KUALA LUMPUR, Sept 4 ― The government should consider using blockchain technology to show that is ready to promote trust and transparency in trade, said IBM Malaysia’s lead information technology architect, Lee Yu Kit.
Speaking at the Corporate Malaysia Forum here today, he said he believed that the effect of the government’s use of blockchain technology will be immediate.
“At the same time, companies will be interested as the government is showing interest in having a business friendly environment,” said Lee.
Popularly known for its association with cryptocurrency related transactions, such as Bitcoin, blockchain is a method of recording information and transactions using cryptography.
It uses the processing power from computers connected to the framework to power transactions, of which its information is then stored in packets of data called blocks.
These blocks then house a ledger of information containing metadata of previous transactions, including timestamps and transaction data.
Also present during the talk was Blockchain Embassy Malaysia’s Fintech Ambassador Kyri Andreou, who explained that blockchain could be seen as a new trust protocol for transactions involving financial institutions.
“It is a new financial architecture, a new trust protocol. Blockchain can set a new global standard for trust.
“It takes out the intermediaries, making it a trusted technological option for exchanges and transactions,” said Andreou.
The vice president of Inmagine Group, Warren Leow, and Goh Peng Ooi, Silverlake Axis’ group executive chairman were also present during the discussion, while Owner’s Circle founder Jonathan Quek moderated the session.