MY E.G. Services Berhad (MyEG) has signed a Memorandum of Understanding (MoU) with the Institute of Industrial Internet & IoT of the China Academy of Information and Communications Technology (CAICT) to build supernodes based on a blockchain system.
In a statement, MyEG said the MoU is for the setting up of international backbone and supernodes to China’s national blockchain network, Xinghuo Blockchain Infrastructure and Facility (Xinghuo BIF).
“MyEG will work together with CAICT to establish Xinghuo BIF’s international extension platform, Zetrix and construct backbone and supernodes around the world.
“Countries and corporations especially in the Regional Comprehensive Economic Partnership (RCEP) regions can utilize Zetrix as a gateway to China’s Xinghuo BIF network to maximize the potential of the free trade agreement by leveraging on blockchain technologies.
“Countries around the world are continuously making breakthroughs in technologies. With this partnership, MYEG aims to be at the forefront of blockchain technology for a borderless future,” it said.
The statement also said Zetrix backbone and supernodes would be fully compatible with the Xinghuo BIF infrastructure, providing a competitive edge for local and regional companies trading with their Chinese counterparts and each other, to integrate smoothly and seamlessly with China’s supply chain network on Xinghuo BIF.
The event was held in conjunction with the World Expo 2020 in Dubai, at the Malaysia Pavilion, with the signing ceremony witnessed by Science, Technology and Innovation Minister Dato’ Sri Dr Adham Baba.
Present in Kuala Lumpur were Ministry of Science, Technology and Innovation secretary-general Datuk Zainal Abidin Bin Abu Hassan, MyEG chairman Dato’ Dr. Norraesah Binti Haji Mohamad and MyEG group managing director Wong Thean Soon.
Participants from China included CAICT deputy director Wang Zhiqin, and Institute of Industrial Internet and Internet of Things (IoT) deputy director Li Haihua.
“Zetrix will also enable a gateway for public blockchains to integrate into Zetrix and Xinghuo BIF’s permissioned blockchain environments, making the network compatible for smart contract developers and enterprises.
“The strong collaboration between MYEG and CAICT will allow global enterprises an accelerated opportunity for direct entry into Xinghuo BIF, allowing them to leverage China’s new digital and blockchain infrastructure,” the statement added.
In his keynote address, Dr. Adham Baba said the collaboration between CAICT and MyEG in constructing blockchain-based supernodes outside of China would promote technology innovation, high value jobs creation and cross border commerce growth.
“It is a major step for Malaysia towards a digital future, in line with the agenda of Twelfth (12th) Malaysia Plan to digitalise the Malaysian economy,” he said.
He further described Zetrix as a catalyst for blockchain technology adoption and innovation across all business sectors, which will allow and accelerate the adoption of 4IR technologies.
CAICT deputy director Wang Zhiqin said China is attaching great importance to blockchain technology and industrial development.
She said blockchain is listed as one of the seven key industries of the digital economy under the 14th Five Year Plan for National Economic and Social Development of the People’s Republic of China and the Outline of Long-term Objectives for 2035.
She added that CAICT has officially launched Xinghuo BIF on August 30, 2020, taking the industrial internet as the main application scenario, taking the key digital resource of network identifier as the breakthrough, and promoting the innovative application development of blockchain.
Xinghuo BIF is China’s national scale blockchain infrastructure, and it aims to promote digital transformation in the country and add value to digital assets in the future by integrating blockchain, industrial internet and IOT, and building backbone and supernodes across the nation for safe, secure, and efficient data transfer and integration.
CAICT is a scientific research institute directly under the Ministry of Industry and Information Technology (MIIT) of China, while the Institute of Industrial Internet and Internet of Things (IoT) of the CAICT is responsible for the development, execution and implementation of Xinghuo BIF throughout the nation.
