI says its mining business is still in its early days.
McCarrones team says there�s a lot more to come.
“The future is really exciting,” says the CEO.
“This is a really exciting opportunity for us to continue to grow.”
Follow Brett Molina on Twitter: @brettmolina23