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Blockchain technology is best known for underpinning cryptoassets, such as bitcoin, but the technology can also be used to improve transparency within businesses.
A blockchain is essentially a digital record of data that is not controlled or managed by a central authority. This record is visible to anyone in the world to view and update, depending on what permissions they have.
BlockchainNZ chair Bryan Ventura said the technology could be used by export businesses to track and authenticate a product as it moves through a supply chain. There s a lot of counterfeit products right now, a lot of Louis Vuitton bags for example, there s fake mānuka honey in the market, and using blockchain technology has the potential to prove that mānuka honey made in New Zealand, is mānuka honey sold in an overseas market.