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It is expected that the distributed books and blockchain will provide a positive improvement to New Zealand's economy, according to a new report.
The report, Distributed Ledgers and Blockchains – Opportunities for New Zealand, found that these emerging technologies would likely have a positive impact on high-tech jobs and digital exports to New Zealand.
The report defines a distributed ledger as 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, which means that data can not be removed or edited once published. The ledger uses economic incentives to coordinate and guide the use of the ledger.
Recognizing the interest and investment in blockchain internationally, Callaghan Innovation and the venture blockchain Centrality study commissioned the report to provide Kiwi businesses and innovators with useful information on this emerging technology.
The Ministry of Enterprise, Innovation and Employment (MBIE) contributed to the same part of research funding. The relationship is not a political council.
Callaghan Innovation GM Erica Lloyd states: "Technology is now the third largest export sector in New Zealand, with over 16 billion dollars a year of total revenue, with an extra margin for a & Further growth.Technological innovation is the way to increase our earnings and our productivity ".
"We expect this report to spark further discussion on the potential of emerging technologies such as blockchains and distributed registries.Although we are still in the beginning, there are significant opportunities for us to understand and apply the blockchain to sustainable and innovative innovation that can support our economy ".
Centrality GM of strategic partnerships Andy Higgs said the report provided a useful analysis of the significant opportunities that exist for distributed accounting and blockchain technologies.
He states, "Blockchain represents an enormous opportunity, with over $ 11 billion raised through initial coin offerings (ICOs) in the first half of 2018.
"New Zealand has the opportunity to pave the way, thanks to our sense of equity and social inclusiveness, to ensure all New Zealanders benefit from the full potential of blockchain and decentralization".
Distributed registries and blockchains are emerging generic technologies that could have a significant impact on all aspects of the economy.
The report states that New Zealand has the opportunity to join world leaders in this space, which would likely have a significantly positive impact on high-tech jobs and digital exports.
Technologies could provide opportunities for a positive impact on many 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.
Over 20 billion dollars have been allocated to blockchain startups from January 2017 to November 2018 through the first token offers.
These technologies are fundamentally changing the way goodwill capital is generated and could be a significant opportunity for New Zealand companies to access much needed risk capital.
