MyEG, Zetrix plans Q3 rollout of blockchain trade facilitation connection with China

MyEG, Zetrix plans Q3 rollout of blockchain trade facilitation connection with China


PETALING JAYA: MyEG Services Bhd via Zetrix Sdn Bhd is set to launch blockchain services for cross-border trade with China in the third quarter of this year, supported by a fully distributed international supernode and rigorous testing of native applications.

Zetrix senior advisor Datuk Fadzli Shah said they are confident of realizing the use case, pending assessments of privacy laws and non-blockchain related factors, stressing their commitment to work closely with the government to ensure a secure and scalable implementation of the technology.

“We have completed the international supernode two weeks ago. So we are fully deployed. Currently, we are in a phase where we are running all the native Chinese applications on the International Supernode to ensure it is stable. Apart from that, the integration with customs is on both sides. So we are sure that in the third quarter of this year we will be able to realize the use case, he said at a media briefing today.

However, the decision to proceed with a full production version allowing large-scale corporate exports or maintain it as a pilot will be made later, taking into account non-blockchain considerations such as data protection and related laws.

“However, we are working closely with the authorities to address these aspects and determine the optimal approach,” he said.

The blockchain project, which has been operating since May 2021, currently has 374,255 accounts, primarily for B2B customers.

“We are trying to deploy and publicize our B2B solutions, which are in the initial phase at the moment, so we will have a more accurate idea of ​​how many users we have on these platforms later as well,” he added.

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However, it is challenging to determine the exact number of users, as users have the ability to create multiple accounts.

Fadzli also said that it is 1000 times more energy efficient than the Bitcoin network, which means the gas payment or fee is also 1000 times cheaper than on the Bitcoin or Ether network.

“It’s actually hard for me to give an estimate, but relative to the transaction size, which is the size of the information that goes through in the blockchain, it (the fee) is very small.”

Going forward, Fadzli said that where it sees much of the growth will be on business to business adoption cases, concentrated on trade supply routes.

“It makes a lot of sense for us to know that, because I think if you look at it, China that decides that they are national blockchains remains only on land. But at the same time, China is the biggest mover in the Belt Road Initiative , essentially making it the largest trading partner for most countries in the world, Malaysia being one of those countries.

“So we see a unique opportunity where as a non-Chinese party we effectively connect the different countries to each other to China and later to each other,” he said.

According to its Linkedin account, Zetrix is ​​the international extension of China’s national blockchain network, the Xinghuo Blockchain Infrastructure and Facility. MYEG will work together with CAICT to establish Xinghuo BIF and construct backbone and supernodes around the world.

The international supernode in the blockchain infrastructure acts as a key point of connection and data transfer between different countries and their respective blockchain networks. In essence, it functions as a bridge, enabling secure communication and information sharing across national borders.

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