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Malaysian universities use blockchain tech to combat fake degrees

Degrees issued by local tertiary institutions can now be verified through the E-Skrol application-based blockchain technology.

Anyone, anywhere in the world can find out the data of a graduate of a Malaysian university, including his name, full transcript, graduation date and a class of degree through the application and scanning the QR code, Education Minister stated.

In his speech, the minister noted that the issue of fake degrees had a negative impact on the national higher education system.

The first batch of Malaysian graduates who will use the application where the October 2018 post-graduates of Universiti Islam Antarabangsa Malaysia pada Oktober 2018.

The application has now been expanded to all public and private universities.

Malaysia focusing on blockchain

Malaysia is committed to making the most of blockchain technology. In addition to using it to protect the nation’s higher education system, the government is looking to grow its blockchain talent pool.

In June, the Malaysian government launched a work visa program targeting tech freelancers that address a demand for blockchain capable talents.

The Malaysia Digital Economy Corporation (MDEC) — a government-owned organization that oversees the tech sector — a blockchain organization and a job marketplace jointly launched the program.

The program aims to attract foreign professionals who will have the right to stay in the country for up to 12 months to provide blockchain-related services or undergo training at a Malaysian company.

MDEC growth ecosystem development vice-president has said that the program would be starting with blockchain jobs. The number of visas to be issued depends on the projects that will be run by blockchain companies in Malaysia.

The blockchain firm established NEM’s Blockchain Center in a 10,000-square foot facility in the capital of Kuala Lumpur to serve as an accelerator, incubator and coworking space. The centre also houses the NEM Blockchain Innovation Lab, a headquarters for the research and development of the NEM platform.

Last June, a Malaysian government advisory committee, Majlis Perundingan Melayu signed a memorandum of understanding with South Korean blockchain lab for blockchain tech development permissible under Sharia law.

The parties aim to develop a blockchain platform and a decentralized application that would meet the social requirements to be considered halal (permissible) by the Sharia Commission.

The growing blockchain market

The global blockchain technology market is set to surpass $16 billion by 2024, according to a recent report from a market research firm.

According to the analysis, the key factor contributing to the global blockchain tech market growth will primarily be increasing adoption of blockchain by financial companies.

Financial organizations will purportedly take up blockchain due to its ability to boost the efficiency of internal processes and cut the cost of operation in sectors such as trade finance, documentation and Know Your Customer checks.

Stakeholder segmentation of the blockchain market

A stakeholder segmentation of the blockchain market shows that application providers will see an 85% compound annual growth rate (CAGR) between 2018 and 2024, while digital identity application will purportedly register an over 90% CAGR throughout the same period. The latter will find its driver in an attempt to resist cyberattacks.

The report further states that the government segment of the blockchain market is expected to grow by 85% CAGR over the forecast period, and the market’s share from healthcare applications will register an 85% CAGR up to 2024 as well.

Other predictions

Earlier in September, the firm released a report that dove deeper into the blockchain tech in the healthcare market, projecting that it will exceed $1.6 billion by 2025.

Examination of medical outcomes, interoperability of health data and cost component reductions will further impact blockchain adoption, according to the assessment.

A tech market advisory firm published its findings regarding global revenues from blockchain technology, in late August 2019; the firm reported that the global revenues for blockchain tech are expected to hit $10 billion by 2023.

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