As Malaysians welcome a newly elected government, they look forward to this government’s initiatives to improve the country’s economic and regulatory landscape. With the concerns of mismanagement and manipulation, technology enthusiasts believe adopting blockchain technology will address these concerns and drive Malaysia to be a greater, just and prosperous nation.
In a nutshell, blockchain technology is a form of decentralized records management with a consensus system, which provides reliable, transparent, trustworthy, traceable and tamper proof data management. These capabilities can facilitate and drive initiatives to better track and manage various sectors:
Better Fund Management
With blockchain technology being transparent and tamper proof, funds and assets can be represented digitally, allowing them to be better managed on the blockchain and can be traced to its source.
Blockchain technology work with a fair and transparent consensus system, this ensures transactions are done fairly and with consent.
Efficient Tax Management
By having better fund management and curbing corruption, tax management becomes easier; there will be no errors due to human calculation and individuals on the blockchain cannot evade or under declare taxes.
Identities can be represented in digital form and include various other information such as medical history, licenses, credentials and many more in a secured and private manner. With the information available, governments, authorities and businesses can simplify processes, engage better with its citizens and ensure regulatory compliance.
Goods and Services Tracking
Goods and services represented digitally can greatly reduce cost by automating processes for a more efficient workflow, allowing better tracking, intervention or execution in between the supply chain as deemed necessary.
Blockchain technology has immense potential to improvise many industries and landscapes for the betterment of a nation.