Malaysia insists on accelerating its digitization and tapping local service providers to build a national blockchain
infrastructure.
Mimos Berhad, an agency under the Ministry of Science, Technology and Innovation (MOSTI), collaborates with the local web3 company Masverse for the initiative and signs a memorandum of understanding (MOU) for the state of web3 for the Southeast Asian nation to promote.
A fleeting glance at the MOU reveals the intention of integrating Masverse’s Maschain, a distributed ledger from Layer 1, as the basis for the Land’s web3 objectives. Instead of concentrating on regular offers, the grandbooks seem tailored to the peculiarities of the country, enthusiastic about “efficiency, transparency and accountability.”
Maschain, a home -grown solution, offers local companies the security and scalability benefits that are needed to provide their growth ambitions with electricity. The report is called a whole series of potential use cases, including applications in blockchain-based certification systems, traceting companies and applications for financial system.
Mimos Berhad CEO Saat Shukri Embong revealed that the scheme underlined an obligation to revolutionize the digital economy of Malaysia in the light of seismic worldwide changes.
“We are pleased to work with Masverse on this important initiative, which marks an important milestone in strengthening the National Blockchain ecosystem of Malaysia,” Saat said. “By exploring the potential of the robust layer 1 -infrastructure of Maschain, we can unlock new opportunities for companies and public entities.”
Apart from pushing the integration of maschain in the local industries, the MOU parties will see feasibility studies to new applications with national prospects. A section refers to blockchain applications with a regional taste, with the most obvious utility applications for cross-border payments.
“Through this collaboration we want to unlock new opportunities for companies and entities in the public sector,” said Chew Kian Kok, CEO of Masverse.
Malaysia refuses to play the second violin for his regional colleagues and would like to start a national blockchain adoption spree. Central to his plans is the creation of a robust legal framework for blockchain designed to guide the activities of service providers and consumers and at the same time offer a thriving environment for ecosystem growth.
A capital injection of $ 2.2 billion by Tech giant Microsoft (Nasdaq: MSFT) in mid-2024 for Web3 infrastructure and talent-up skilling is expected to supplement the efforts of the government in space. In addition to Web3, the Digitalization Drive of Malaysia extends to artificial intelligence (AI), Internet of Things and Big Data integrations.
The falsified misery of Japan
Elsewhere in Asia, Japanese cosmetics companies turn to emerging technology to protect consumers against counterfeit, because the ecosystem is undergoing an important change.
According to a report, an increase in fake cosmetic products has the industry and forced sector players rattling to explore new measures to keep bad actors out. The emergence of online shopping and social media marketing complicates the process for consumers of cosmetic products, given the absence of Real-World evaluation.
To suppress the functioning of forgers, there seems to be a wave in the use of Quick Response (QR) codes and NFC tags for the Near-Field communication (NFC) on cosmetic products. By scanning a QR code on products, online shoppers can verify the authenticity of the items and identify products that have been tampered with.
Other use cases for QR codes and NFC tags include supply chain transparency and improved consumer confidence.
Although the early applications for the duo have achieved impressive results, the report emphasizes the introduction of blockchain to accentuate consumer protection efforts. Blockchain’s unchanging benefits and transparency are an extra protective layer for millions of Japanese consumers.
By introducing elements of blockchain, brands can explore new roads of consumer interaction that are powered by tokenization,
Non-fungal tokens (NFTs) and smart contracts.
A study of global data confirmed a peak in the number of manufacturers who turned to “anti-counterfeiting technologies”, mainly driven by rising fake and global operational standards. Despite the push, the turning of emerging technology will not be a walk in the park, given the steep costs and scalability problems that are connected to it.
The use of QR codes seems to be the easiest option, while NFTs and blockchain need significant capital investments for integration into production.
“Scalability is a challenge for smaller brands due to high costs and technical requirements for solutions such as NFC or Blockchain,” said Euromonitor analyst Aya Suzuki. “QR codes offer an more accessible alternative with comparable functionalities.”
Given the steep requirements for anti-counterfeiting measures with emerging technologies, Suzuki claims that luxury products will use them earlier. Smaller brands that would like to use the solutions are encouraged to explore NFTs, website verifications and partnerships with technology service providers to save costs.
For Suzuki, the landscape remains largely unchanged for three years, because the niche is struggling with towering costs and low consumer needs.
“Important progress in intelligent packaging will be unlikely in the coming three years,” Suzuki added. “It is probably limited to niche segments such as premium beauty and luxury products.”
Japanese NFTs continue to record impressive new use cases, from gaming to maintaining abandoned villages, and the cosmetic industry wants to hold its burning pace.
View: Spotlight Op – Place fakes with blockchain technology
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