BlockchainNZ is an NZ Tech Alliance member with a mission to work with local businesses, overseas partners and the New Zealand Government to educate, advocate, and create opportunities concerning blockchain technology and its implications.
The organisation was initially established in 2016 as the Blockchain Association of New Zealand as a group working together to support the blockchain and cryptocurrency community here. In 2018, they joined the NZ Tech Alliance and worked hard to expand their membership base, influence and network.
The overarching vision for the new BlockchainNZ is to help make New Zealand a global blockchain innovation hub. They aim to support sustainable blockchain ecosystem growth and provide a positive voice for the emerging technology.
NZ Tech Alliance
The NZ Tech Alliance is a collective of non-profit NGOs from New Zealand’s technology sector. Tech Alliance’s purpose is threefold - to help connect, promote and advance our technology ecosystem to boost our country’s economy and to promote tech for good. They regularly hold events and webinars on a host of subjects and unite over 20 tech associations throughout the country.
BlockchainNZ works together with its members and Executive Council to put together submissions to various government agencies providing recommendations and guidance on different aspects of the law relating to crypto and blockchain technology. This gives its members a chance to collectively voice their opinion and help steer the future of New Zealand's regulation in this tech space.
In September 2021, they submitted to the Finance and Expenditure Committee’s inquiry into the current and future nature, impact, and risks of cryptocurrencies. BlockchainNZ submitted to the Reserve Bank of New Zealand in December 2021 on their Future of Money – Central Bank Digital Currency issues paper. Also, in December 2021, a submission was made to the Ministry of Justice for their AML/CFT Act review.
BlockchainNZ Executive Council
The executive council is the governing body overseeing the community’s business, with the primary aim of supporting sustainable blockchain growth in New Zealand.
The council members bring a wide range of skills and experience to the community, including university professors, IT professionals, fintech, cryptocurrency, and blockchain experts.
Members & Partners
Members of BlockchainNZ include companies and organisations working in all aspects of the blockchain ecosystem, from corporates like Air New Zealand, IBM and Microsoft to banks including ANZ, BNZ and Westpac, education providers across the country to various government departments.
Other members include yield farming networks, supply chain traceability systems, VASPs (virtual asset service providers) - including BitPrime, law firms, digital artists and more.
BlockchainNZ also partners with various fintech and blockchain associations.
How Does Blockchain Technology Work?
A blockchain is simply a distributed database that stores data across a network of computers rather than on one central server or machine. Each computer on the network has its own copy of the database, and every time an entry is made, it needs to be approved by all computers before being added to the database.
Once an entry is added, it cannot be changed or tampered with without everyone knowing about it. This makes blockchain technology incredibly useful for storing sensitive data such as personal records or financial information.
It would be tough for hackers to access or manipulate without raising alarm bells with other users on the network who would see what they were doing immediately via their copies of the database.
Use of Blockchain - Different Areas of Focus in New Zealand
With the advent of blockchain, we have the opportunity to ensure New Zealand is set up to lead the world in innovation. Blockchain technology is poised to spread far beyond Bitcoin and cryptocurrency into every sphere of the industry. Whether digital identity, logistics and supply chain management, DAOs, or the public or private sector, chances are high that blockchain technology will be beneficial. Here is a quick overview of some use cases for blockchain that the community is concerned with.
In the digital world, identity theft is a big problem. A single data breach can compromise the identities of millions of people. The growing prevalence of identity theft and fraud has led to a massive increase in the cost of doing business.
Blockchain technology revolutionises digital identity systems by providing secure, tamper-proof data storage and eliminating identity fraud.
The way digital identities are stored on the blockchain is much more secure than traditional databases because they are decentralised and encrypted. By keeping your digital identity on the blockchain, you can only access it with your private key. This means that no one else can access your information except you. If someone tries to access your information without permission, they won’t be able to do it because they don’t have your private key – only you do!
A Virtual Asset Service Provider (VASP) is another name for a cryptocurrency exchange, retailer, broker or similar. A VASP, for example, BitPrime, is a business that offers its customers access to trade in fiat currencies or cryptocurrencies.
Another central area of focus for BlockchainNZ is the regulatory implications of blockchain technology and helping steer the direction of future laws and regulations concerning crypto and blockchain.
How To Get Involved
Throughout the year, both in-person and online events are held on a plethora of blockchain-based topics. They can be a great opportunity to learn more about what is happening in this tech sector across the country and further afield.
Become A Member
Memberships are available for everyone from individuals to start-ups, SMEs to corporates. Annual fees differ depending on your revenue.
Benefits of joining include discounts on training courses and events, promotional opportunities, collaboration with other members and more.
Check out BlockchainNZ’s membership page for full details on fees, how to join and benefits.
The above references an opinion and is for informational purposes only. Do not take this as personalised financial advice or investment advice. The views expressed by the author do not necessarily represent the opinion of BitPrime.
Last updated: 25/01/2022