Malaysia Adopts Blockchain for Three Main Sectors

3 min read

Malaysia a country booming as an economy will help boost the efficiency and transparency in it’s three main industries which are renewable energy, palm oil and Islamic Banking with the help of Blockchain technology.

Malaysia’s MIGHT group which stands for Malaysian Industry Government Group for High Technology will help implement Blockchain in improving the three main sectors.

At present MIGHT is helping by adding renewable energy sellers on the Blockchain so that it is transparent for understanding the flow and how to control the use of it when buyers use the energy.  Blockchain buyers can choose to buy the energy from either the public largescale sellers or private sellers of excess solar power from their solar panels. The overall need of Blockchain for renewable energy is to help make it more efficient.

According to Mastura Ishak who is the program director at MIGHT-

“Blockchain is interesting because it allows small players to have a say about what’s going on.”

As for the most rapidly growing industries which is palm oil, the primary hub of production Malaysia is facing strong criticism in the face of child labour and rainforests being destroyed. These type of actions have led to countries like Iceland completely banning palm oil use for their products. Hence for Malaysia to sustain the palm oil industry and reflect positively in the world, it will use Blockchain for buyers to track the source of supply.

As for Islamic banking which is seen to follow the Islamic law of Shari’ah it becomes difficult to track if it is doing justice to the law. Blockchain will allow for the procedures to follow through a distributed ledger to monitor whether such Shari’ah laws as no interest on a loan are followed.

The overall transparency along with less tampering will be ensured when on a Blockchain.

AWANI Review, a top news source of Malaysia tweeted an article on NEM Blockchain Centre’s council member Stephan Chia’s views on Blockchain in Malaysia. In the article, he speaks about the potential of Blockchain in Malaysia and the way it’s being used for innovation by smaller companies.

 

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