BlockchainNZ, an organization that claims to be focused on enabling New Zealand businesses and individuals to advance in all things distributed ledger technology (DLT ), cryptocurrency and decentralization, is set to work with the nation’s authorities to implement a national blockchain strategy to enable New Zealand to get up to speed with other countries, according to local news source, Scoop on May 22, 2019.
Moving Forward with DLT
Per sources close to the matter, in a bid accelerate the growth rate of New Zealand’s blockchain industry, BlockchainNz is set to formally ask the government to formulate a national DLT strategy that would boost the region’s blockchain ecosystem.
Reportedly, Mark Pascall, the executive director of BlockchainNZ, will testify before the New Zealand parliament economic development, science and innovation select committee hearing in Wellington on May 30, 2019.
Pascall is expected to enlighten the authorities on blockchain technology and digital assets and how the revolutionary technology can accelerate the country’s economy.
The BlockchainNZ chief also plans to invite a couple of international experts steeped in the matters of blockchain technology, to work hand in hand with the government and create a robust DLT strategy capable of boosting the economy.
“We want the government to take blockchain technology 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 that could generate huge economic benefits for the country.”
Immediate Action Required
Though New Zealand has a relatively friendly-stance towards bitcoin and other digital assets, as demonstrated by its New Zealand dollar token (NZDT) stablecoin project, Pascall has opined that the nation needs to up its game to be on the same level with other regions at the forefront of the cryptocurrency and DLT movement.
Importantly, the blockchain activist argued that the DLT and cryptosphere have gone past the stage of hype without real infrastructure or use cases and joining the bandwagon at this early stage will have positive implications for New Zealanders in an emerging global economy.
“Since this year, prices and the market cap of the top 20 cryptos have surged by around 100 percent. Bitcoin, the first application of a blockchain, settled over USD 400 billion in transaction volume globally last year. That is more than Venmo, Apple Pay, or PayPal,”
Additionally, Pascall has made it clear that since the world has become highly centralized, with only a few mega-corporations like Facebook, Google, Amazon and government superpowers controlling the data, power and wealth of nations, it has become quite important for New Zealand to embrace blockchain technology now and use it to its advantage.