February 24, 2024

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Blockchain found to uplift NZ’s economy

In a recently published report called, Distributed Ledgers and Blockchains – Opportunities for New Zealand, it was found that distributed ledgers and blockchain are anticipated to provide a significant positive uplift to the economy of New Zealand.

According to a recent press release, these emerging technologies were found to likely have a positive impact on high-tech jobs and digital exports for the country.

Recognising the interest and investment in blockchain internationally, Callaghan Innovation and blockchain venture studio, Centrality, commissioned the report to provide Kiwi businesses and innovators useful insights into this emerging technology.

Callaghan Innovation is New Zealand’s innovation agency. It partners with ambitious businesses and provides a range of innovation and research and development (R&D) services to suit each stage of growth.

The Ministry of Business, Innovation and Employment (MBIE) contributed an equal proportion of funding to the research. The report does not represent policy advice.

Technology is now New Zealand’s third-biggest export sector, bringing in more than NZ$ 16 billion a year in overall revenue, with plenty more headroom for further growth.

Technological innovation is the path to lifting the country’s earnings and productivity.

This report is expected to ignite further discussion on the potential of emerging technologies like blockchain and distributed ledgers.

While the country is still at the early stages, there are substantial opportunities to both understand and apply blockchain towards sustainable and ground-breaking innovation that can support the country’s economy.

The report was able to provide useful analysis of the significant opportunities that exist for distributed ledger and blockchain technologies, according to the General Manager of Strategic Partnerships at Centrality.

Blockchain presents a huge opportunity, with over US$ 11 billion raised through initial coin offerings (ICOs) in the first half of 2018.

New Zealand has a chance to lead the way, thanks to their sense of fairness and social inclusiveness, to ensure all New Zealanders benefit from the full potential of blockchain and decentralisation.

Distributed ledger, as the report defines it, is a set of data replicated across many networked computers. Ideally, the computers in the network are in different locations and spread across many countries.

A distributed ledger uses protocols so changes are consistently replicated to each computer and the data converges to an agreed known state.

Blockchain technology is one type of distributed ledger. A blockchain ledger is immutable. This means that data cannot be removed or changed once it is published.

The ledger uses economic incentives to coordinate and drive the adoption of the ledger.

As reported, to produce the published report, the author interviewed over 50 blockchain entrepreneurs, investors, government officials, academics, and international experts.

A plethora of opportunities were presented in the report. These are high-paying technology jobs; high-value exports; and the facility to attract high-growth companies and talent.

Other opportunities include an increase in access to growth capital, and the knock-on effect of being a catalyst for other sectors.

The report also points to “significant” avenues of innovation for banking and financial services, the media industry, and public services, as well as the benefits for international economies, particularly developing ones.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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