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Malaysia is turning to blockchain to boost its three largest industries

26 10 8

MALAYSIA is looking to use blockchain in three of the country’s largest industries: Renewable energy, palm oil industry, and Islamic finance.

The initiative will be led by the Malaysian Industry-Government Group for High Technology, known as MIGHT.

The government hopes that blockchain will not only help boost the country’s economy but also increase transparency and sustainability in the aforementioned sectors.

“Blockchain is interesting because it allows small players to have a say about what’s going on,” Mastura Ishak, program director at MIGHT told GovInsider.

Renewable energy and utilities

In Malaysia, Tenaga Nasional Berhad (TNB) currently serves as the country’s sole utility provider.

By putting energy on the blockchain, it would spur competition and encourage faster adoption of renewable energy.........

© Asian Correspondent