PETALING JAYA: MyEG Services Bhd via Zetrix Sdn Bhd is set to roll out a cross-border trade facilitation blockchain services with China in the third quarter of this year, backed by a fully deployed International Supernode and rigorous testing of native applications.
Zetrix senior adviser Datuk Fadzli Shah said it is confident in realising the use case, pending considerations of data privacy laws and non-blockchain related factors, emphasising their commitment to working closely with authorities to ensure a secure and scalable implementation of the technology.
“We have completed the International Supernode two weeks ago. So we’re fully deployed. Currently, we’re in a phase where we are running all the native Chinese applications on the International Supernode to make sure it’s stable. Then apart from that, is the integration with customs on both sides. So we’re confident that in the third quarter of this year, we will be able to realise the use case,” he said at a media briefing today.
However, the decision to proceed with a full production version allowing wide-scale company exports or maintaining it as a pilot will be made later, taking into account non-blockchain considerations such as data privacy and related laws.
“But we are working closely with the authorities to address these aspects and determine the optimal approach,” he said.
Primarily catering to B2B customers, the blockchain project, which has been operational since May 2021, currently has 374,255 accounts.
“We are trying to deploy and publicise our B2B solutions, which are in initial stages at the moment, so we’ll have a more accurate idea of how many users we have on those platforms too later,” he added.
However, determining the exact number of users is challenging as users have the option to create multiple accounts.
Fadzli also said that it is 1000s times more energy efficient than the Bitcoin network, meaning that the gas pay or the fee is also 1000s times cheaper than on Bitcoin or Ether network.
“It’s actually difficult for me to give an estimate, but relative to the transaction size, which is the size of information that goes through into the blockchain, it (the fee) is very small.”
Going forward, Fadzli said that where it sees a lot of the growth will be on the business to business adoption cases, concentrated on the trade supply routes.
“It makes a lot of sense for us that we’ve you know, because I think if you look at it, China deciding that they are national blockchain remains only on shore. But at the same time, China being the major mover in the Belt Road Initiative, essentially makes it the biggest trading partner for the majority of countries in the world, Malaysia being one of those countries.
“So we see a unique opportunity where we as a non Chinese party, effectively connect the different countries to each other to China and later to each other,” he said.
According to its Linkedin account, Zetrix is the international extension of China’s national blockchain network, Xinghuo Blockchain Infrastructure and Facility. MYEG will work together with CAICT to establish Xinghuo BIF and construct backbone and supernodes around the world.
The International Supernode in the blockchain infrastructure serves as a key point of connection and data transmission between different countries and their respective blockchain networks. Essentially, it acts as a bridge, enabling secure communication and information sharing across borders.
