KUALA LUMPUR: MY E.G. Services Bhd today signed a memorandum of understanding (MoU) with the Institute of Industrial Internet & IoT, China Academy of Information and Communications Technology (CAICT) of China on blockchain technology.
In a statement today, the company said the MoU is for the international extension of China's national blockchain network, Xinghuo Blockchain Infrastructure and Facility (Xinghuo BIF), by introducing backbone and supernodes outside China to be known as Zetrix.
MyEG will work together with CAICT to establish Zetrix and construct backbone and supernodes worldwide.
"Zetrix will also enable a gateway for public blockchains to integrate into Zetrix and Xinghuo BIF's permissioned blockchain environments, making the network compatible for smart contract developers and enterprises.
"The strong collaboration between MyEG and CAICT will allow global enterprises an accelerated opportunity for direct entry into Xinghuo BIF, allowing them to leverage China's new digital and blockchain infrastructure," it said.
Science, Technology and Innovation Minister Datuk Seri Dr Adham Baba said the collaboration would promote technology innovation, create high-value jobs, and increase cross-border commerce.
"The adoption of blockchain in Malaysia is a new frontier in line with the Twelfth (12th) Malaysia Plan, National Fourth Industrial Revolution Policy (4IR) and MyDigital, which is our national roadmap to digitalise the Malaysian economy.
"Malaysia aspires to be a regional, if not a global, developer and exporter of blockchain technologies, and in the process, many high-value jobs will be created. Today marks a major milestone to achieve this goal," he said in his speech at the MoU signing ceremony today.
CAICT deputy director Wang Zhiqin said China is attaching great importance to blockchain technology and industrial development.
Based on the 14th Five Year Plan for National Economic and Social Development of the People's Republic of China and the Outline of Long-term Objectives for 2035, Wang Zhiqin said blockchain is listed as one of the seven key industries of the digital economy.
She added that CAICT has officially launched Xinghuo BIF on August 30, 2020, taking the industrial internet as the main application scenario, taking the critical digital resource of network identifier as the breakthrough, and promoting the innovative application development of blockchain.