According to a recent report, a Malaysian insurtech start-up announced that they have completed the first build of their Malaysian Vehicle Blockchain. The company is now working to onboard auto manufacturer pilot partners. They are currently open to seed investment.
Headquartered in Kuala Lumpur, Malaysia, the firm is the nation’s most exciting new insurtech start-up that specialises in blockchain, telematics and machine learning technologies.
Improving trust and speed in the vehicle industry
The data in the Malaysian Vehicle Blockchain will create a trusted set of records for every status change of a vehicle that will result in faster and more trustworthy transactions between manufacturers, sales showrooms, banks, insurers and second-hand car buyers.
Some of the benefits that blockchain members will experience are faster onboarding, paper-less, more accurate and complete information which will result in enhanced customer experience for Malaysians.
Examples of data that will be secured on the Malaysian Vehicle Blockchain will be:
- Vehicle details (Brand, Model, Year Manufactured)
- Servicing history
- Accident history
The Malaysian Vehicle Blockchain is the first of its kind in the world.
The CEO of the firm noted that the company’s aim is to revolutionise and build trust in the Malaysian vehicle ecosystem. The blockchain focuses on establishing a secure and trusted set of vehicle information platform that will help all blockchain members save millions in improved data transaction efficiencies and deliver superior customer experience.
Partnering with the world’s top enterprise blockchain company
The firm will be partnering with one of the world’s leading blockchain companies to deliver the Malaysian Vehicle Blockchain using their Corda blockchain platform.
The CTO of the insuretech company noted that the adoption of the blockchain firm’s Corda technology is a crucial as it provides not only the foundations for the firm’s success like compliance, security, scalability and technological roadmap that the team found lacking when compared with other potential options in the market.
Pushing Malaysia’s IR 4.0 Policy objectives
National Policy on Industry 4.0 notes that in Malaysia, there is a clarion call for the manufacturing sector to shift to higher value-added process, digitisation, advanced manufacturing technologies and efficient resource utilisation to drive competitiveness going forward.
At the heart of Industry 4.0 is a set of rapidly evolving and converging technologies. These are pushing the boundaries of what can be manufactured through additive manufacturing and advanced materials. These technologies are enabling richer insights through big data analytics. They are blurring the lines between physical and digital realms through rich simulations and augmented reality. They are enhancing human capacity through artificial intelligence and autonomous robots.
The world is also seeing a shift in the way information technology is being used through cloud computing, system integration and the Internet of Things (IoT).
While many of these technologies have been around or under development for several years, the interaction and resulting convergence of these technologies is creating an unprecedented pace and breadth of impact.
Thus, the Malaysian Vehicle Blockchain platform is evidence of a change in corporate culture and the promising headway the region is making in manifesting its goals for a more digital economy.