Blockchain technology is being more and more adopted by companies and Asia seems to be one of the major key regions in this development. We’ve previously talked about Malaysia as one of the best countries for blockchain technology startups. Today, we’re bringing you four examples of blockchain based-platforms made right here in Malaysia.

• Blockcord

Blockcord, developed by AgmoStudio, is a mobile application enabling users to manage their records digitally. Based on blockchain, Blockcord allows users to control who has access to their personal records as well as who can edit them. All modifications and logins are registered so that the user can know when changes were made and by who. This application was made for users to store any kind of records including educational certificates, medical files, public documents (certificate of birth, marriage…), property transactions and many more. Blockcord’s first aim is to ensure data integrity, high reliability and to preserve privacy.

• Hellogold (GoldX)

HelloGold, a Malaysian based fintech company, has recently launched its blockchain-based product, GoldX. Made for crypto investors, GoldX is a digital token that can be traded with Bitcoin or Ethereum. This gold-backed cryptocurrency is the world’s first Syariah-compliant crypto. GoldX earned the certification thanks to its transparency, security, and speed of transactions. The platform gives crypto dealers the opportunity to trade gold, the oldest stable coin in the world.

• Islamic financing app

Zakat can be defined as a form of tax implemented in Muslim countries and is part of one of the four pillars of Shariah. Muslim people have to give money to official institutions that will distribute this money to those who need it the most. However, challenges arose when it comes to the management and transparency of the given money.

To address these issues, representatives at the International Centre for Education in Islamic Finance (INCEIF) partnered up with Dublin-based financial technology company, AidTech, and the International Federation of Red Cross and Red Crescent Societies to create an Islamic social financing application based on blockchain technology. The app was well-received as it won first prize in a competition organized by the Islamic Development Bank Group and the IE Business School in Madrid in 2018. When app users want to donate zakat, they simply have to choose the school of thought they follow in the list provided by the app. After answering a few questions about where they want the money to go, they can choose what project it will be used for. Thanks to blockchain, their transactions are secure and transparent.

• LuxTag

Nowadays, counterfeiting is one of the biggest economic problems in the world. In order to solve this issue, LuxTag® created a mobile application that enables customers to register their assets on the blockchain, thus deterring counterfeit. LuxTag operates in a wide range of industries including Education, FMCG, Art, Fashion, Luxury. Based on the NEM blockchain, our anti-counterfeit solution enables users to get digitized proof of ownership of their valuables and ensures their authenticity by creating a digital representation on the blockchain.

Find out more about LuxTag solution here: https://luxtag.io/solution/

Even if Blockchain technology is still relatively unknown to the general public, businesses see its potential and have started to implement it, developing products and services on it. Thanks to its versatile nature, blockchain can be used in very diverse industries which makes it easy to enforce. Moreover, thanks to a growing startup scene, Malaysia seems to have become a blockchain hub in South East Asia. For sure, innovative blockchain-based solutions will see the light of day in this country. So you better keep an eye on Malaysia!

®“LuxTag”, Trademark registered.