The Malaysia Automotive Institute (MAI) and Cryptovalley Malaysia (CVM) have signed a Memorandum of Agreement (MoA) to initiate Blockchain technology applications in the automotive sector.
The MoA serves as an enabler to the recently launched National Policy on Industry 4.0 (Industry4WRD).
The collaboration between MAI and CVM will prompt four immediate initiatives that will benefit the consumers, entrepreneur and environment. These initiatives are:
1. Ensuring proper distribution of original spare parts
To create digital identities to ensure genuine spare parts are properly circulated within the Automotive ecosystem. The value of the spare parts will be ascertained by the community to ensure prices of spare parts conform to market standards – ensuring safety and protection of consumer interests.
2. Providing alternative e-hailing platform for taxi transformation
Decentralised blockchain technology will bring benefits to the ride-sharing market in the area of security, transparency and also provide immutable evidence during dispute resolutions. Passengers also stand to benefit through the wider driver networks, receive additional tokens through consumer based recommendations and enhance the vetting of drivers within the network.
3. Introducing Reputation Economics 2.0 for After Sales and Service Sector
An ecosystem in which the After sales and Service sectors are based on the decentralized online ratings by end users. These ratings enhance the customer experience through better quality comparisons, through a user-driven database structure applicable to many areas within the After Sales and Service sectors.
4. Reducing the carbon footprint of commercial vehicles
Creating unique digital profiling for commercial vehicles, allowing enhanced carbon footprint calculations through the application of blockchain technology. This is in line with the promotion of Energy Efficient Vehicles (EEV) in line with National Automotive Policy (NAP).
Developing critical mass of talent in cryptography technology
Apart from the initiatives above, the MoA serves as a stepping stone for the development of an expert pool in cryptography technology in Malaysia, through the establishment of specific programs for the automotive community to plan, implement and manage blockchain technology within their respective fields.
Source: Press Release