KUALA LUMPUR (Feb 14): Zetrix — a layer-1 public blockchain platform developed by MyEG Services Bhd — has entered into partnership with University of Malaysia (UM) and China Academy of Information and Communications Technology (CAICT) in a collaborative research on the commercialisation of blockchain.
The collaboration follows the selection of a UM-CAICT research paper entitled “Research on Key Issues of China-Malaysia Transborder Blockchain Infrastructure and Pilot Applications” as part of the intergovernmental collaboration between Malaysia and China, Zetrix said in a statement on Tuesday (Feb 14).
The research is proposing a system that can prevent fraud in the supply chain processes using block chain technology for cross border trade, and comprises smart contracts collaboration supported by different parties involved in China-Malaysia trade, as well as the Belt and Road Initiative (BRI) countries.
The system should enable all stakeholders to collaborate in cross-organisational information exchanges, backed by a secure and unalterable audit trail, Zetrix said.
Initiated by the Ministry of Science and Technology of China, Malaysia was one of 14 countries that participated in a government-to-government (G2G) programme that covers four sectors including public health such as vaccine research and development, and Artificial Intelligence (AI).
Other sectors include Information and Communications Technology (ICT) on blockchain and big data, as well as space remote sensing technology.
“This strategic cooperation will further strengthen Malaysia-China trade and investment relations, including through the Regional Comprehensive Economic Partnership (RCEP), which is the main driving force in integrating the regional economy with the use of 4th Industrial Revolution (4IR) technology — Blockchain, Artificial Intelligence (AI), Internet of Things (IOT), as well as cloud computing technology and big data analysis (Big Data),” said Wong Thean Soon, co-founder of Zetrix.
“With that, Malaysia will be one of the leading countries in blockchain development,” he added.
UM research leader for the project, Dr Saaidal Razalli Azzuhri stated that the collaboration will promote the innovation of science and technology through dissemination in peer-reviewed publications, while the synergy of experts across interdisciplinary fields such as computer science, law, economics and the Institute of China Studies will make the project possible.
MyEG’s share price closed two sen or 3.31% higher to 62 sen on Tuesday, which translates to a market capitalisation of RM4.67 billion.