Malaysia Automotive Institute (MAI), an agency under the Ministry of International Trade and Industry (MITI), signs Memorandum of Agreement (MoA) with Crypto Valley Malaysia (CVM), a Hybrid Exponential Technologies research and innovation centre, to roll out blockchain technologies and initiatives aimed at pushing forward the national Industry4WRD policy.
Dato’ Madani Sahari, CEO of Malaysia Automotive Institute (MAI) said, “As the industry begins to recognise the immense potential of blockchain on how it can redefine the automotive industry, it is essential for the government and businesses alike to adapt the technology evolution 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.”
The partnership roadmap focuses on improving supply chain efficiency and transforming after sales and service sector through reputation economy 2.0 by integrating the SophiaTX blockchain with enterprise applications, such as SAP, and other new technologies to accelerate the industries of the future ecosystem.
“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,” said Co-founder of CVM, Effendy Zulkifly.
MAI and CVM to develop Four (4) Immediate Initiatives:
- Ensuring proper distribution of original spare parts
To create digital identities to ensure genuine spare parts are properly circulated within the Automotive ecosystem. The value of the spare parts will be ascertained by the community to ensure prices conform to market standards.
- Providing alternative e-hailing platform for taxi transformation
To bring benefits to the ride-sharing market in the area of security, transparency and provide immutable evidence during dispute resolutions.
- Introducing Reputation Economics 2.0 for After Sales and Service Sector
An ecosystem in which the After sales and Service sectors are based on the decentralized online ratings by end users. These ratings enhance the customer experience through better quality comparisons, through a user-driven database structure.
- Reducing the carbon footprint of commercial vehicles
Create unique digital profiling for commercial vehicles, allowing enhanced carbon footprint calculations through the application of blockchain technology. This is in line with the promotion of Energy Efficient Vehicles (EEV) with National Automotive Policy (NAP).
“Since our inception in 2017, we have been working on SophiaTX blockchain to ensure that it has the
capabilities to compete in the industry 4.0 era. Now we are finally seeing the results and are ready to take our blockchain to the national automotive and mobility space to drive greater transparency of accurate
information between various parties, improving timely logistics, validating authenticity of spare parts, and reducing erroneous orders,” said Choo Kok Weng, APAC Regional Director of SophiaTX.
As an industry player, SophiaTX is committed to embracing integrated blockchain innovations to enable the industrialisation of the businesses that will lead to higher and significant productivity impact. With years of local and
global experience and commitment from its leadership, SophiaTX continues to make progress with its transformation journey through collaboration with its extensive network of partners and industry experts across the integrated value chain.