Exporters could see quicker trade with new blockchain system

Rural Exchange 10/11/2018

A new blockchain-based platform could mean quicker paperwork and overall process for exporters around New Zealand.

On Thursday, local technology firm VerifyUnion and ASB Bank announced the new technology is being trialled between a Korean importer and one of NZ’s largest beef companies, Greenlea Butcher.

Greenlea Premier Meats will be the first to migrate to the blockchain platform for their exports over the coming months.

VerifyUnion CEO AJ Smith told RadioLIVE that the blockchain system is, boiled down, a safer data system.

“It’s basically a better way of keeping data,” Mr Smith said.

A trade that could take up to eight days will take just one hour, he explained, due to the  streamlined way the technology transmits data to various parties in the trade.

But the technology will need to be fine-tuned over the next year or so before its released to the wider market, Stuff reports. 

Watch the full interview with AJ Smith above.

Rural Exchange with Hamish McKay, Sarah Perriam and Richard Loe, 5-7am Saturday and Sunday on RadioLIVE with Carter’s Tyre Service. Click here for all the ways to watch and listen.