Three ways Malaysia is trialling blockchain

Published onSeptember 12, 2018

You can only expect great things from an agency that calls itself ‘MIGHT’. This is the Malaysian Prime Minister’s task force to explore how the country can use emerging technologies like blockchain. Across the world, governments and global nonprofits are turning to blockchain platforms to power e-voting, help citizens make collective decisions, and fight fraud in food supply chains. Mastura Ishak, Programme Director at Malaysian Industry-Government Group for High Technology, studies what kind of impact this platform will have on the country’s key industries. “Blockchain is interesting because it allows small players to have a say about what’s going on,” she says. In an exclusive interview, she shares three key areas of interest for Malaysia.

MIGHT holds discussions with energy companies to understand how they can use blockchain to drive transformation in the renewable energy sector. Currently, MIGHT is monitoring the progress of energy companies that “are trialling the blockchain tech under ‘proof of concept’ initiatives,” Ishak shares. Blockchain can speed up the adoption of renewable energy; putting energy on the blockchain means that sellers must declare how their electricity is generated. This transparency allows people to buy electricity on blockchain directly from sources of their choosing, like renewable energy. Buyers can even connect with private solar panel owners to buy their excess electricity. These one-to-one blockchain-based transactions are much more efficient and waste less electrical energy than distributing electric power over long distances from power stations. One interested party is Tenaga Nasional Berhad (TNB), Malaysia’s sole utility provider. “We are actually identifying the use case for blockchain,” Fauzan Mohamad, TNB’s General Manager for innovation, told GovInsider last year. “We had a workshop for business owners on what would be the potential adoption.”