KUALA LUMPUR: Blockchain technology can be effective against corruption because it is a transparent and immutable ledger system, the Dewan Rakyat was told.
Syerleena Abdul Rashid (PH-Bukit Bendera) said that blockchain technology offered great potential to revolutionize Malaysia's industries, as it ensured greater trust, transparency, and security in the digital economy.
"From facilitating secure financial transactions to increasing transparency in the halal supply chain, blockchain streamlines processes and reduces fraud, thus empowering businesses of all sizes," she said during the debate of Budget 2025 here on Monday (Nov 25).
She added that other countries such as Georgia and Estonia have successfully implemented blockchain solutions in collaboration with tech firms, the former to protect land registration records and the latter to protect public data.
Syerleena urged the government to keep up with global developments, actively participate in the blockchain ecosystem through talent development, and cooperate with local and international companies to accelerate the adoption of blockchain.
She said that by 2030, blockchain technology was estimated to reach US$961.6bil globally.
"New technologies such as artificial intelligence and blockchain are transforming the global economy, and Malaysia must seize the opportunity to lead in these fields," she said.
She said the National Blockchain Roadmap 2021-2025 outlined ambitious initiatives, including the establishment of the Malaysia Blockchain Infrastructure and the Blockchain Acceleration Hub.
“Could the ministry provide an update on the progress of these programmes?" she said.
She also asked if the government has plans to initiate research or open dialogue on the integration of blockchain solutions into government processes.
Deputy Science, Technology, and Innovation Minister (Mosti) Datuk Mohammad Yusof Apdal said during his winding-up speech that Syerleena's suggestions will be considered.
