Blockchain Technology

Earnings from New Zealand’s third-biggest export sector, information technology, could be boosted significantly by distributed ledger technology.

According to a report released by New Zealand’s innovation agency, Callaghan Innovation, there is ample room for growth in the sector if the country embraces blockchain technology. Currently, the IT sector in New Zealand generates NZ$16 billion annually and employs nearly 100,000 people.

“Technology is now New Zealand’s third-biggest export sector, bringing in more than $16 billion a year in overall revenue, with plenty more headroom for further growth. Technological innovation is the path to lifting our earnings and productivity,”

a Callaghan Innovation executive, Erica Lloyd, said.

Besides IT exports the report titled ‘Distributed Ledgers and Blockchains – Opportunities for New Zealand’ also cites other ways in which the Pacific country stands to benefit. This includes the injection of high-paying tech jobs into the economy.

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