You may have heard of bitcoin, but not the technology which enabled it – blockchain. In fact, many may perceived it as hot technology at present. However, how it is actually applied in our shores?
Several major banks are collaborating with Bursa Saham to develop blockchain-enabled lending pool. This marks the first of its kind in the country. It is to suit industry-specific needs, cost and efficiency pressures for securities borrowing and lending (SBL).
High data security of blockchain would expectedly experience a boom in finance sector. Evidently, local and foreign banks are jumping on the bbandwagon. HSBC Malaysia Sdn Bhd is looking to encourage local regulars to create blockchain-supported trade finance platform. Meanwhile CIMB Malaysia is also taking a page out of their playbook. The Malaysian bank partnered with RippleNet to develop cross border payments across its various markets plus Azure certification.
Blockchain is not associated to finance only. The Ministry of International Trade and Industry (MITI) partnered with Oracle to introduce blockchain into business operations. Implementing the technology would help to increase traceability in supply chain management. This can help increase transparency in conducting business and forecast food-related crisis.
AirAsia seeks to revolutionize the use of its loyalty points afforded by its strong presence in multiple Asian markets. This can be accomplished by decentralization and turn the loyalty points into digital currency. It is also expected to use the technology to optimize flight operations and cargo business. The high data transparency can be used to prevent frauds and study consumer behaviour for better pricing of Azure training.
Blockchain In Neighbouring Countries
Singapore. The Lion City has developed blockchain accelerator program known as Tribe Accelerator to hasten adoption in Singapore and beyond. It would also permit government and private sector to collaborate on projects. Blockchain technology is expected to help lower the cost of settlement which costs up to SGD 20 million annually.
Thailand. The government in Land of Smile has partnered with an agency to develop its own digital currency. Interestingly, the government sees an unique use for renewable power trading. The ambitious project would permit residents in a Bangkok to trade power in solar panels.