Cyberjaya, 17 Oct: The Malaysian Global Innovation & Creativity Centre (MaGIC) organized an event to discuss the advancement of blockchain technology in the digitalisation of industries.
Among the subject matter experts attended the event were Cris D. Tran, the Regional Head cum Managing Director of Infinity Blockchain Ventures (IBV), and Nguyen Duc Phuong Nam (Steve), the Managing Director of WowTrace.
IBV is a solution providing organization for blockchain-related matters, which comprises over 300 blockchain experts with multiple offices around South East Asia (SEA). One of their projects is WowTrace, a blockchain-based traceability solution that helps businesses manage supply-chains with instant, transparent, and immutable data.
Cris addressed a few drawbacks of the current applications and systems, such as lack of traceability, inability to maintain security and system integration being complicated, expensive and time-consuming.
Apart from that, Cris also stated the use of blockchain technology in fields like education, healthcare, digital identity, voting, loans, charity and insurance. He emphasized the importance of identity no matter who or what it is and one of the examples he gave was on Zakat.
Talking about Zakat, Cris stated that the amount paid would be easily trackable from the payer to the receiver if it is put on a blockchain network. In this way, the payer will not need to worry about how the amount paid is being used.
Steve from WowTrace added on agreeing to the significance of traceability where it is vital to track and trace the whole supply chain process. Giving their case study of Cat Chu mangoes as an example of their QR code managed product.
Next part of the agenda was a panel discussion among Cris, Steve, Dzof Azmi, a contributing editor for Digital News Asia, and Harpreet Maan, the CEO & Co-Founder of Blocklime. The panel engagingly talked through the blockchain industry’s challenges, upcoming possibilities in technology development, and industries to focus on in terms of blockchain.
When the moderator, Harith Kamarul, who is the Lead of Data Analytics team at HelloGold asked the panellists on regulations in the country pertaining blockchain technology, Cris mentioned that Malaysia is still reasonable in this matter.
According to Cris, he is sure that Malaysia is slowly accepting the technology referring to the recent Budget 2020 proposal that incorporated a huge sum being allocated for the evolution of blockchain technology in Malaysia.
Adding to that, Harpreet expressed that, Malaysia may not be an inventor, but it is definitely an early adapter, from computers, information technology to now, blockchain. Nevertheless, Harpreet feels that there are insufficient talents relating to this technology.
He said, Malaysia need to come up with a plan, for instance, a vision for blockchain achievement in ten years time, which industries will be the potential market and an action plan, in order to become a blockchain leader as a whole.
Answering to Harith’s question on which industry should be of focus for students when it comes to blockchain technology, Dzof shared that everybody needs to have the knowledge about blockchain. As an example, he mentioned that even lawmakers should know because it is impossible to come up with a policy without understanding the technology.
As a conclusion, all the panellists agreed that it is more important for an individual to identify their field of interest and encompass the blockchain element into it. The core point is not the technology, but how innovative we can get with it and make full use of it.
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