MYEG PARTNERS CHINA'S BEITOU IT INNOVATION TO SHOWCASE DIGITAL IDENTITY CREDENTIALS SERVICE ON THE ZETRIX BLOCKCHAIN
Service To Provide Secure Method to Verify Authenticity of Credentials Digitally and Help Eliminate Document Fraud
PETALING JAYA, Malaysia, Sept. 18, 2023 /PRNewswire/ -- MY E.G. Services Berhad ("MYEG") and China's state-owned Guangxi Beitou IT Innovation Technology Investment Group Co., Ltd. ("Beitou IT Innovation") has entered into a collaboration to leverage on the Zetrix blockchain to offer cross-border credentials verification services, paving the way for the digitalisation of vital documents, including major government-issued identity credentials.
Harnessing the power of the blockchain, the partners conducted a public demonstration of an application that enables the issuance of digital driving licences as verifiable credentials, starting with Chinese nationals. The demonstration was held at the China-ASEAN Expo on 16-20 September in Nanning, capital city of south China's Guangxi Zhuang Autonomous Region.
Through the application, holders of Chinese-issued driving licences would be able to apply online to obtain a digitalised version of their documents in the form of a Verified Credential stored on the Zetrix blockchain wallet.
The availability of a verifiable digital version of driving licences would represent significant convenience for holders as their credentials could be presented anywhere in the world, not only to prove their driving competence, but as confirmation of their identities.
Chairman of Beitou IT Innovation Mr. Shuiping Lai said: "The collaboration with MYEG is a key step of our ASEAN business development. The digital cross-border credential verification platform based on the international blockchain infrastructure is a very meaningful attempt for both MYEG and Beitou IT Innovation's professional digital teams. By leveraging the features of blockchain such as immutability and data security, this platform is able to provide the convenience to the cross-border communications of China-ASEAN people under the premise of legal complince."
TS Wong, founder and Group Managing Director of MYEG added: "We continue to build real-world Web3 applications leveraging on its unique functionality of ensuring the authenticity of digitised documents, including identity credentials and trade documents. Such applications will be the driver to bring 1 billion users to Web3."
Digitalisation of the driving licence on the blockchain would enable any authorised third party anytime and anywhere to confirm the authenticity of the credentials as genuinely-issued by the respective authorised authority. As the unique mechanism of the blockchain secures data against tampering and falsification, parties seeking to verify credentials can rest assured that unlike physical documents which may be susceptible to forgery, counterfeiting and other forms of fraudulent activities, digital credentials on the blockchain are trustworthy, genuine, and verifiable in real-time.
Such features are particularly critical for credentials like driving licences which are commonly used in many jurisdictions worldwide as a secondary of identity documentation, including as part of mandatory Know Your Customer ("KYC") processes.
Beyond driving licences, the collaboration between MYEG and Beitou IT Innovation intends to progressively enable the digitalisation and verification, on the blockchain, of all types of documents that are presently still available only in physical form and where authenticity and accuracy are of critical importance.
In doing so, the partners aim to provide a much-needed solution to simplify and expedite customer onboarding, transactional or service delivery processes through digitalisation, without compromising on safety and security, whilst contributing towards eliminating incidents of document fraud and falsification.
The services to be offered through the collaboration leverages on the cross-border capabilities of Zetrix, a Layer-1 blockchain developed by MYEG that also hosts the international supernode of China's national Xinghuo Blockchain Infrastructure and Facility, thus enabling mutual cross-border issuance and verification of Verificable Credentials on Zetrix and Xinghuo International.
Established in October 2020, Beitou IT Innovation, a wholly-owned subsidiary of Guangxi Beibu Gulf Investment Group Co., Ltd, which is listed as one of China's Top 500 enterprises, focuses on spearheading digital industry development. Recognized as a national scientific and technological innovation demonstration enterprise, Beitou IT Innovation undertakes the transfer and implementation of emerging IT technologies in Guangxi. It also manages the operations of the China-ASEAN Information Port Beitou Digital Technology Park.
This latest initiative aims to further solidify MYEG's position as a pioneering enabler and innovator in the digitalisation of cross-border economic and trade processes, especially between China and the rest of the world. In March, MYEG signed an agreement with East Logistic-Link Co., Ltd, a wholly-owned agency of the General Administration of Customs of the People's Republic of China ("GACC"), to jointly provide a full suite of cross-border trade facilitation services that include certificates of origin on Zetrix. The service, known as ZTrade, is being deployed in Malaysia and the Philippines, with efforts underway for its expansion into other nations across ASEAN and the Regional Comprehensive Economic Partnership region.
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix's cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy.
Developed by MY E.G. Services Bhd, the cross-border and cross-chain integration with China enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).
About MY E.G. Services Bhd ("MYEG")
MYEG is Malaysia's premier digital services company. Having commenced operations in 2000 as the flagship e-government services provider, MYEG continues to play a leading role in driving technological change in the region, bringing a diverse and complete range of innovations spanning the online delivery of major government services to a variety of commercial offerings in the areas of immigration, automotive, healthcare and financial services, among others.
Committed to staying firmly at the forefront of the region's digital revolution, MYEG has embraced the potential of blockchain technology to enhance all aspects of life and is actively pioneering its adoption across its main markets. MYEG has operations in key regional markets such as the Philippines and Indonesia.
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SOURCE MYEG; Zetrix
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