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Embracing blockchain as a tool for change

Blockchain technology is increasingly being employed in enterprises outside of the financial industry, and this trend is expected to continue in the future. By 2023, it is estimated that investment in blockchain technologies will reach US$16 billion per year on average. (Approximately RM68 billion). To put this in perspective, consider the fact that US$8.7 billion was invested in blockchain and cryptocurrencies in the first half of 2021. The Malaysian government is aiming to create a long-term environment for the country's technology and financial services industries in the next years. Founded in Singapore in July 2021 by Iskandar Investment Bhd as a wholly-owned subsidiary, the Ignite Global Innovation and Technology Exchange will be the world's first global innovation and technology exchange.

In Malaysia, IIB Ventures Sdn Bhd is in charge of the development of the blockchain industry's ecosystem. This is why BV@M has set a goal of creating a blockchain ecosystem in Medini City, Johor, as part of its overall plan to achieve this aim. Six regional and local blockchain players have collectively invested RM323 million and produced 1,045 employment, resulting in a total of 1,045 jobs. As an online will-creation tool, CreatedWills first appeared on the scene in 2018. Over the course of the year, the number of people who use CreateWills topped 12,000, making it the most widely used will-writing service in the world. As a result, the industry has struggled with the verification of wills and the litigation that has arisen as a result of them. We want to find a solution to this problem through the use of blockchain and other technologies.

Finterra's fintech company, which was launched earlier this year, is primarily focused on blockchain-based Islamic applications. Many waqf issues have been successfully addressed by the Waqf Chain, which is the company's flagship product. Operations have expanded in Malaysia, Singapore, Hong Kong, the United Arab Emirates, and India, among other places.

 

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