The government of Malaysia is in the latest blockchain news, this time for allegedly tapping Bitcoin for its three largest industries: palm oil, Islamic finance and renewable energy.
A new task force established by the Malaysian Industry-Government Group for High Technology (MIGHT) has been initiating the move to adopt blockchain in each one of these industries. The main aim is to increase the sustainability, transparency as well as logistical efficiency, as the report published last week stated.
MIGHT holds talks with energy companies in order to evaluate the ways in which they could using the blockchain to increase the renewable energy adoption. The transparent nature of the system means that they must declare how the electricity was generated for buyers to scrutinize.
The new blockchain adoption will allow buyers to choose to buy green or renewable energy only – whether from private owners (of solar panels) with excess energy or energy companies. The process, according to MIGHT, will be more efficient than sending energy over longer distances from non-local power stations.
Meanwhile, the Tenaga Nasional Berhad (TNB), which is Malaysia’s sole provider of utilities, has looked into blockchain solutions and the General Manager of Innovations said that the company has been holding workshops to identify use cases and discuss adoption with the business owners.
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