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Thursday 27 June 2019

Blockchain: A survey on its potential and challenges in Malaysia

Sumber artikel disusun oleh: Bahagian Data Strategik DanTeknologi Masa Hadapan, Kementerian Tenaga, Sains, Teknologi, Alam Sekitar Dan Perubahan Iklim (MESTECC).

Artikel TFD, MESTECC

Blockchain: A survey on its potential and challenges in Malaysia

Blockchain technology is an entire new way of documenting data on the internet. The information recorded on a Blockchain can be either a value of transaction (Bitcoin cryptocurrency), personal identity of an individual (e-Identity in Estonia), an agreement between two or more parties (smart contract on Ethereum) or product traceability (food traceability app by Walmart). It was included as one of the top 10 emerging technologies of 2016 by World Economic Forum with related investment exceeding RM4 billion in 2015 (World Economic Forum, 2016).

In Malaysia, Blockchain started to gain public interest following the rise of Bitcoin in 2017, at one point hitting the RM80,000 mark for 1 Bitcoin (Coindesk, 2017). Very often, people are confused between Bitcoin and Blockchain, referring both as the same thing. However, in short, Blockchain is the platform that Bitcoin (the app) runs on. Putting it in another way, Blockchain is the internet and Bitcoin is the Maybank2U app that we so often use to do our financial transaction.

The success of Bitcoin saw big technology firms like IBM all the way to startups trying to innovate and bring Blockchain into other sectors beyond the financial industry with the hope it will help to enhance privacy, security and freedom of conveyance of data to companies and to the society in 2017. At the same time, Standards Malaysia set up a Malaysian National Committee to discuss the initiatives and proposals coming from the International Standard Organization’s new Technical Standard Committee on Blockchain and Electronic Distributed Ledger Technologies.

After a series of engagements with various ministries and government agencies, we found out there are limited knowledge about this technology in the civil service and currently many uncoordinated Blockchain initiatives by the public and private sectors. In order to have a better insight about the Blockchain potentials, we did a research survey with local Blockchain experts in 2018, asking about their opinions on the potentials and the challenges for Blockchain technology to develop in Malaysia in the next 20 years.

The charts below are the findings from our research survey with the experts. In summary, the top four sectors most likely to be disrupted by Blockchain in Malaysia are the finance (36%), public services (16%), trade and logistics (10%) and ICT (11%). Most of the experts (60%) are in agreement that Blockchain will only be scalable and plays a bigger role in our economy beyond the year 2021. This is because Blockchain is still an infant technology and it needs other technologies, some currently in development, to fulfil its potentials. The experts also think regulations, standards and firm decision making by the policy makers as the top factors in promoting Blockchain development in Malaysia. For the full report, please contact Foresight Technology Division, MESTECC for further details. YS



Thank you.

FT Insights 6/2019: Blockchain: A survey on its potential and challenges in Malaysia.

...HYS, TFD, MESTECC...

Artikel TFD, MESTECC 

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