Malaysia is lagging in blockchain development due to poor cryptography skills to drive the technology forward across different sectors in the country, according to Mark Pui, an advisor at MW Partners Group Holdings Pte Ltd.
During the LSE ReCode Tech Conference 2019, Pui noted that the country has failed to keep up with blockchain development like other countries, although there is still limited adoption of technology around the world.
“I think the progress of blockchain technology in Malaysia is slow. When you measure blockchain technology adoption, and it’s progress, I think we need to evaluate it on how it is being adopted by people in everyday life,” he added.
Pui further highlighted that excellent cryptography skills are quite necessary for the formation of codes that result in the underlying protocols behind blockchain, which they do not possess.
“I think the reality is we do not have cryptography skills, and that impacts our ability to lead in the development of the blockchain technology,” Pui said.
In addition to acquiring a cryptography skill as a solution, Pui suggested that the potential benefits which come with blockchain need to be elaborated among business enterprises in Malaysia.
Although, the public awareness about blockchain may not be of much importance to businesses in the country, “but maybe business awareness on the potential of the technology is more important than retail awareness,” Pui told the audience.
While speaking on developments so far in Malaysia, he noted that the banking sector is currently embarking on blockchain for remittance and trade financing. He believes that blockchain application will be more of other uses than it is about speculative cryptocurrencies.
For cryptocurrencies, however, the Malaysian Ministry of Finance said in October that domestic crypto adoption in the country is still relatively low, despite significant steps taken by the country’s multinational firms to boost adoption.