The New Zealand Callaghan Innovation Report shows how Blockchain can benefit from the information technology industry

According to a new report presented by a New Zealand innovation agency, called Callaghan Innovation, the third largest sector of New Zealand, which is information technology, could be greatly enhanced due to the blockchain. There seems to be a lot of room for development in the industry if the country is able to embrace technology.

At the moment, New Zeland it has a huge technology industry and brings more than $ 16 billion dollars to the country.

Erica Lloyd, of Callaghan Innovation, said that distributed ledger technology is certainly one of the best ways for companies to profit from innovation. Another way was through the injection of high-paying technology jobs in the country.

The main problem that could actually hamper the growth of the country is that there are start-ups who have their workforce distributed in many countries and they should all be in New Zealand for the country to profit from them. For this reason, the country should make sure to choose to live in the country.

Why? Especially since the report says it is important that these high-income professionals pay taxes so they can return something. Regardless of where the company is located, the relationship sees the potential to have employees living in New Zealand and paying taxes.

The reports also see a great possibility that distributed blockchain and ledger technology will act as a catalyst that could help some other sectors of the economy such as finance, education, supply chains and even health care. and transport.

The report concluded by stating that the blockchain has the potential to transform even public services in the country because it could prevent fraud and improve the transparency of the administration a lot, which could be used to establish more trust.

Not everything is big

New Zealand could reap many benefits if it were actually able to grow the sector. However, there are problems that prevent the blockchain from thriving in the country. The main one is that the sector could be more regulated and supported.

For example, blockchain companies must have their access to banks unlocked for best results. To also request basic services, these companies face numerous problems such as a very strict anti-money laundering regime that ends up blocking most companies from services.

The idea is that the Reserve Bank of New Zeland and the financial authorities should create guidelines that can support the sector without creating money laundering risks.

If companies are properly integrated into the system, the chances that they are able to achieve excellent results and increase the economy are very large.