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Malaysia gets first vehicle blockchain

According to a recent report, a Malaysian insurtech start-up announced that they have completed the first build of their Malaysian Vehicle Blockchain. The company is now working to onboard auto manufacturer pilot partners. They are currently open to seed investment.

Headquartered in Kuala Lumpur, Malaysia, the firm is the nation’s most exciting new insurtech start-up that specialises in blockchain, telematics and machine learning technologies.

Improving trust and speed in the vehicle industry

The data in the Malaysian Vehicle Blockchain will create a trusted set of records for every status change of a vehicle that will result in faster and more trustworthy transactions between manufacturers, sales showrooms, banks, insurers and second-hand car buyers.

Some of the benefits that blockchain members will experience are faster onboarding, paper-less, more accurate and complete information which will result in enhanced customer experience for Malaysians.

Examples of data that will be secured on the Malaysian Vehicle Blockchain will be:

  • Vehicle details (Brand, Model, Year Manufactured)
  • Servicing history
  • Accident history
  • Ownership

The Malaysian Vehicle Blockchain is the first of its kind in the world.

Boosting trust

The CEO of the firm noted that the company’s aim is to revolutionise and build trust in the Malaysian vehicle ecosystem. The blockchain focuses on establishing a secure and trusted set of vehicle information platform that will help all blockchain members save millions in improved data transaction efficiencies and deliver superior customer experience.

Partnering with the world’s top enterprise blockchain company

The firm will be partnering with one of the world’s leading blockchain companies to deliver the Malaysian Vehicle Blockchain using their Corda blockchain platform.

The CTO of the insuretech company noted that the adoption of the blockchain firm’s Corda technology is a crucial as it provides not only the foundations for the firm’s success like compliance, security, scalability and technological roadmap that the team found lacking when compared with other potential options in the market.

Pushing Malaysia’s IR 4.0 Policy objectives

National Policy on Industry 4.0 notes that in Malaysia, there is a clarion call for the manufacturing sector to shift to higher value-added process, digitisation, advanced manufacturing technologies and efficient resource utilisation to drive competitiveness going forward.

At the heart of Industry 4.0 is a set of rapidly evolving and converging technologies. These are pushing the boundaries of what can be manufactured through additive manufacturing and advanced materials. These technologies are enabling richer insights through big data analytics. They are blurring the lines between physical and digital realms through rich simulations and augmented reality. They are enhancing human capacity through artificial intelligence and autonomous robots.

The world is also seeing a shift in the way information technology is being used through cloud computing, system integration and the Internet of Things (IoT).

While many of these technologies have been around or under development for several years, the interaction and resulting convergence of these technologies is creating an unprecedented pace and breadth of impact.

Thus, the Malaysian Vehicle Blockchain platform is evidence of a change in corporate culture and the promising headway the region is making in manifesting its goals for a more digital economy.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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