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Malaysia Blockchain Week Wrap Up

In conjunction with the Malaysia Tech Week 19 (MTW19), a city-wide series of multiple events in Kuala Lumpur, has kicked off on Monday (17 Jun) and one of the most highly-anticipated events is Malaysia Blockchain Week (MBW19). It has brought together Blockchain delegates of tech startups, key regulators, investors, corporates and ecosystem partners from all around the globe.

“Blockchain is a high potential industry that will push our generation forward,” says Aaron Ting, the secretary of Access Blockchain Association Malaysia, “20% of GDP in USA is allocated to trust-depended industries. This problem can be solved by using Blockchain, a technology that can solve the lack of trust that is holding back our economy. Consequently, we will have vastly more efficient business models.” Conceptualized by MDEC, the event was sponsored by BLOCKON, one of the early pioneers in blockchain and cryptocurrency event, and various industry partners. The goal of this event is to encourage diversity, openness and inclusivity within the tech industry.

With the most representative invited, WorldQuest Holdings definitely caught the attention of the crowd with delegates from the department of Marketing, Compliance, Legal and Tech. One of the representatives is Matthew Paragasm, the Chief Operation Officer of WorldQuest Holdings. With a wide range of knowledge in the tech and electronics, he highlighted the importance of application of blockchain and implementing it through IoT (Internet of Things) devices. A few factors that adoption of IoT devices has been skyrocketing: the decrease in the manufacturing price of IoT devices, improvement of coverage speed, the advancement of battery charging technology and the rise of IoT wearables in the market. However, the security aspect has always been overlooked, he highlighted that users tend to put trust in companies to securely keep their data. With the decentralisation and immutability nature of blockchain, it can create a more secure data storing system, while at the same time creating a sharing economy model without having intermediaries. He believed that the potential of this technology spans a breadth of key areas including logistics, inventory management, supply chain, track and trace, automated micropayment and autonomous vehicle.

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