Blockchain NZ: New Zealand Needs Strategy to Keep Pace with Blockchain

Blockchain NZ: New Zealand Needs Strategy to Keep Pace with Blockchain



Blockchain NZ: New Zealand Needs Strategy to Keep Pace with Blockchain

Blockchain NZ, a group of various blockchain-oriented business, organizations, and experts, has plans to lobby the New Zealand government to produce a national strategy for developing blockchain technology in the country.

Next week, Blockchain NZ’s executive director Mark Pascall will present their views to the New Zealand parliament’s economic development, science and innovation select committee hearing.

A report released at the end of last year, titled ‘Distributed Ledgers and Blockchains: Opportunities for Aotearoa New Zealand’, concluded that the nation’s IT sector, which presently rakes in NZD 16 billion a year with a workforce of almost 100,000, could grow to become the “second biggest contributor to gross domestic product by 2025” should blockchain be adopted sooner than later.

The report’s research was partially funded by the Ministry of Business Innovation and Employment (MBIE) and was produced to promote the technology amongst domestic entrepreneurs and innovators.

Blockchain NZ plans to move such assumptions into space where the government can take a more proactive role in promoting new technologies such as blockchain and cryptocurrency. Pascall commented:

“So, we really want government to take blockchain seriously and produce a strategy. We can help them with that so we strike a balance between trying to plan for an unpredictable future and taking some action so we realize huge potential economic benefits for the country.”

In the region, neighboring Australia has already moved on a national plan for blockchain, when it recently announced its own national blockchain roadmap and a funding boost to support the technology’s development in order to push the country to the forefront of international blockchain use.

 

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