June 28, 2023
By Sharan Kaur Phillora
Malaysia and China have entered into a groundbreaking partnership aimed at harnessing the potential of artificial intelligence (AI) to enhance the cross-border application of blockchain technology.
Here’s what we know:
The collaboration brings together the Chinese Academy of Information and Communications Technology (CAICT) and Malaysia’s Universiti Malaya (UM), bolstered by the blockchain infrastructure supplied by Zetrix, a layer-1 distributed ledger platform recognized for its strong privacy and security features.
The joint venture aims to exploit the synergistic power of AI and blockchain, technologies hailed as key drivers of the fourth industrial revolution, to transform cross-border trade in Southeast Asia. Despite the impressive adoption rates of AI and Distributed Ledger Technology (DLT) in recent years, there has been a noticeable lack of research into the convergence of these two technologies.
Dr. Saaidal Razalli Azzuhri, UM’s lead researcher, anticipates that the innovative pairing of AI and blockchain will result in breakthroughs that significantly increase the efficiency and security of cross-border trade.
This project is particularly vital considering the current challenges faced in Southeast Asia’s international remittances, which are marred by delays and exorbitant charges. A growing number of Southeast Asian countries are considering the use of Central Bank Digital Currencies (CBDCs as a solution to these challenges.
This research partnership is a part of the government-to-government (G2G) initiative led by China’s Ministry of Science and Technology (MOST). It follows global trends where AI is increasingly being relied upon to enhance government processes, notwithstanding the ongoing concerns about copyright, privacy, and bias linked to widespread AI use.
As such, jurisdictions like the European Union are implementing regulations to ensure the safe use and development of AI.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.