BlockchainNZ, a blockchain industry group based in New
Zealand, wants the country to consider the benefits it can derive out of the
disruptive technology and allow its specialists to work together with the
government to formulate a strategy concerning the use of cryptographic technology.
According to the industry group’s press release, it
will be requesting a national blockchain strategy from the government on May 30.
Moreover, BlockchainNZ’s executive director Mark Pascall will be giving a
presentation to the New Zealand parliament’s economic development, science, and
innovation select committee hearing on the possible economic advantages of
incorporating blockchain tech solutions in the country. Topics in this session
will include blockchain, bitcoin, smart contracts, security tokens, and
decentralised autonomous organisations.
While highlighting the financial scope of the
blockchain technology in 2019, Pascall said: “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
Another news report suggests that the South Korean
Ministry of Science and ICT is also planning to run a follow-up study on
The study, known as the “Blockchain Regulation
Improvement Study Group”, is an initiative of the government’s science and
technology unit to explore on improving the blockchain technology so that it
can be implemented across institutions. The Study Group, which was introduced
in June 2018, initially focused on improving legal regulations related to
blockchain technology, including personal privacy, smart contracts, electronic
documents and digital signatures, and the application of distributed computing
Now, according to their current plans for 2019, the
research group will primarily centre on five institutional areas where
blockchain has potential to help achieve widespread adoption. These industries
are logistics and distribution, public services, healthcare, finance and
The Organisation for Economic Cooperation and
Development (OECD) is one of the best examples showing how blockchain greatly
benefits government-related operations.
The intergovernmental economic organisation is highly
motivated by the opportunities of blockchain. It held the OECD Blockchain
Policy Forum in Paris back in 2018, which was attended by senior decision
makers, experts, academics, and other stakeholders the event. The event, which
was focused on the benefits of blockchain, explained how the technology could
influence the society, economy, and lives in general.
As the OECD influences financial operations and blacklists offending countries, governments across the world are incentivised to develop policies ensuring that they are not the subject of economic sanctions and lost business opportunities.
Interested in hearing more in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.
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Credit: Blockchain News