The Malaysian government has embarked on a measure to see its top industries adopt blockchain technology for better productivity. This is aimed at better efficiency for the industries, by annexing the top-notch features of the blockchain technology.
Malaysia Top Three Industries Blockchain Adoption
The Malaysian Industry-Government Group for High Technology (MIGHT) task force has tasked the renewable energy, palm oil, and Islamic finance sectors to adopt blockchain technology. This is aimed at the promotion of economic growth alongside transparency, efficiency, and sustainability.
The MIGHT has been holding discussions with the companies in the country’s energy sector to see to the introduction of blockchain technology into the industry. This is to aid the growth of the sector as well as the economy.
Blockchain technology will be providing transparency in the sector, showing how energy is generated, indicating the source. This will give consumers the power of choice in purchasing green energy.
MIGHT is also aiding the cause of blockchain technology adoption for Malaysia palm oil sector, one of the main stable source of revenue for the Malaysian government. The lack of proper labor ethical practice has placed the industry in contention in the country. Report on child labor has become prominent in the industry.
The blockchain tech will be introduced into the palm oil sector in the country to reveal the credibility of the production line as approved by the government to the buyers all over the world. A government infrastructure for monitoring the production line with blockchain will be set up in the country.
Further, MIGHT will also oversee the adoption of the blockchain technology by the Islamic banking sector. The sector accounted for 28% of the Malaysia financial sector in 2016 and is expected to increase to 40% by 2020. To aid the better efficiency of the sector blockchain will be used to offset the high costs of the strict ethical regulations that Sharia laws require from financial and banking services.
Recent Blockchain Adoption By Firms
Similar to MIGHT’s plan for the palm oil industry in the country, the Australian government has also adopted blockchain to aid transparency and monitoring of sugar cane in the country.
Recently, Walmart, the giant retail firm has adopted blockchain technology for monitoring the sources of its green leaf produce from the farm to the table of consumers.