The financial sector is being urged to embrace blockchain and distributed ledger technology to drive transformation in the $342 billion sector.
Trustees Executors chief executive Ryan Bessemer said the rapid growth and benefits of blockchain and DLT was providing a competitive edge to companies like TE.
“The blockchain and distributed ledger industry is growing rapidly. Gartner estimates that by 2021, 25% of the world’s top 2000 companies will use blockchain as the foundation to underpin fast and highly secure digital transactions.
“The global business value added by blockchain will surpass $176 billion by 2025, and $3.1 trillion by 2030. The reason for this extraordinary growth is simple: blockchain technology is helping businesses accelerate transformational change that will drive down costs and deliver major benefits to customers.
“New Zealand’s financial services sector should not be complacent about the huge transformation blockchain and distributed ledger will deliver to our industry.
Trustees Executors is partnering with GROW Super to create a powerful retirement savings administration platform enabled by distributed ledger technology.
The partnership was a game-changer that would transform New Zealand’s financial services sector.
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