The Future of Blockchain in Malaysia

In 2017, Bitcoin swept through the global news and took everyone for a ride through a whirlwind of arising legality issues as well as opening a brand-new plethora of possibilities through cryptocurrency. Extending beyond the numerous cryptocurrencies that have risen in its wake, there is now a global interest in the technology of blockchain and its application in other industries.

From 16th to 17th of August, the Bloconomic team brought together all key industry players from all corners of the world to the Bloconomic, held in the Connexion, Bangsar South. The summit entails a main conference, leaders’ panel sessions and mini exhibition shows as well as several launches and passing of Memorandum of Understanding between related bodies.

The Bloconomic Blockchain Economic Summit 2018 also incorporated multiple discussions regarding the real use cases and the future prospect of Blockchain in areas of finance, global payment system, digital identity authentication, electronic record authentication, E-KYC and these discussions also addressed the opportunities and challenges ahead with regards to these fields.

Over the two days of the summit, the volume of participants went as high as a thousand delegates from numerous stakeholders in the blockchain industry, such as the government, financial institutions, internet finance companies including fintech companies, Blockchain technology and industry application companies as well as cryptocurrency and digital asset related companies.

One of the participants I encountered was Jose Senent, the CEO of up and coming Orbi Network which is a decentralised workforce; the first of its kind utilising Blockchain as a Business Process Outsourcing platform. Mr Senent’s firm could potential disrupt the way freelancers seek out employment in the gig economy as it aims to include a constantly updating blockchain-based technology on applicant credentials which will reduce likelihood of fraudulent credentials.

Among the launches witnessed by the participants was the launch of the first blockchain hub in Cyberjaya. Dato’ Rayson Wong, President of Malaysia Blockchain Association and Alphacap Founder enthusiastically shared with us that this hub which houses blockchain companies in the ecosystem and aspires to further the talent pool within the industry is also the first of its kind in Malaysia. Thrive Academy, the brainchild of ThriveChain foundation also took part in the summit, hoping to help the public understand the various ways that blockchain will transform the 21st century technology beyond only cryptocurrency.

All participants of the summit ranging from the exhibitors, speakers and participants were estimated to have received and transacted a total economic value nearing USD50 million and the summit became a resounding success as well as a testament for the bright future of blockchain ahead.

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