Research in using blockchain to prevent fraud in supply chain processesMyEG Services Bhd is making strides in its collaborative research with strategic partners Universiti Malaya and China Academy of Information and Communications Technology , which is part of an intergovernmental collaboration between Malaysia and the People's Republic of China. The research is aimed at strengthening Malaysia-China trade, improving data interoperability and further propelling Malaysia into the Web3 era.
The research proposed by UM and CAICT involves the development of a system that could prevent fraud in supply chain processes for cross-border trade using Blockchain technology. The system comprises smart contracts collaboration supported across the multiple parties involved in China-Malaysia trade including the Belt and Road Initiative countries.
Wong Thean Soon, the co-founder of Zetrix and managing director of MyEG, is confident that the commercialisation of blockchain through Zetrix will bring many benefits to Malaysia. “This strategic cooperation will further strengthen Malaysia-China trade and investment relations, including through the Regional Comprehensive Economic Partnership , which is the main driving force in integrating the regional economy with the use of 4th Industrial Revolution technology," he said.
"This project will promote the innovation of science and technology by disseminating it through peer-reviewed publications in top-rank international journals and presentations in top-rank international conferences," said Dr. Saaidal Razalli Azzuhri , the research leader for UM. "This makes the project possible with the synergy of experts and interdisciplinary across faculties .”