Blockchain poised to have significant benefits for the New Zealand economy
Centrality has published a report alongside Callaghan Innovation on the social impact of distributed ledgers. To stay up-to-date on the progress of our technology, follow us on Twitter and our Telegram Announcements channel, plus join our community on Centrality’s Official Telegram, Instagram, Reddit and Facebook.
Distributed ledgers and blockchain are anticipated to provide a significant positive uplift to New Zealand’s economy, according to a new report published today.
The report, Distributed Ledgers and Blockchains — Opportunities for New Zealand, explores the opportunities provided by distributed ledgers and blockchain technologies. The author of the report, Joshua Vial from Enspiral, has found that these emerging general purpose technologies would likely have a significantly positive impact on high-tech jobs and digital exports for New Zealand. Insights from this report can be applied to other international markets looking to embrace and advance blockchain industries.
Recognising the significant interest and investment in blockchain internationally, Centrality, along with Callaghan Innovation and the Ministry of Business, Innovation and Employment (MBIE) commissioned this report to provide Kiwi businesses and innovators useful insights into this emerging technology. The Ministry of Business, Innovation and Employment (MBIE) contributed an equal proportion of funding to the research. The report does not represent policy advice.
General Manager of Strategic Partnerships at Centrality, Andy Higgs, said the report provided useful analysis of the significant opportunities that exist for distributed ledger and blockchain technologies.
“Blockchain presents a huge opportunity, with over $11 billion USD raised through initial coin offerings (ICOs) in the first half of 2018. New Zealand has a chance to lead the way, thanks to our sense of fairness and social inclusiveness, to ensure communities benefit from the full potential of blockchain and decentralisation.”
The technologies provide opportunities for a positive impact in many other sectors, including primary industries, financial services, public services, arts and culture, science and research, and foreign aid. They also have the potential to contribute to regional economic development. Nine considerations for the government have been proposed to help New Zealand make the most of the opportunity presented by these novel technologies:
- Convening a cross-agency blockchain working group
- Unblocking access to banking services for blockchain companies
- Promoting New Zealand as blockchain friendly
- Growing technology industries in regional Aotearoa New Zealand
- Focusing on security tokens
- Establishing a multidisciplinary research centre for distributed computing
- Establishing a blockchain financial crime prevention forum
- Prioritising digital identity adoption and digital inclusion
These considerations encourage a high-trust, well-regulated environment for the blockchain industry to conduct business. To read the report in full visit this link.
To stay up-to-date on the progress of our technology, follow us on Twitter and our Telegram Announcements channel, plus join our community on Centrality’s Official Telegram, Instagram, Reddit and Facebook.
