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Malaysia to build the first blockchain-city in Asia

Malacca, the Malaysian city, will reportedly be turning 835 acres into a tourist blockchain-city of the future, with support of the government of China and several major corporations.

The Melaka Straits City will be constructed on a total of 635 acres of reclaimed land, where boutique hotels, and about 100 villas with a beautiful sea view and private access to the beach will be built along the coastline, while another 200 acres of the marine area will be kept for building chalets, and water recreation facilities.

The city is intended to become the leading tourist destination in Malaysia. The Ministry of Tourism of China estimates a total of 3 million tourists per year to visit the blockchain city.

The project is planned to become the first blockchain-city in Asia.

The official representative of the project stated that the basis of the blockchain technology in the Melaka Straits City will be the DMI platform with DMI coin, a cryptocurrency collaboration between DMI and Melaka Straits City, which will mainly be used in payment of government-based services in the city.

However, DMI will also feature an exchange where tourists who visit Melaka Straits City can exchange their fiat currencies for DMI coins.

It was noted that when tourists visit Melaka, they will be required to exchange their money into digital currencies that they can use to pay for services using their mobile phones or computers. The DMI web application will be available on PC and the mobile applications will run on Android and iOS devices to provide flexibility regardless of the preference of the individuals.

The main purpose of the Melaka Straits City project is to build a tourist city based on blockchain technology. In particular, it implies the creation of a new tourist blockchain city brand which will enhance tourism development in the country and improve education.

The project’s official spokesperson noted that the construction will be futuristic, but also with a nod to Malacca’s rich historical past. Hence, the team has plans to build a distinctive cultural street in the centre of the city. It will be inspired by the styles of different colonial eras and is going to make tourists familiar with Malaysian traditions and history.

Tourism and technology in Malaysia

In April 2018, a report noted that Tourism Malaysia had announced the launch of the Malaysia Smart Tourism 4.0 initiative in collaboration with one of the most valuable Internet companies in the world.

The partners agreed to create digital tourism ecosystems in Malaysia while drawing more Chinese tourists in the country.

The Minister of Tourism and Culture officiated the Malaysia Smart Tourism 4.0 initiative at stating that the initiative is a key development and game-changer that will transform Malaysia’s tourism industry and take it to the next level.

It was noted that the move was a timely initiative since there is an anticipated 1.8 billion people travelling the world by the year 2030, a huge portion of which is the Chinese tourists.

The Malaysian Smart Tourism 4.0 aims to reach out to the 1.4 billion Chinese population utilizing precision marketing methods such as market segmentation and targeted advertising, with the initial phase of the initiative would include the production of 40 five-minute videos on Malaysian tourism products that will then be distributed on all the tech firm’s platforms.

The Minister, moreover, encourages full participation from the private sector in the effort to create overall economic development via more job opportunities, new businesses, improved infrastructure and tourism services development.

The initiative is expected to increase the country’s tourism revenue from RM96.60 billion to RM425.04 billion by 2030, a four-fold increase.

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