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Malaysia is using its MIGHT Task Force to investigate how it can use blockchain technology to increase transparency and sustainability in its three largest industries.

The Malaysian government is convinced that the Blockchain technology will not only help boost the economy, but also rationalise the Islamic financial sector.

Mastura Ishak, Program Director of the Malaysian High Technology Industry Government Group, examined the impact of blockchain technology on the country’s key industries and recently explained:

Blockchain is interesting because it allows small players to have a say.

First, the Task Force will examine the renewable energy sector, the palm oil industry (Malaysia’s largest export) and the use of blockchain technology in the Islamic financial world.

Creating a more sustainable future

Tenaga Nasional Berhad (TNB), Malaysia’s only energy supplier, is investigating how it can use blockchain technology. The company is currently interested in using the technology in the renewable energy sector – with energy sellers having to specify how electricity is sourced, giving consumers the opportunity to buy energy.

While TNB is the only energy supplier in Malaysia, there is hope that Blockchain technology will help them promote more sustainable energy.

The palm oil industry is another area where the government believes the blockchain will have a significant impact. By placing certificates for palm oil on the blockchain, users can track the source of palm oil. In addition, the government will be able to see which palm oils are sustainable and which areas need to be regulated.

Blockchain technology helps shape the Islamic financial industry

The Sharia Law prohibits the collection of interest and stipulates that debt accumulation must be supported by material goods such as gold. This is a very different approach from Western banks that use intangible assets such as futures, which means that the Islamic banking system is more complex and causes higher legal and administrative costs.

The blockchain will help automate the contract process so that banks can reduce costs and pass savings on to end customers. There have been many discussions about whether crypto currencies are halal or not. Malaysia and Dubai, however, are investigating the possibility of linking crypto currencies to gold as a possible solution. Ibrahim Mohammed, co-founder of Onegram, said in an interview:

Gold was one of the first forms of money in Islamic societies, so that’s appropriate. We are trying to prove that Sharia rules and regulations are fully compatible with digital blockchain technology.

About Malaysia

Malaysia is located in Southeast Asia. Malaysia consists of two parts, the western part on the Malay peninsula and the eastern part on the island of Borneo. Both are separated by the South China Sea.

Western Malaysia borders Thailand in the north and Singapore is located on an offshore island in the south. Eastern Malaysia borders Indonesia to the south and the Sultanate of Brunei is enclosed by Malaysia to the north.

Malaysia is a country rich in mineral resources and raw materials (tin, rubber, palm oil, crude oil). Since the beginning of the 1980s there has been rapid industrial development. Malaysia is regarded economically and politically as one of the most stable countries in Southeast Asia, propagating the convergence of tradition and modernity, Islam and capitalism. Through this reorientation, the country underwent a fundamental transformation from a previously majority agricultural state to a mechanized and capital-intensive industrial location with high development potential.

 

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