Malaysia Will Have Its Own National Blockchain System

Observers

Oct 17, 2022 - 1 min read

MYEG's Zetrix Blockchain announced that they will develop and operate the national layer 1 public blockchain as a part of the Malaysia Blockchain Infrastructure.

Two companies, MYEG, a concessionaire for the Malaysia Electronic-Government ("E-Government") MSC Flagship Application, and MIMOS Technology Solutions, focused on generating technology solutions that enable the Government to deliver better services, will team up to develop a crucial project. They signed a Memorandum of Understanding, agreeing to jointly work towards building the national blockchain system using Zetrix and MIMOS technologies.

"This collaboration will accelerate the development, deployment and take-up of blockchain related applications and services in both the public and private sectors. As a trading nation, Malaysia, and Malaysian companies, can greatly benefit from use of blockchain applications and services." - Faisal Ahmad, CEO of MIMOS Technology Solutions Sda. Bhd.

The deal was witnessed at the highest level, with Prime Minister, Science, Technology and Innovation Minister, and Economic Planning Unit Minister approving the Memorandum.

This step fits perfectly into the National Blockchain Roadmap, which was launched in August by Malaysia's Ministry of Science, Technology and Innovation. In addition, realms like artificial intelligence (AI) and robotics also got their roadmaps in order to reduce dependence on foreign technology for the Malaysian government and companies.

"We are honoured to be able to contribute to Malaysia's national blockchain roadmap and firmly believe that the blockchain enablement of trade will unlock greater opportunities and use cases to establish this as a true technological revolution, departing away from speculative tokenomics. The next generation of the economy is digital and the distributed ledger will be the ubiquitous single source of truth for all commerce." - Mr. Wong Thean Soon, Group Managing Director of MYEG.

As of now, different decentralized applications are hosted within Zetrix. The press release explains that Zetrix's Layer-1 infrastructure "hosts applications, protocols and networks deployed on top of its proprietary smart contracts and environmentally responsible Proof-of-Stake (PoS) consensus mechanism.”

Thus, Malaysia, along with China, is joining a group of pioneer countries that intend to launch a national blockchain infrastructure.