An advisor at blockchain investment firm MW Partners Group Holdings Pte Ltd in Malaysia revealed the country risks lagging behind in blockchain development as the nation struggles to develop a workforce with the necessary cryptography skills.
Mark Pui, an advisor at MW Partners, warned that a lack of specialized workforce in areas like blockchain is holding the nation back from developing use cases for the decentralized ledger technology, The Malaysian Reserve reported. Pui stated:
“I think the reality is we do not have cryptography skills and that impacts our ability to lead in the development of the blockchain technology. There is still limited adoption of blockchain technology in Malaysia and also the world. But in terms of development, we are lagging behind everyone else because we do not have the skill sets, the deep cryptography skills.”
The adoption of blockchain technology is happening at a slow pace and businesses in Malaysia could reap greater benefits from the technology with the right use cases, he added.
The blockchain community should focus on raising awareness for the technology in order to urge businesses to adopt blockchain, according to Pui.
“I do not think the public needs to know the details behind the protocol development of the technology,” he said. “I am not sure how much of it has to be about public awareness, but maybe business awareness on the potential of the technology is more important than retail awareness.”
Today, blockchain technology is widely recognized in the financial and banking sector, especially in areas such as trade financing and remittance. However, Pui suggests that with more development, blockchain could also transform the way voting is carried out in Malaysia.
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