TL;DR:
- Malaysia and China have joined forces to explore the integration of artificial intelligence (AI) into cross-border blockchain applications.
- The collaboration involves China’s Academy of Information and Communications Technology (CAICT) and Malaysia’s Universiti Malaya (UM).
- The research project will utilize the blockchain infrastructure provided by Zetrix, a layer-1 distributed ledger platform known for its privacy and security features.
- The aim is to leverage the synergies between AI and blockchain to enhance the efficiency and security of cross-border trade in Southeast Asia.
- The partnership is part of China’s government-to-government (G2G) initiative led by the Ministry of Science and Technology (MOST).
Main AI News:
In a groundbreaking collaboration, Malaysia and China have solidified a strategic alliance to explore the potential of integrating artificial intelligence (AI) into the cross-border application of blockchain technology. The initiative, which aims to revolutionize cross-border trade in Southeast Asia, is set to leverage the expertise of China’s Academy of Information and Communications Technology (CAICT) and Malaysia’s renowned institution, Universiti Malaya (UM).
Under the partnership, the research project will be facilitated by Zetrix, a layer-1 distributed ledger platform known for its exceptional privacy and security features. This blockchain infrastructure will provide the foundation for in-depth analysis and experimentation, enabling researchers to delve into the intersection of AI and blockchain with unparalleled precision.
Both parties involved are eager to uncover the untapped potential of merging these two transformative technologies. AI and distributed ledger technology (DLT) have independently garnered significant attention and adoption over the past half-decade, but their integration remains an underexplored domain. By fusing the capabilities of AI and blockchain, researchers anticipate groundbreaking breakthroughs that will enhance the efficiency and security of cross-border trade.
Dr. Saaidal Razalli Azzuhri, the lead researcher from UM, expressed his enthusiasm, stating, “The incorporation of AI into our ongoing research work opens up a whole new realm of possibilities. We expect that the synergistic combination of AI and blockchain technology will lead to breakthroughs that greatly enhance the efficiency and security of cross-border trade.”
This collaborative effort is particularly significant in light of the challenges faced by Southeast Asian countries in facilitating international remittances. The region has grappled with lengthy settlement delays of up to 48 hours and exorbitant transaction fees. To address these obstacles, several countries have started exploring the use of central bank digital currencies (CBDCs). Nevertheless, there remains a pressing need for innovative solutions that can streamline cross-border transactions effectively.
Recognizing this urgency, various international entities have stepped forward to tackle this issue head-on. The Asian Development Bank, for instance, recently concluded a proof-of-concept for a regional cross-border bond settlement scheme, aiming to expedite and simplify transactions among Southeast Asian nations.
China’s government-to-government (G2G) initiative, spearheaded by the Ministry of Science and Technology (MOST), plays a pivotal role in facilitating the research collaboration between China and Malaysia. By fostering international partnerships and knowledge exchange, this initiative aims to propel technological advancements and promote cross-border cooperation.
The reliance on AI, despite growing concerns, is a testament to its potential to enhance governmental processes worldwide. In the European Union (EU), Romania has pioneered the deployment of an AI bot to advise the government on policy matters, while the Philippines has unveiled a comprehensive strategy that harnesses AI to combat human trafficking.
Nevertheless, critics remain cautious about the implications of widespread AI adoption, raising concerns about copyright infringement, privacy breaches, and bias. To address these apprehensions, jurisdictions such as the EU are actively formulating regulations to govern the responsible use and development of AI, emphasizing the importance of clearly labeling AI-generated content.
Conclusion:
The collaboration between Malaysia and China to explore the integration of AI into cross-border blockchain applications signifies a significant step forward in the market. By combining the expertise of both nations and leveraging the capabilities of AI and blockchain, this partnership has the potential to revolutionize cross-border trade in Southeast Asia. The research and breakthroughs resulting from this collaboration could pave the way for more efficient and secure transactions, addressing the challenges faced by Southeast Asian countries in international remittances. This development underscores the growing importance of AI and blockchain technologies in transforming business processes and highlights the need for continued investment and research in this field.
