MYEG, BUBI TO DEVELOP SUPERNODES FOR PUBLIC, PRIVATE BLOCKCHAIN NETWORK
KUALA LUMPUR, Sept 21 -- MyEG Services Bhd (MYEG) plans to partner with China's Bubi Technologies Co Ltd to build supernodes based on a blockchain platform.
Through a Malaysian-incorporated joint venture (JV), which will be 51 per cent held by MYEG, the partners will set up supernodes outside of China, including Malaysia, Indonesia, and the Philippines, among others, for an initial three-year period.
The supernodes will be based on a high-performance and highly compatible blockchain system that is developed by Bubi and being used by China’s recently launched national blockchain infrastructure, MYEG said in a statement today.
"These supernodes will offer both a public blockchain network, which is permissionless and open to anyone to participate, as well as a private blockchain network where participation will be restricted to permission entities typically required for business-to-business (B2B) use cases.
“The roll-out of innovations on the blockchain platforms by the JV will be carried out progressively, with the maiden commercial applications targeted to be launched by year-end," said MYEG.
It also said the partnership represents a particularly timely development given the impending commencement of the Regional Comprehensive Economic Partnership (RCEP), a free trade agreement comprising 15-member countries, including China, that collectively accounts for 30 per cent of global output.
"Verification of product origin and supply chain traceability are among RCEP’s key objectives," it said.
-- BERNAMA
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