Malaysia Explores How It Can Use Blockchain Technology in Its Three Biggest Industries

Malaysia is using its MIGHT task force to explore how it can utilize blockchain technology to help increase transparency and sustainability within its three largest industries.

The Malaysian government believes that blockchain technology will not only help boost its economy but that it will also help to streamline the Islamic finance sector.

"Blockchain is interesting because it allows small players to have a say about what's going on."

Initially, the task force will investigate its renewable energy sector, palm oil industry and the use of blockchain technology in Islamic finance.

Tenaga Nasional Berhad, Malaysia's sole utility provider, is also exploring how it can use blockchain technology.

The company is currently interested in the technology's use in the renewable energy sector-with energy sellers having to declare how electricity is sourced, giving consumers the option of where to buy energy.

While TNB is the only energy provider in Malaysia, the hope is that blockchain technology will drive it to produce more sustainable energy.

The palm oil industry is another area where the government believes blockchain will have a significant impact.

Blockchain will help to automate the contractual process, allowing banks to cut costs and pass savings on to the end customer.

"Gold was among the first forms of money in Islamic societies, so this is appropriate. We are trying to prove rules and regulations from sharia are fully compatible with digital blockchain technology."