According to a recent report, a Malaysian tech company has signed two memoranda of understanding (MoUs); one with a Developer of Integrated Projects based in Johor Bahru, and another with a custom footwear company for the development of blockchain technology.
Under the terms of MoUs, the tech company will use blockchain technology, Internet of Things and artificial intelligence to develop solutions for the two firms it is partnering with to record consumer payment behaviour and transactions for big data collection to analyse their spending pattern.
It was noted in a statement that the solutions that the tech firm will be providing will enable the other two companies to provide a comfortable and unique experience to their customers, which, in turn, will help in their future expansion and development.
The tech firm is a leading integrated information technology (IT) solutions and software services provider in Malaysia.
The firm’s Founder and Managing Director noted, during the signing ceremony in Malaysia, that blockchain technology has become more prominent and popular. The rapid development of blockchain technology and its irreplaceable decentralisation and transparency feature led to many industries implementing blockchain.
He added that, therefore, these days, many corporations are willing to invest in blockchain technology. However, they often do not find the right partner to develop this technology for them.
The Executive Chairman of the bespoke shoe store in Malaysia noted that he trusts the tech company to develop a blockchain technology that will help its business.
At the same event, the tech firm also announced its cooperation with a finance company. It was noted that with the cooperation of the tech firm through the share exchange offer of the finance company, both can integrate resources to achieve mutual benefits and enhance competitiveness.
The Business Development Director at the tech firm noted, at a press briefing, that blockchain technology is something society can not do without in today’s age, adding that it is a major focus for the tech firm, which will be the biggest contributor to the finance company’s success.
Moreover, it was noted that the tech firm has a unique blockchain platform that comes in handy when developing solutions for clients in different industries.
It is important to note that the application of blockchain is growing in the region.
OpenGov Asia published an earlier report on how Malaysia is using blockchain in various industries.
From renewable energy to the palm oil industry, to Islamic finance, the nation is finding innovative ways to employ blockchain.
The government hopes that blockchain will not only help boost the country’s economy but also increase transparency and sustainability in the aforementioned sectors.
Blockchain is interesting because it allows small players to have a say about what’s going on, according to the program director at MIGHT, the report noted.
As mentioned earlier, all these moves will enable the government to manifest a few of the objectives mentioned in Malaysia’s Smart City Initiatives, namely, to establish policies, strategies and action plans (like the implementation of blockchain technology in the major industries of Malaysia) based on urban categories with reference to the national urbanization policy.
It is clear that both the government and industry players are planning to harness the power of blockchain in 2019; what remains be seen is how well these plans are executed.