MiGHT, Bloktex to jointly develop Malaysian blockchain industry

KUALA LUMPUR: Malaysian Industry-Government Group for High Technology (MiGHT) and Bloktex Sdn Bhd are working together to develop the country’s blockchain industry.

MiGHT Blockchain Programme director Mastura Ishak said blockchain is a technology that acts as a platform to transfer and transact value in a fast, safe and economical manner.

“Malaysia has started looking at blockchain since last year and although it is a relatively new industry with only a few global players, we believe Malaysia can excel if we focus on a niche segment within the industry.

“We are seeing encouraging response from foreign players who are interested to set up centres of excellence for blockchain here to educate the younger generation,” she told reporters on the sidelines of the Kuala Lumpur Blockchain Conference here on Saturday.

She said blockchain is part of the digital economy and had been identified in the World Economic Forum as the top 10 emerging technologies of 2016.

The two-day conference co-organised by MiGHT and Bloktex, serves as an opportune window to understand the technology, its potential and disadvantages, as well as its projected future.

Bloktex chief financial officer Ahmad Suhairi Samsudin said the company
aims to increase public awareness on blockchain and its applications,
which are more than just financial technology.

"Blockchain provides better security with its decentralised server system.
It will be impossible to hack the system with the server being distributed in
many locations and separated by blocks.

"The government is also very open to this technology. MiGHT has introduced
us to a few government-linked companies which are interested in working with us to make their servers more secure," he added. – Bernama