SophiaTX blockchain chosen to accelerate development of Malaysia’s automotive industry

The team of SophiaTX, a blockchain for business, has announced they have been selected to push forward blockchain initiatives for the Malaysian automotive and mobility sector with the signing of a Memorandum of Agreement between Crypto Valley Malaysia and Malaysian Automotive Institute.

On November 27, 2018, a Memorandum of Agreement was signed between Malaysia Automotive Institute (MAI) – an agency under the Ministry of International Trade and Industry (MITI) – and Crypto Valley Malaysia (CVM) – a hybrid exponential technologies research and innovation center. The main purpose of this collaboration is furthering blockchain technologies and initiatives aimed at pushing forward the national Industry4WRD policy.

Utilizing the SophiaTX Blockchain, integrated with enterprise systems such as SAP, the two sides are focused on improving supply chain efficiency and transforming the after-sales and service sectors through reputation economy 2.0.

“Through the deployment of SophiaTX blockchain, we aim to deliver greater efficiencies, enable higher collaboration along the value chain and reimagine new business models, especially when it comes to ownership and use of shared assets,” said Co-founder of CVM, Effendy Zulkifly.

The SophiaTX Blockchain will be principally used to address common automotive challenges, such as the opaque end-to-end supply chain visibility, providing insights into current and planned demand along with tracking critical items, inventory, delivery times, improper management of order changes, and limitations of supply at any desired level of the product hierarchy.

Using the blockchain, information shared in such complex multi-tier supply chain ecosystems will be streamlined, and maximum accuracy and availability of information for all included parties will be secured. Committed to embracing integrated blockchain innovations, SophiaTX seeks to enable the industrialization of the businesses, leading to significant productivity increases.

Speaking on the occasion, here’s what Dato’ Madani Sahari, CEO of Malaysia Automotive Institute (MAI), had to say:

“As the industry begins to recognize the immense potential of blockchain and how it can redefine the automotive industry, it is essential for governments and businesses alike to adapt as technology evolves through strategic partnerships to make transportation more efficient, affordable, accessible, safer, and greener. This is what we would like to advance together with CVM and we’re pleased to be part of this collaboration.”