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In a recently released report, Distributed Ledgers and Blockchains – Opportunities for New Zealand, it was found that distributed and blockchain records are expected to provide a significant positive improvement for the New Zealand economy.
According to a recent press release, these emerging technologies are likely to have a positive impact on high-tech jobs and digital exports for the country.
Recognizing the interest and investments in blockchain internationally, Callaghan Innovation and the blockchain venture study, Centrality, have commissioned the report to provide Kiwi businesses and innovators with useful insights into this emerging technology.
Callaghan Innovation is the innovation agency of New Zealand. It is a partner of ambitious companies and offers a range of innovation and research and development (R & D) services to meet every phase of growth.
The Ministry of Enterprise, Innovation and Employment (MBIE) contributed to the same part of research funding. The relationship is not a political council.
Technology is now the third largest export sector in New Zealand, with over $ 16 billion a year in total revenue, with an extra edge for further growth.
Technological innovation is the way to increase the country's earnings and productivity.
This report is expected to spark further discussion on the potential of emerging technologies such as blockchains and distributed registries.
While the country is still in its infancy, there are substantial opportunities both to understand and apply blockchain to a sustainable and innovative innovation that can support the country's economy.
The report was able to provide a useful analysis of the significant opportunities that exist for distributed accounting and blockchain technologies, according to the Strategic Partnerships General Manager at Centrality.
Blockchain represents an enormous opportunity, with over 11 billion dollars raised through the first coin offerings (ICO) in the first half of 2018.
New Zealand has the opportunity to pave the way, thanks to their sense of equity and social inclusiveness, to ensure all New Zealanders benefit from the full potential of blockchain and decentralization.
The distributed ledger, as the report defines it, is a set of data replicated on many computers connected to the network. Ideally, computers on the network are in different locations and spread to many countries.
A distributed ledger uses protocols so that changes are constantly replicated on each computer and that data converges to an agreed known state.
Blockchain technology is a type of distributed ledger. A blockchain register is immutable. This means that data can not be removed or modified once published.
The ledger uses economic incentives to coordinate and guide the use of the ledger.
As reported, to produce the published report, the author interviewed over 50 blockchain entrepreneurs, investors, government officials, academics and international experts.
Numerous opportunities have been presented in the report. These are highly remunerative technological works; high value exports; and the possibility of attracting high-growth companies and talents.
Other opportunities include an increase in access to growth capital and the chain effect of being a catalyst for other sectors.
The report also aims at "significant" avenues of innovation for banking and financial services, the media industry and public services, as well as the benefits for international economies, especially developing countries.
