Malaysia harnesses Oracle blockchain to ease doing business

Photo by Jack Robinson

MIMOS, the applied research and development centre under Malaysia’s Ministry of International Trade and Industry, plans to expand its collaboration with Oracle to explore how blockchain can be used to streamlining various processes and improve the ease of doing business in Malaysia.

MIMOS had initially experimented with Open Source Hyperledger and had completed a proof of concept with respect to traceability of palm oil. Wanting to broaden its experimentation, MIMOS approached Oracle for use of the latter’s cloud-based Oracle Blockchain Platform.

The resulting blockchain prototypes in development include cashless wallets, power distribution, and transaction origination.

These are in addition to product traceability, which explores how blockchain can help curb any potential food-related crises such as outbreaks and contamination by increasing the visibility and traceability of products in the supply chain.

“As the nation’s rapid transformation journey advances further into the Fourth Industrial Revolution, blockchain technologies can help drive greater growth in various sectors, and serve as potent enablers for Industry4WRD or the National Policy on Industry 4.0,” said MIMOS CTO Thillai Raj. “More specifically, we aim to drive change in the manufacturing sector by making the traceability process more transparent and immutable.”

Among the key features of the Oracle Blockchain Platform that drove its selection was its plug and play integration with existing business systems, which simplifies and shortens the set up processes and makes ongoing deployment easier.

Also of key importance was the platform’s enterprise-grade architecture, which ensures the best security, scalability, and performance characteristics required for production use. 

Additionally, being delivered as an open platform, it gives MIMOS the potential to more easily connect into other systems or Oracle applications should the need arises, like Oracle ERP Cloud for supply chain purposes or Oracle’s Autonomous Database, to gain deeper analytics capabilities, to simplify reporting by creating interactive dashboards and reports.