Malaysia is building its national blockchain – the Malaysian Blockchain Infrastructure – in association with MIMOS Technology Solutions, and Zetrix, a base layer blockchain developed by MYEG. The MoU for the proposed infrastructure was signed on October 6, 2022. MBI will be used for brining Web3 solutions and services from private as well as government sectors.
As a trading economy, Malaysia is looking at blockchain and distributed ledgers as a single source of truth that will integrate its commerce, and the Web3 apps will open up new facilities and opportunities in terms of technology. Zetrix, launched in April 2022, is an extension of China’s national blockchain known as Xinghuo BIF. It is also a base layer blockchain like Ethereum. The nodes and network in Malaysia will thus connect with China’s blockchain network. The major regional players like Malaysia, Korea and China are upgrading their digital technologies into the blockchain age.
MIMOS, which signed the MoU, is part of the Malaysian government’s Ministry of science and technology, and runs six national facilities. Zetrix is operated by My EG Services or MYEG, a digital service provider of the country. The national blockchain will thus be developed as a public-private partnership by these two organizations.
The partnership was sealed in the presence of Malaysian prime minister, Datuk Seri Ismail Sabri Yaakob, and other ministers. According to MIMOS, both the country and its private sector will benefit from the proposed infrastructure.
Zetrix will be the external or global super-node of China’s Xinghuo blockchain, connecting its trading activities to global parties. Users on the network will be able to do identity verification only once, and avoid repeated verifications later. The other benefits will be development of Dapps and NFT marketplaces and staking platforms that are already on Zetrix. The supply chain service is called Zetrix TradeFi. The TradeFi services is intended to help make the supply chain more efficient in this region as they were earlier hit by Covid.
MYEG provides e-governance services, having begun in 2000 in Malaysia, and is also present in Indonesia and the Philippines. It has developed Zetrix as a cross-chain infrastructure for global trade where identities and credentials can be stored.
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