Illustrative image (Photo: Azmilaw) Kuala Lumpur (VNA) - Globally, the usage of blockchain technology spans beyond cryptocurrencies, said Asso. Prof Afizan Bin Azman from the Taylor’s University of Malaysia.
In his article, Azman wrote that created in 2008, blockchain is a decentralised ledger that can be used to verify and trace multi-step transactions in health care, retail, supply chain, financial industries, and more. Having reduced compliance costs and speed-up data transfer processing, users can also confirm secure transactions using this technology, without the requirement for a central clearing authority.
Malaysia started its efforts in blockchain technology in 2015, with the Securities Commission (SC) and Bank Negara Malaysia (BNM) as important parties in the movement.
Moving forward, the Malaysian Industry-Government Group for High Technology (MIGHT) has stated that Malaysia will be adopting blockchain by 2025 and many banking institutions are requested to explore and adopt this technology into their financial systems.
As medical data is a highly privacy-sensitive element, blockchain’s distributed ledger technology in health care makes it easier to transfer patient medical records securely, improve health care data security, control the medication supply chain, and aid genetic code study in the medical field, therefore ensuring medical data integrity and privacy in Malaysia.
Blockchain technology can also help with medicine shortages through proper analysis at hospitals. Through analysis with untampered data, it can help to solve issues in the pharmaceutical supply chain by establishing proof of ownership, the scholar wrote./.
