Blockchain to accelerate Malaysia’s automotive industry
According to a recent report, the team for a blockchain for business has announced they have been selected to push forward blockchain initiatives for the Malaysian automotive and mobility sector with the signing of a Memorandum of Agreement between Crypto Valley Malaysia and Malaysian Automotive Institute.
Late in November 2018, a Memorandum of Agreement was signed between Malaysia Automotive Institute (MAI) – an agency under the Ministry of International Trade and Industry (MITI) – and Crypto Valley Malaysia (CVM) – a hybrid exponential technologies research and innovation centre.
The main purpose of this collaboration is furthering blockchain technologies and initiatives aimed at pushing forward the national Industry4WRD policy.
Utilizing the team’s revolutionary blockchain technology, integrated with enterprise systems such as SAP, the two sides are focused on improving supply chain efficiency and transforming the after-sales and service sectors through reputation economy 2.0.
The Co-Founder of the company that developed the blockchain tech stated that through the deployment of the platform, his company aims to deliver greater efficiency, enable higher collaboration along the value chain and reimagine new business models, especially when it comes to ownership and use of shared assets.
The blockchain tech will be principally used to address common automotive challenges, such as the opaque end-to-end supply chain visibility, providing insights into current and planned demand along with tracking critical items, inventory, delivery times, improper management of order changes, and limitations of supply at any desired level of the product hierarchy.
Using the blockchain, information shared in such complex multi-tier supply chain ecosystems will be streamlined, and maximum accuracy and availability of information for all included parties will be secured. Committed to embracing integrated blockchain innovations, the platform seeks to enable the industrialization of the businesses, leading to significant productivity increases.
Speaking on the occasion the CEO of the Malaysia Automotive Institute (MAI) stated that as the industry begins to recognize the immense potential of blockchain and how it can redefine the automotive industry, it is essential for governments and businesses alike to adapt as technology evolves through strategic partnerships to make transportation more efficient, affordable, accessible, safer, and greener.
He noted that this is what the institute would like to advance together with CVM, adding that the institute was pleased to be part of this collaboration.
The team responsible for the development of the platform noted that with years of global and local experience and commitment, the team will continue to make progress on its transformation journey through collaboration with its extensive network of partners and industry experts across the integrated value chain.
In a statement, the team noted that it is focused on competing in the Industry 4.0 era and is now seeing the results and are ready to take its blockchain to the national automotive and mobility space to drive greater transparency of information, improve timely logistics, validate the authenticity of spare parts, and reduce erroneous orders.