Decentralized settlement cannot be a zero-sum game; otherwise, we have lost the plot.

The industry needs to focus on digital assets: asset definitions and templates, asset swaps, ledger and inter-ledger transactions, and more — built on a foundation of standards-based interoperability.

This summer, under the leadership of Microsoft and other tech giants in the technology and financial sectors, the InterWork Alliance was launched. Its key focus is the development and evangelization of the Token Taxonomy Framework. The Token Taxonomy Framework is an early attempt to create a lexicon and a language for digital assets.

The Token Taxonomy Framework was designed with the objective of bridging the gap between developers, business analysts and managers, and policy makers and public regulators, enabling them to work together to model, architect, design, validate and to create and deploy new business models and networks based on digital assets.

A common lexicon for digital assets provides a shared basis and a starting point for mutual understanding and enables the development of tools to support communication, collaboration and commerce.

Further Reading

https://cointelegraph.com/news/blockchain-interoperability-the-big-picture

https://sandbox.gov.my/en/home

LETTER | Digital asset exchanges essential for Malaysia 5.0 ~ Rais Hussin

https://www.malaysiakini.com/letters/539245

The post ROTD: Blockchain Interoperability appeared first on Blockchain Insider.

That explains why President and CEO of #MiGHT, Datuk Dr Mohd Yusoff Sulaiman made that newspaper headline of “Malaysia Sasar 2025 Guna Blockchain” (Malaysia to adopt blockchain by 2025) back in year 2017.

I am thankful that I was being introduced to this “Malaysia Blockchain & Distributed Ledger (DLT) Outlook 2019” earlier today, and found that it is indeed a very comprehensive and good publication by MiGHT.

The article on page 25 titled “Cultural Capital – Why Malaysia is Uniquely Suited to an Open-Source Blockchain World” stated well that “Malaysians possess rich stores of cultural capital to navigate the Anglophone world, which remains the foundation of open-source projects.”

Again, quoted from the book:

To fulfil blockchain’s potential will require an environment that allows innovation and experimentation, while also negating the risks of misuse. The Government therefore will have a significant role in creating a policy framework that will address the challenges presented by the deployment and adoption of blockchain.

MiGHT

Since its inception in 1993, Malaysian Industry-Government Group for High Technology (MIGHT), an Agency under the Prime Minister’s Department has long promoted the use of technology as means to strengthen the nation’s competitive advantage. They are always on the lookout for technology development, conducting the necessary horizon scanning and foresight activities. It is hardly surprising then that blockchain, one of the most significant technology hypes to appear in a long time, would capture MiGHT’s interest and attention.

If you want to know more about Blockchain in Government from the Malaysian perspective, uou can download the full report in PDF format here:
https://www.might.org.my/download/malaysia-blockchain-distributed-ledger-dlt-outlook-2019/?fbclid=IwAR1LioGSoWgdbFAyoBxM3m4-BD9OHdJTnvSe0NHMDcHZrJuhGrXv45arQUA

The post Malaysia Blockchain & Distributed Ledger (DLT) Outlook 2019 by MiGHT appeared first on Blockchain Insider.

‘We are the first generation that can end poverty, the last that can end climate change’ ~ Former UN Secretary-General Ban Ki-moon

If you can’t measure it, you can’t improve it. The National SDG Progress Monitoring System is a tool and an enabler. The challenge is how do we provide quality data in a timely matter. Technologies such as Edge Computing and IoT will contribute to part of it.

The launching of Phase 1 for MySDG Analytics was a smooth one.

Keynote by Mohamad Faizal Bin Shebli from CNOPSIS Group on the first blockchain implementation within Malaysia ministry under MySDG platform project for DOSM and UN.

There was a panel discussion session on SDG Progress Monitoring Systems and the Importance of Data for SDG Achievement, moderated by Mr. Ahmad Rizal Khalit from Ministry of Economic Affairs.

The panelists include Ms Irina Tisacova, Madam Nazaria Baharudin, Prof Datuk Denison Jayasooria, and Mr. Anthony Mockler.

While the journey of a thousand miles begins with one step, this single step is worth the acknowledgement as it shows the ability of a national team to deliver what had been planned.

Congratulations to team CNOPSIS, team DOSM and team UNCT Malaysia for making this happen.

The post Launching of National SDG Progress Monitoring System with BDAP appeared first on Blockchain Insider.

