MAI and CVM to Bring Blockchain to Automotive Sector
Malaysia Automotive Institute (MAI) and Cryptovalley Malaysia (CVM) signed a Memorandum of Agreement (MoA) to bring blockchain technology into the automotive sector in the launching ceremony of the enabler for Industry4WRD (the National Policy on Industry 4.0).
Dato’ Madani Sahari, MAI CEO, explained that collaboration between MAI and CVM will focus on four initiatives. First, to create a decentralized digital identity to ensure genuine spare parts are properly circulated within the automotive ecosystem. It is important to ensure spare parts conform to market standards and protection of consumer interests. Second, to design decentralized ratings system on the after sales and service by consumers. This intends to enhance the customer experience through a user-driven database for quality comparisons in the sector. Next, to utilize blockchain technology to profile the carbon emission of vehicles. The technology can enhance the carbon footprint calculations and monitoring. Lastly, to bring benefits to the ride-sharing market by providing a dis-intermediate alternative to the consumers.
Dato’ Madani further explained that blockchain technology benefits the sector in the area of security, transparency and also provides immutable evidence during dispute resolutions. He said the day-to-day activities in the automotive ecosystem produce huge number of valuable data. Blockchain enables the creation of token to reward all stakeholders that act as the ecosystem’s data producers. These data can benefit the sector and the economy.
The MoA serves as a program to develop the talent pool in blockchain technology in Malaysia.
“MAI and CVM will collaborate to develop the Cryptography Experts Development Program, allowing the utilisation of enterprise blockchain architecture for the research and application of blockchain technology within the automotive, IoT and Robotics sectors”, said Dato’ Madani, MAI CEO.
CVM’s co-founders, Mr. Effendy Zulkifly and Mr. Koh How Tze, and Venaco Group Managing Director, Mr. Koh Weng Choo are among the VIPs attended the ceremony.