In recent years blockchain technology has become increasingly popular around the world. It has been heralded as a revolutionary technology that can revolutionize the way businesses and everyday people interact with each other digitally. New Zealand has been quick to embrace this new technology, with a number of companies, organizations, and government entities actively exploring the potential of blockchain.

Where is New Zealand in the Adoption of Blockchain?

New Zealand has been a leader in the exploration of blockchain technology. The country was among the first to recognize the potential of the technology, with the Ministry of Business, Innovation and Employment (MBIE) launching its own research programme into the technology in 2015. Several New Zealand-based companies have also begun utilizing the technology, with PaySauce, a payroll and accounting software provider, launching a blockchain-based platform for payroll transactions in 2018.

The government has also taken a proactive stance on the development of blockchain technology, with the Institute for IT Professionals New Zealand (ITP) launching an initiative in 2019 to promote the growth of blockchain-related skills and knowledge. This initiative has already seen the creation of a nationwide “blockchain academy” and a blockchain certification program, and the government has also expressed its commitment to exploring the technology further.

Industries Adopting Blockchain Technology in New Zealand

New Zealand businesses and government entities have embraced blockchain technology in numerous industries, with the following being the most prominent:

• Financial Services: New Zealand banks, such as the ANZ, have been exploring the use of blockchain technology for various services, such as international payments and trading. Additionally, the New Zealand Stock Exchange has begun to investigate the potential of leveraging blockchain technology in its operations.
• Supply Chain: New Zealand’s agricultural and food industry has been leveraging blockchain technology to better manage and track supply chains. The technology is also being adopted by the country’s retail sector, allowing customers to more easily track and verify the provenance of their purchases.

Benefits of Blockchain in New Zealand

The adoption of blockchain technology in New Zealand offers numerous benefits, such as:

• Enhanced Security: Blockchain technology provides enhanced security for digital transactions as it is almost impossible to hack or tamper with the data stored on a blockchain.
• Improved Efficiency: Blockchain technology can reduce the time required for transactions to be processed, as data can be validated and verified much faster.
• Innovation: With the development of new applications and services enabled by blockchain technology, New Zealand businesses can stay at the forefront of innovation.

Overall, blockchain technology has the potential to revolutionize the way New Zealanders do business and interact with each other. The government and a number of private companies have already begun to explore its potential, and the country is well-positioned to take advantage of this revolutionary technology.