Learning… to connect the future dots.

We have quite a handful of information available for reference as we steer towards the digital future. Financial frontier is definitely a very important part of it because there is no part of life that money does not affect, be it in the conventional or data form.

Putting the transparency, traceability, trust and tax automation into the digital financial system in a well connected world through the blockchain technology and Cryptocurrency model is highly possible. CBDC, Central Bank-issued Digital Currency is well on its way.

It is how we fine tune and adapt along the way that matters. As the saying goes, it is not about the destiny, it is the journey.

It was a fruitful trip and we are thankful to World Bank Group Malaysia for the invitation. Looking forward further collaboration soon.

The post Connecting The Future Dots appeared first on Blockchain Insider.

Blockchain in the automotive industry, the Malaysian perspective, pesented by Dato Madani Sahari, CEO of Malaysia Automotive Institute (MAI), a GLC under Ministry of International Trade and Industry (MITI), during the MoA signing of CVM and MAI in Cyberjaya, Malaysia.

The four immediate initiatives that will benefit the consumers, entrepreneurs and environment are:

1) Supply Chain
2) Reputation Economy
3) Carbon Footprint Reduction
4) Alternative e-hailing

Effendy Zulkifly, Co-Founder of Crypto Valley Malaysia, made a brief introduction of CVM to the VIP guests.

Blockchain is only part of the process. In this launching, the solutions are more towards applying blockchain in the supply chain, where new form of economic model and values to be created through out the value chain of the automotive industry.

Data is the new oil.

Smart city is the ultimate goal.

Transparent, fair and effective resource distribution.

There was a media session after the MoA signing ceremony.

Official report by MAI’s website: MAI And Cryptovalley Malaysia Ink Agreement On Blockchain Technologies For Enhanced Consumerism, Entrepreneurship And Environmental Conservation

SophiaTX WeChat Channel: 马来西亚汽车研究院（MAI）和马来西亚加密谷协会(CVM)宣布启用SophiaTX区块链，用于推动全国汽车工业发展

Other media reports:

(1) Utusan Online : MAI terap teknologi blockchain dalam industri automotif

(2) Berita Harian : Laksana teknologi Blockchain pertama untuk sektor automotif

(3) Careta : MAI, CRYPTOVALLEY MALAYSIA TANDATANGANI PERJANJIAN, LAKSANA TEKNOLOGI BLOCKCHAIN DALAM SEKTOR AUTOMOTIF

(4) Enterprise It News (EITN) : Blockchain to be applied to Malaysia’s automotive sector by 2019

(5) Bernama : MAI, CVM meterai MoA laksanakan teknologi ‘blockchain’

(6) Tokenpost : Malaysia Automotive Institute seeks to bring blockchain to automotive sector

(7) BlockTribune : Cryptovalley Malaysia Teams With Malaysia Automotive Institute On Blockchain

(8) Enterprise It News (EITN) : SophiaTX Blockchain To Advance National Automotive Industry with MAI

(9) Business Today : MALAYSIAN AUTOMOTIVE INSTITUTE (MAI) AND CRYPTO VALLEY MALAYSIA (CVM) SIGNS MOA

(10) sme.org.my : Malaysian Automotive Institute (MAI) and Crypto Valley Malaysia (CVM) signs MoA

(11) CoinNess.com : MAI, CVM Ink MoA to Initiate Blockchain Technology Applications

(12) China Press | 中国报 : 汽车研究院与加密谷协会 推出免费电子召车平台

(13) TV3

via ytCropper

Thank you people from the blockchain industry for attending and supporting our event.

Mr. Choo Kok Weng from SophiaTX.

Adnan (AK) and team SMOOA. Semua boleh!

Mr. Jason Kee, Cryptorian who purposely flew from Johor to attend the event.

Thank you all who made this progressive milestone and we at CVM will work our best to achieve our mission of putting Malaysia on the world tech radar with the support of all ecosystem stakeholders. God bless and all the best.

The post CVM And MAI Sign MoA to Implement Blockchain Technology In Automotive Industry appeared first on Blockchain Insider.

In a video where customer making a paying for his Durian purchase (which was uploaded to Youtube sometime in April 2017), it clearly shows that how 0.007 Bitcoin was transferred from the buyer to the seller in a Durian trade. The Durian seller must be very happy now if those coins are still with him, as the price of Bitcoin back then was only around USD1175, and we are seeing USD8200 at the time of writing.

