The SophiaTX team, a blockchain for business, announced that it has been selected to promote blockchain initiatives for the automotive and mobility sector in Malaysia with the signing of a Memorandum of Agreement between Crypto Valley Malaysia and Malaysian Automotive Institute.
On November 27, 2018 a Memorandum of Agreement was signed between the Malaysia Automotive Institute (MAI) – an agency under the Ministry of Commerce and International Industry (MITI) – and Crypto Valley Malaysia (CVM) – a research and innovation center of exponential hybrid technologies. The main purpose of this collaboration is to promote blockchain technologies and initiatives aimed at advancing the national policy of Industry4WRD.
Using SophiaTX Blockchain, integrated with business systems such as SAP, the two parties focus on improving the supply chain efficiency and on transforming the after-sales sectors and services through the reputation economy 2.0.
"Through the implementation of the SophiaTX blockchain, we aim to provide greater efficiency, enable greater collaboration along the value chain and reimagine new business models, especially when it comes to ownership and use of shared resources," said Co -founder of CVM, Effendy Zulkifly. .
The SophiaTX Blockchain will primarily be used to address the common challenges of the automotive industry, such as the opaque visibility of the end-to-end supply chain, providing insight into current and planned demand along with monitoring critical elements, inventory, delivery times, improper handling order changes, and supply restrictions at any desired level in the product hierarchy.
By using the blockchain, the information shared in such complex multi-tier supply chain ecosystems will be simplified and maximum accuracy and availability of information for all the included parties will be guaranteed. Committed to embracing integrated blockchain innovations, SophiaTX seeks to enable the industrialization of businesses, leading to significant increases in productivity.
Speaking at the time, this is what Data said Madani Sahari, CEO of Malaysia Automotive Institute (MAI):
"As the industry begins to recognize the immense potential of the blockchain and how to redefine the automotive industry, it is essential that governments and businesses adapt as the technology evolves through strategic partnerships to make the more efficient, accessible, accessible, safer and greener transport.This is what we would like to move forward with CVM and we are delighted to be part of this partnership. "
"With years of global and local experience and commitment, we continue to make progress on our journey of transformation through collaboration with our extensive network of partners and industry experts through the integrated value chain." Focus on competition in the era 4.0 In the sector, we are now seeing the results and are ready to bring our blockchain into the automotive space and national mobility to increase information transparency, improve timely logistics, validate the authenticity of spare parts and reduce incorrect orders. ".