The UM and CAICT initiative named “Research on Key Issues of China-Malaysia Transborder Blockchain Infrastructure and Pilot Applications” was chosen as a portion of the science, technology, and development interstate partnership between Malaysia and China. This strategic alliance will deepen trade and investment ties between Malaysia and China, especially through the Regional Comprehensive Economic Partnership (RCEP).
The RCEP is the primary impetus for linking the regional economy through the adoption of Fourth Industrial Revolution (IR4.0) technologies, including blockchain, artificial intelligence (AI), the Internet of Things (IoT), cloud computing technology, and big data analysis (Big Data). Wong Thean Soon, the co-founder of Zetrix, stated that, as a result, Malaysia would be among the global leaders in blockchain development.
In November 2021, the Chinese government launched government-to-government (G2G) initiatives in which it collaborated with other nations. The China-Malaysia G2G collaboration encompasses four areas, namely public health comprising vaccine research and development (R&D), artificial intelligence (AI), information and communications technology (ICT) encompassing blockchain, big data, and space remote sensing technology.
Zetrix stated that UM was selected as a research associate because it has the greatest library materials in Malaysia and that the relationship might expand technical skills and give reciprocal advantages to both nations. Using blockchain technology for cross-border commerce, the cooperation presents a mechanism to avoid cheating in supply chain activities.
It includes smart contract cooperation sponsored by numerous parties participating in China-Malaysia commerce, including Belt and Road Initiative (BRI) nations. “The solution should allow all stakeholders to participate on cross-organizational data sharing, supported by a safe, unalterable audit trail,” Zetrix said.
In order to foster the breakthrough technologies of intelligent healthcare, team members from both nations would conduct international meetings together. Zetrix is a public blockchain of layer 1 that enables smart contracts and provides privacy, security, and scalability.
Multiple sectors might use its cryptographic backbone to link governments, corporations, and their people to an international blockchain-powered system.