KUALA LUMPUR (July 21): The Malaysian government has launched the Malaysian Blockchain Infrastructure (MBI) to address key challenges that have hindered the adoption of the blockchain technology locally, said Minister of Science, Technology and Innovation Chang Lih Kang.
The MBI is expected to be fully operational and accessible by everyone by the end of this year.
Chang said key challenges the local blockchain industry is facing include fragmentation and the lack of interoperability, which translates into high costs of using blockchain technology.
Interoperability refers to the ability of different blockchain systems to work together by exchanging information seamlessly.
The MBI aims to enable interoperability across blockchain networks, reduce transaction costs as well as improve trust, transparency and security.
During his keynote address at the Malaysian Blockchain Week, where he officially launched the MBI, Chang added that the MBI will provide open access to start-ups, businesses and communities.
The MBI is a national platform designed to empower governments, businesses and the public to strengthen the country’s digital economy. This includes seamlessly connected public services, transparently verified halal products, and safeguarded procurement processes.
It is also a partnership between MIMOS Bhd, the national applied research and development centre under the Ministry of Science, Technology and Innovation (Mosti), and the Malaysian e-government solutions provider MyEG Services Bhd.
MyEG’s Zetrix blockchain will serve as the main infrastructure for the MBI, facilitating blockchain-based identifiers, verifiable credentials, and other Web3 building blocks, the Edge reported in April.
The implementation of the MBI aligns with the National Blockchain Roadmap 2021-2025, formulated by Mosti, which aims to establish Malaysia as a regional digital hub in blockchain technology.
“With the MBI, Malaysia positions itself at the forefront of digital trust infrastructure. One that supports not just innovation, but real-world impact across industries and communities.
"I believe that the MBI will have a profound impact on Malaysia’s economy by creating a trusted inoperable digital backbone that enhances transparency, efficiency and security across industries,” said Chang.
“This cost-saving potential is one of the most immediate and compelling reasons for the nation to adopt blockchain technology at scale. Imagine a future where public services are seamlessly connected, where halal products are transparently verified from farm to port and where procurement processes are safeguarded from leakage and all on a blockchain layer powered by the MBI.
“This is not a dream, this is a future within our reach," he said.
Chang urged all stakeholders such as industry players, researchers, tech entrepreneurs and government agencies to leverage the MBI as a national innovation platform.
On its part, Mosti, alongside the Digital Ministry, is committed to formulating policies and initiatives to ensure the adoption of blockchain technology across key sectors such as government administration, finance and banking, the halal industry and trade and supply chain.
Source: https://theedgemalaysia.com/node/763433