Blockchain Integration Drive is initiated in Malaysia
editor - November 26, 2018

Malaysia is actualization their ambition to use Blockchain in three main industries by creating a task force to promote this technology’s uses.

According to Asian Correspondent, three main industries that Malasia wants to integrate Blockchain technology are Islamic finance, renewable energy, and agriculture. A task force called Malaysian Industry-Government Group For High Technology (MIGHT) – has been created to actualization this initiative.

Islamic Finance

Similar to the neighbor Indonesia, Malaysia with a population about 32 million has Islam as its major religion. However, the Islamic finance accounts just 28 percent of the Malaysian financial sector. The Government wants this share to enlarge over the next few years.

Islam has some specializing rules and one of them is characterized for Islamic finance-the forbidding of usury. Which means money couldn’t be incurred by interest on a loan like it always. Sharia law considers a system That borrowers have to bear the burden of risk to be exploitative and wasteful in but it’s not until now. Besides, there are some other reasons to make many people wonder if cryptocurrency could be compatible with the traditional code

But what if Bitcoin isn’t used for investment purposes? The answer is yes. A Muslim law expert published his report in April 2018 to prove that Bitcoin is halal as long as it is used as a payment system (or other utility). That reasoning came from the Islamic law state that money must base on a real commodity. In fact, mufti Muhammad Abu Bakar found that blockchain technology with its power to prove ownership undeniably can definitely be more acceptable than traditional banking.

Agriculture

Accounting for 8.1 percent of Malaysia’s GDP, Agriculture is famous for Palm oil, which takes 43.1 percent of total agriculture and also is the country’s biggest export. However, the industry is accused of damaging the environment and abusing human rights.The appear of Blockchain technology will solve these problems when it can certify production lines, ensure accountability.

Renewable Energy

Blockchain technology is a solution for people who want to sell their spare solar power, like in Australia, forcing suppliers to diversify their source of energy. Which again requires more accountability. This idea is so creative but not the first time Blockchain is used to help the environment; In May 2018, A Token called “Verde” was released by IBM to represent carbon credits .
Mastura Ishak, Programme Director of MIGHT told to govinsider.asia his opinion that Blockchain technology would give small players the right to have a say about what’s going on.
A positive future is waiting for blockchain technology in Malaysia started by a 10,000-square-foot Bitcoin center opened in Kuala Lumpur in June 2017 by the NEM foundation.

 

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Facebook: https://www.facebook.com/asiablockchainreview/

Twitter: @abr_blockchain

Related Article

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us