Welcome to the new decade; let’s see what Blockchain has in store and how it will continue to evolve and grow. We are kicking the year off with our first two events, in partnership with FinTechNZ What place does this new technology have in modern financial services? If you are planning to attend please register now. Auckland on the 26 February is shaping up to be very popular but Wellington on the 27 February is lagging a little, we’ll only go ahead if there’s sufficient interest. Attendance is free for all BlockchainNZ and FinTechNZ members and it is a great way to kick off discussions, potential collaborations and discover new opportunities.
BlockChain in the FinTech space
Blockchain technology ledgers have innovative benefits over traditional approaches which facilitate bilateral settlement by eliminating intermediaries failures, delays, collateral costs, minimize credit risks, faster implementation of transactions and enhanced transparency in operations which is something the financial services sector needs more of.
One area the banks have faced issues is around recoverability of loans. Using blockchain technology can be used to track all the transactions right from the disbursal to its end use will be recorded in a block. Generating the blocks of every transaction will help the banks in tracing the diversion of the loaned funds.
Another area blockchain technology can be beneficial is in facilitating payment systems which will decrease the operational costs, reduce human errors and fraud. It could also lower the number of intermediaries in the payment processing which will help lower the costs to process payments between banks and clients.
We have seen ASB Bank partner with VerifyUnion in launching the country’s first bank blockchain “Trade Window” Using blockchain allows for all the documents to be uploaded, shared and updated which saves time for everyone involved in the Supply Chain. Using this technology when exporting to different countries will ensure the integrity of the data and will help to remove any weak spots.
There has also been debate around whether blockchain has a ‘place in Insurance related services’ we believe the definitive answer is ‘yes’. Insurance service providers rely on blockchain to fast track claims payout amid coronavirus outbreak, a major Chinese Health provider Xiang Hu Bao, an online mutual aid platform owned by Ant Financial offers a collective claims-sharing mechanism built on blockchain technology that offers basic health plans to its 104 million participants. It uses its blockchain network to speed up settlements and reduce fraud, and is available on Alipay.
Participate in Deloitte’s 2020 Global Blockchain Survey
The 2019 blockchain survey polled nearly 1,400 executives in a dozen countries. Among the findings, 83% of executives felt there is a compelling business case for blockchain and 86% of respondents felt blockchain will eventually achieve mainstream adoption. The survey closes on 28 February click here to take part. This year will build on the 2019 analysis and dig deeper into key issues such as the use of digital assets, the obstacles in joining consortia, and the regulatory landscape, among other hot topics.
We look forward to seeing you at events throughout the year and continuing to grow BlockchainNZ in 2020.
Nga mihi nui,
The team at BlockchainNZ
NEWS AND EVENTS
What are the most in demand hard and soft skills in 2020? Would it surprise you to see blockchain was ranked number one?
Check out the main Blockchain players in this year’s Fintech 50 list, “With the price of bitcoin more than doubling from $3,400 to $10,000 since last year’s Fintech 50 list, it’s perhaps no surprise to see some of the largest, and most innovative cryptocurrency companies still holding onto their place on the annual list of startups blazing new trails in financial technology.”
How has Blockchain impacted the trading market? One aspect that has surprised many is the very significant part being played by blockchain technology. The system by which all payments and purchases using cryptocurrencies are made has also proved itself to be tremendously useful in the forex trading arena for many of the same reasons that it’s used for cryptocurrencies.
Cryptopia could have been one of New Zealand’s most successful hi-tech start-ups. Its end was caused by one of New Zealand’s biggest heists worth $24 million.
UN sanctions experts warn: stay away from North Korea cryptocurrency conference this month. In April last year, North Korea held its first blockchain and cryptocurrency conference and an organiser told Reuters more than 80 organisations took part. An American who attended has been charged with violating US sanctions.
Attend the Crypto Community meetup 5 March, Auckland. Viktoriya Pashorina-Nichols one of the BlockchainNZ establishment board members will be attending who is very happy to connect and socialise about all things crypto, as well as blockchain generally. It is an informal gathering with drinks to meet like minded enthusiasts.
Enter the 2020 NZ Hi-Tech Awards, check out the categories here. Entries close 5pm, 2 March 2020.
Submit your event to Techweek2020 TW20 runs 18-24 May and this year’s theme is connecting our future. Techweek is a nationwide series of events, showcasing and celebrating our tech innovation.
NZ tech companies are forecast to rapidly expand in 2020. Technology is New Zealand’s third biggest and fastest growing sector and traditional institutions and enterprise businesses will benefit from partnering with such tech companies who bring fresh thinking and approaches to the table.
See what Festival or the Future has to offer, taking place 24-26 July in Wellington, registration is open now.
Danone on its blockchain ‘first’: ‘Every individual baby formula pack can be traced back’ For the first time, dairy giant Danone is applying blockchain, serialisation, and aggregation to its infant formula packs, senior VP of operations David Boulanger tells FoodNavigator.