In another video uploaded in Jun 2017, where a customer making payment for workshop fees, the car owner is paying the mechanic in Bitcoin using one of the popular exchange most Malaysian are familiar with, which is Luno. It clearly shows that the payment of MYR 200 equivalent in Bitcoin was made through a Luno account.

Luno – One of Bitcoin Exchange in Malaysia

The public who are exposed to the Crypto world in Malaysia knows that if they were to trade or convert their Bitcoin into local sovereign currency (Malaysian Ringgit), one of the services they can use is that of Luno, because it is able to link to their local bank accounts.

For Malaysian to trade Bitcoin and Ethereum on Luno, all they need is to prove that they are genuine, real residents in Malaysia through some documents such as electricity bill. Once verified, they can start transferring money in between Crypto and Fiat through authorized banks, either Maybank or CIMB Bank at the moment. There may be more banks to come, once the Malaysian government finalize and make their stand on Crypto Economy clear. The move of identity proofing might be needed in comply with KYC and AML policies, where the government of Malaysia is committed to fighting terrorism and globalized illegal activities.

Bitcoin – A Challenge of Price Volatility

While Bitcoin is gaining its share in the mining, trading, and daily usage in the Malaysian society, it still quite a distance away from mass market acceptance, due to its high volatility in price.

You wouldn’t want to receive a bitcoin that is worth USD 7,000 in the morning and suddenly realize it is only worth USD 6,500 in less than 24 hours (this happened in early November 2017). A whopping USD 500 loss in value in less than one day. Yes, of course the opposite might happen, but do you want to take that bet? Most people won’t, especially those selling physical goods with relatively low margins.

Digital Currencies – Towards The New Normal

While the price volatility is a general challenge, which the community and the stakeholders are trying to solve, the Malaysian government and related industry players are making their best effort in adopting and embrace this new technology into the country.

The Prime Minister of Malaysia, Najib Razak, mentioned these words: Blockchain, digital currency(crypto) and cashless transaction as the new normal in part of his speech addressing to a crowd of entrepreneurs. He is setting the direction pretty clear for the country. The Crypto Tech and Crypto Economy could be the complementing piece to the government’s DFTZ (Digital Free Trade Zone) effort, in making Malaysia one of the forefront of the Digital Economy.

The Malaysian Central Bank, BNM (Bank Negara Malaysia), had just made a step forward as well, clearing the air by announcing the government’s standpoint when it comes to Cryptocurrencies conversion. In a press release made on Nov 22, 2017 through Bernama (The National News Agency of Malaysia), it stated that Bank Negara Malaysia (BNM) will designate persons converting crypto currencies into fiat money as reporting institutions under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 beginning next year.

There are also comments and suggestions made by top notch bankers in Malaysia. For instance, CEO of AmInvestment Bank, Raja Teh Maimunah Raja Abdul Aziz, had called the government to allow cryptocurrencies’ usage as electronic money.

“It’s just an electronic currency that doesn’t belong to anybody while fiat currency is sovereign based where it has its own jurisdiction regulators. I support cryptocurrency because it is a global trade,” said Raja Teh Maimunah.

While a final decision will only be made by end of the year, and clearer framework could only come after that, we are seeing a positive initiative from the country’s top leader, regulators, industry players, and the public acceptance of cryptocurrencies in Malaysia.

I would like to end this article quoting what Neo said in the movie “The Matrix”:

To my fellow Malaysians, where we go from here is a choice I leave to you.

Reference Links

https://coinmarketcap.com/currencies/bitcoin/#charts

Beli Durian Pun Guna BITCOIN?
https://www.youtube.com/watch?v=-SnkuSFEnnA

“SERVIS KERETA”, BAYAR GUNA BITCOIN!

PM Malaysia Galakkan Blockchain dan Crypto Currency Bitcoin

BNM To Enforce Crypto Regulation Next Year
http://www.bernama.com/bernama/v8/bu/newsbusiness.php?id=1412883

Allow cryptocurrency’s usage as electronic money – Raja Teh Maimunah
https://www.thestar.com.my/business/business-news/2017/11/22/allow-cryptocurrency-usage-but-ban-its-use-as-speculative-tool/

Decision on usage of cryptocurrencies by year end, Bank Negara governor says
http://www.themalaymailonline.com/money/article/bnm-says-may-ban-bitcoin-cryptocurrencies

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