A new report suggests that New Zealand’s third-largest export sector and high-tech workforce could benefit significantly from blockchain technologies.

Economic benefits

The report titled Distributed Ledgers and Blockchains: Opportunities for Aotearoa New Zealand was published by Callaghan Innovation, a state agency dedicated to innovation and research and development of “ambitious businesses of all sizes”.

In it, the agency has thoroughly examined blockchain technologies and concluded that the nation’s IT sector, which presently rakes in NZD 16 billion a year with a workforce of almost 100,000, could grow to become the “second biggest contributor to gross domestic product by 2025” should blockchain be adopted sooner than later.

Examining the present state of the nascent sector, the report reflects on the USD 20 billion raised through initial coin offerings (ICOs) since 2017, which it views as a massive opportunity for “startups, researchers and established businesses”. However, for New Zealand, companies who utilize crypto-tokens through either ICOs or operating cryptocurrency exchanges have struggled due to banking restrictions, as per the report, “urgent action is required to unblock access to basic financial services”.

It is not a biased report; it acknowledges the numerous challenges within the nascent sector, namely “new consensus mechanisms to address scalability and energy efficiency, stable coins to address volatility, or data analytics to detect and prevent criminals from laundering money on public blockchains”. That said, the report goes on to identify how this landscape is changing in order to overcome these hurdles. It does so by highlighting several projects that are underway to address these problems.

Workforce matters

According to a blog post from Callaghan Innovation, the report’s research was partially funded by the Ministry of Business Innovation and Employment (MBIE) and was produced to promote the technology amongst domestic entrepreneurs and innovators.

Offering his thoughts on the report, Andy Higgs, General Manager of Strategic Partnerships at Centrality said: “Blockchain presents a huge opportunity, with over USD 11 billion raised through initial coin offerings (ICOs) in the first half of 2018. New Zealand has a chance to lead the way, thanks to our sense of fairness and social inclusiveness, to ensure all New Zealanders benefit from the full potential of blockchain and decentralization.”

With the inherently international nature of the blockchain industry, the study says that a blockchain company doesn’t have to be based in New Zealand to be able to provide work for New Zealanders. From this, it suggests that instead, it matters more where the “key personnel” are located within a distributed workforce, and should drive New Zealand to foster a world-leading workforce.

This post is credited to bitcoinnews

Cryptocurrency data and research company Messari is launching a disclosures registry for basic cryptoasset information, according to a press release published Nov. 27.

Messari is a New York-based startup, which provides insights, markets data, and research tools in the crypto industry for investors, regulators, and the general public. In March, Messari secured between $1–$5 million in early-stage funding to launch its disclosure database, according to Forbes.

Per the recent Messari announcement, the company has launched the open-source disclosures registry, that aims to become “a single source” for basic cryptoasset information. Twelve initial partners have also joined the project, including such industry players as secure identity ecosystem firm Civic and blockchain protocol Aion.

While forming the database, Messari will purportedly collect basic information voluntarily disclosed by the participating parties about their token design, supply details, technical issues, as well as investors and advisors. The profiles will reportedly be free of access within the industry. The release further explains:

“With the launch of the Messari registry, token projects will finally have a common platform that helps them better communicate material updates with both their existing communities and external stakeholders…”

Ryan Selkis, the CEO of Messari, stated that transparency is critical for the development of the crypto economy. He noted that participating projects “share our vision that the information they provide should remain freely accessible to all market participants, rather than locked behind the paywall of any single data provider.”

Other organizations in the cryptocurrency space have also formed self-regulatory and development bodies. In April, sixteen Japanese licensed exchange operators took steps to launch the Japanese Cryptocurrency Exchange Association (JCEA). Plans began surfacing in February from two industry entities whose members now make up the JCEA — the Japan Blockchain Association (JBA) and Japan Cryptocurrency Business Association (JCBA).

A study by international law firm Foley & Lardner LLP published in June revealed that 86 percent of cryptocurrency firms’ executives and investors want the industry to self-regulate. A total of 89 percent of respondents saw the need for “formalized” self-regulation, with a slightly lower majority considering that these formalized standards should have regulatory oversight from authorities.

This post is credit to cointelegraph