The panel – part of an event hosted by ANZ NZ and run for businesses in Auckland, Wellington and Christchurch – heard in NZ and indeed globally there has been growing interest in cryptocurrency and its underlying technology, blockchain.
It’s estimated by the end of 2020 more than $US2.1 billion will be spent developing blockchain solutions and blockchain’s market value will be $US3 trillion by 2024.
A firm grasp
IDG Connect research shows approximately 13 per cent of senior IT managers have plans to implement blockchain, illustrating the importance of ensuring management and boards understand the implications of this technology.
Two companies leading the innovation in NZ are NZ Post and Air New Zealand.
Earlier this year NZ Post announced it was working with Chinese e-commerce giant Alibaba to use blockchain to improve supply chain transparency and food-safety assurances with partners Fonterra and Blackmores.
NZ Post Manager Strategy and Strategic Partnerships Dene Green said blockchain is an important tool in supply chain management.
“Blockchain is a game changer as it provides trust and security across the supply chain,” he said.
“New Zealand’s brand is so closely aligned to premium food products, so it makes sense to have greater visibility across the whole supply chain.”
“Consumers, particularly in markets like China, demand food safety assurances. Blockchain is a great way to do this by having an accurate view of the paddock-to-plate process.”
Green said the challenge for NZ is creating a ‘Food Trust Framework’ where blockchain can be made accessible in a regulatory environment to all NZ food producers, particularly eCommerce platforms.
“This certified process will be used by China and other export markets, helping us take advantage of upcoming opportunities,” he said. “For instance, in the future EU trade deal greater supply chain transparency will be important.”