In this first In Conversation column, Malaysian Business magazine’s columnist Nizal Mohammad sits down with Mohamad Faizal Shebli, the CEO of Crypto Valley Malaysia to learn more about this technology and if Malaysia is ready for it.
NM : Can this really be done in that span of time when the many big companies in Malaysia even the government itself are relatively hazy, unaware, or misinformed of the significant potential that blockchain technology can offer to the economy and wellbeing of the country? If so, how can we even expedite the process of adoption of blockchain technology for the government and the industry as a whole?
MFS : Based on our perspective, there are three main steps that the country must adopt. The first is the awareness stage for the government and the industry, which is to be assisted by the education bodies and the practitioners of blockchain in this country.
Second would be the regulatory needs. Blockchain has a lot of processes and new regulatory procedures that need to be aligned and standardised. This would take some time. We are talking about the regulatory preparation and reconditioned done at central bank, at security commission and even at GLCs level especially when we talk about the actual implementation of blockchain technology is concerned.
The third is to encourage some fast use-case or in blockchain world they called it “proof of stake” to be tried and experimented as fast as now. Certain GLCs or even entities like the telecommunication companies are trying to evaluate how blockchain can improve and improvise their operation because transparency is the key in blockchain and definitely this involves a lot of initiatives in the innovation aspects of their operation as a whole.
Featured in September 2018 Malaysian Business Magazine, Malaysia’s premier business magazine since 1972.
You can get the latest copy of the magazine at major news stand or Kinokuniya KLCC, or check out the online version at www.malaysian-business.com
