KUALA LUMPUR (Oct 12): MY EG Services Bhd (MYEG) on Tuesday signed a memorandum of understanding (MoU) for the international extension of China’s national blockchain network Xinghuo Blockchain Infrastructure and Facility (BIF).
The MoU was signed with the Institute of Industrial Internet and Internet of Things of the China Academy of Information and Communications Technology (CAICT), MY EG said in a statement.
The groucp said it will work together with CAICT to establish Xinghuo BIF’s international extension platform Zetrix and construct backbone and supernodes around the world.
“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.
Xinghuo BIF is China’s national scale blockchain infrastructure, and it aims to promote digital transformation in the country and add value to digital assets in the future by integrating blockchain, industrial internet and Internet of Things, and building backbone and supernodes across the nation for safe, secure, and efficient data transfer and integration.
Minister of Science, Technology and Innovation Datuk Seri Dr Adham Baba said the collaboration will promote technology innovation, creation of high value jobs and increase cross-border commerce.
“It is a major step for Malaysia towards a digital future, in line with the agenda of the 12th Malaysia Plan to digitalise the Malaysian economy,” he added.
Adham said Zetrix as a catalyst for blockchain technology adoption and innovation across all business sectors, will allow and accelerate the adoption of 4IR technologies — blockchain, artificial intelligence, Internet of Things, advanced materials and technologies as well as cloud computing and big data analytics.
CAICT deputy director Wang Zhiqin reiterated that China is attaching great importance to blockchain technology and industrial development.
“CAICT officially launched Xinghuo BIF on Aug 30, 2020, taking the industrial internet as the main application scenario, taking the key digital resource of network identifier as the breakthrough, and promoting the innovative application development of blockchain by building a distributed, multi-party participated, common consensus trusted and interactive system,” she said.
According to MYEG, Zetrix backbone and supernodes will be fully compatible with the Xinghuo BIF infrastructure, providing a competitive edge for local and regional companies trading with their Chinese counterparts and each other, to integrate smoothly and seamlessly with China’s supply chain network on Xinghuo BIF.
“It increases administrative efficiency and at the same time enhances transparency and product traceability, which are key to provide added value for ever-increasing consumer awareness.
“Countries around the world are continuously making breakthroughs in technologies. With this partnership, MYEG aims to be at the forefront of blockchain technology for a borderless future,” it added.
Shares in MYEG finished four sen or 3.77% lower at RM1.02, giving the digital services company a market capitalisation of RM7.34 billion.