As cryptocurrencies move closer to mainstream adoption, a number of governments are developing policies and programs to support and develop the crypto industries in their countries. Blockchain technology based projects are being launched on several fronts and this is directing the technology and cryptocurrencies towards widespread adoption.
New Zealand is one of the countries that have shown a positive attitude towards blockchain technology. Retail giant, Nestle has announced that it will start making use of blockchain technology to manage its supply chain and food tracking operations in New Zealand. The project announced by Nestle is being executed in collaboration with OpenSC, an open source blockchain platform. Through this new blockchain system, customers will be able to keep track of information pertaining to the source and sustainability of the products which they purchase from Nestle.
The blockchain project is about to enter its trial phase which will be focused on tracking milk from Zealand dairy farms and its journey to Nestle’s factories in the Middle East. Through blockchain technology, the information will be stored on a digital ledger which cannot be manipulated as is the case with all blockchain ledgers. The information about the supply chain and everything which happens on it will be available to anyone who has an internet connection and anyone can verify the details of the process.
If the trial version is successful, Nestle plans to add more products to the system. The addition of products will coincide with scalability tests to see if all of the company’s products can be added to the blockchain. The scalability tests will also provide insights as to whether the blockchain system can handle and manage the entire catalog given that the company has quite a number of products.
Although Nestle is taking this step into the blockchain industry through its New Zealand operations, it is not the first blockchain project that the retail giant has engaged in. In 2017, Nestle joined IBM’s Food Trust project. This project is aimed at reducing outbreaks of food contamination based diseases. It is one of many blockchain based projects that are being run by IBM.
New Zealand And cryptocurrency
The crypto industry in New Zealand is thriving and the government, through its regulatory bodies, has made efforts to create a fertile breeding ground for the crypto industry. The country is home to some of the best crypto exchanges and the local exchanges such as Bitprime are gaining customers on a daily basis as more people take up crypto trading.
The gaming and gambling industry in the country has also made use of cryptocurrency and people in the country are making use of online gambling slots which use digital assets. These applications allow and encourage people to buy cryptocurrencies.
In comparison to citizens of other countries, New Zealanders have higher engagement with cryptocurrencies. The high levels of economic freedom in the country may be a contributing factor to the way digital assets have been received in the country. With companies as big as Nestle also making moves to join the blockchain industry in the country, it is safe to say that New Zealand may be one of the countries leading the crypto revolution.