SophiaTX, an open source platform to integrate blockchain technology with enterprise systems, announced that they have been chosen to integrate blockchain technology with the Malaysian automotive industry on November 27, 2018.
A Memorandum of Agreement was finalized between Malaysia Automotive Institute (MAI), an agency under the Ministry of International Trade and Industry (MITI) that functions as the focal point, coordination centre and think tank for Malaysia’s automotive sector and Crypto Valley Malaysia (CVM) an organization whose goal is to combine industries with the implementation of Hybrid Exponential Technologies such as Blockchain, Big Data, Artificial Intelligence, to create business solutions. The aim of the agreement is drive forward blockchain technologies to support the national Industry4WRD policy.
Co-founder of CVM, Effendy Zulkifly commented:
“Through the deployment of SophiaTX blockchain, we aim to deliver greater efficiencies, enable higher collaboration along the value chain and reimagine new business models, especially when it comes to ownership and use of shared assets.”
Using the SophiaTX Blockchain, the collaboration hopes to solve many obstacles, such as supply chain transparency, inventory, delivery times, and the effectiveness of the system as a whole.
Dato’ Madani Sahari, CEO of Malaysia Automotive Institute (MAI), addressed the partnership:
“As the industry begins to recognize the immense potential of blockchain and how it can redefine the automotive industry, it is essential for governments and businesses alike to adapt as technology evolves through strategic partnerships to make transportation more efficient, affordable, accessible, safer, and greener. This is what we would like to advance together with CVM and we’re pleased to be part of this collaboration.”