Blockchain technology incorporates distributed databases with consensus mechanism, peer-to-peer and cryptography technologies to allow for a more transparent and cost-saving platform to record transactions. The technology is being used globally by industry and government, and is largely in testing phase (Proof of concept) and Pilot projects.
MIGHT has been looking at initiatives to introduce the blockchain technology to Malaysian industries. MIGHT initiated blockchain’s awareness session in December 2016, a joint discussion with Andreas Antonopoulus event in February 2017 and the Kuala Lumpur Blockchain Conference in April 2017. It has also held discussions with main industry players in energy and logistics sectors to introduce blockchain technology.
Some of the industry and ministries/agencies that are involved in developing blockchain in Malaysia are Bank Negara Malaysia, Securities Commission Malaysia, Ministry of International Trade and Industry, Cybersecurity Malaysia, MIMOS, ACCESS Malaysia, Standards Malaysia, and MAGIC.
Currently MIGHT is working with the various industry stakeholders and ministries/agencies to develop the Malaysian Blockchain & DLT Outlook 2019 Report with the following objectives:
- Identify and build directory of stakeholders in the country about this technology,
- Improve awareness on the trend of global trends on blockchain technology industry that has an impact on Malaysia in general and industry players in particular and to identify the potential of Malaysia’s involvement through the establishment of industrial networks, incentives, governance and laws that have a positive impact on the country.
Several discussions/workshops are being organized (including Blockchain Technology Workshop on August 10, 2018) by MIGHT in the effort to publish the above report which is expected to be completed by the end of 2018.