6th September 2018, TDA Berhad, Putrajaya
Blockchain is current buzzword for the emerging technology. Blockchain is the technology that underpins digital currency. Some of the major benefits of blockchain technology are increased transparency, minimising the roles of intermediaries, reduced costs and faster transactions. Everyone is looking to understands this new technology and how it can impact their ‘business-as-usual’ environment. Ms. Mastura Ishak, Program Direction of Blockchain Malaysia on behalf of MIGHT has been invited by Technology Depository Agency (TDA) Berhad to share inputs on the current Blockchain development in Malaysia.
Attended by more than half of TDA Berhad’ s staff, the session aimed at spreading awareness about Blockchain and its potential applications. As TDA Berhad focuses on Industrial Collaboration Program (ICP) approach, blockchain could be explored as one of the technology tools. A new blockchain survey by PricewaterhouseCoopers “PwC’s 2018 Global Blockchain Survey” shows increasing acceptance by companies with a full 84 percent of the corporations are involved in blockchain technology.
A number of participants had an opportunity to further understand clear definition of blockchain and how it differs from bitcoin/cryptocurrency. Many of them had referred to YouTube videos, where many of the earlier ones focuses on explaining blockchain from the standpoint of cryptocurrencies. Hence there is the tendency for the majority of public to often misunderstood the true potentials of blockchain technology, separately from cryptocurrencies, and there is a fast-growing set of misleading information. A survey by HSBC in 2017 found that 80% of those who have heard of ‘blockchain’ do not understand it at all.
The public is crowded with cryptocurrency thinkers and scams issues on the rise. In Malaysia itself there are many parties promoting scams and misleading advertisement using the name “bitcoin” and “blockchain” and get away with them because the limited knowledge about this “technical: field. Therefore, it is important to develop a clear and well-informed perspective of the technology and its probable foundational implications.
In summary, Malaysia needs to understand this new technology as a part of the digital/ decentralisation trend in order to harness the potential as well as mitigate the risks/threats of new technology to businesses and national interests .