NEVER invests RM2m in blockchain tech

By AFIQ AZIZ / Pic By TMR

The Malaysia Automotive Institute (MAI) has signed a memorandum of agreement (MoA) with the Crypto Valley Malaysia Association (CVM) to initiate blockchain technology applications in the automotive sector.

NEVER CEO Datuk Madani Sahari (Picture)said four immediate initiatives are expected to be rolled out by the first quarter with an internal investment of RM2 million.

Under the MoA, both parties agreed to explore the strengthening of the automotive parts supply chain distribution; to provide rating applications for consumers on the after-sales and services sector (workshops); trace carbon emission by commercial vehicles; and to provide an alternative e-hailing platform for the public.

"MAI is stepping up this initiative as we already have our own big data analytics and supercomputer system," he said at the link to the blockchain platform, which would be jointly developed with CVM signing of the MoA in Cyberjaya yesterday.

He added that the automotive sector involved a lot of data from the manufacturing side and downstream along with the after-sales and services activities.

"When a car is being designed, there is data related to the engineering and specification and standards. When it is sold, the prices and volumes also involve data. In the maintenance part afterwards, "data has to be recorded," he said.

Madani also said more than 2,000 independent workshops are expected to tap into the after-sales and services applications.

On automotive parts supplies traceability, he said consumers would be able to track the originality of spare parts purchased in the industry via the platform.

Meanwhile, CVM co-founder Effendy Zulkifly said Malaysia's automotive industry will be the first in the world to recognize blockchain technology applications should the plan material.