Malaysia and China have signed an agreement in which the two countries explore the potential for improved cross-border applications of blockchain technology powered by artificial intelligence (AI).
Times of Startups reports that the project is a joint research effort between China’s Academy of Information and Communication Technology (CAICT) and Malaysia’s University of Malaya (UM). The details show that the blockchain infrastructure for research will be provided by the layer-1 distributed ledger platform Zetrix, chosen for its privacy and security features.
Both parties are keen to leverage the intersection of AI and blockchain to revolutionize cross-border trade in Southeast Asia. AI and DLT have been touted as the main drivers of the Fourth Industrial Revolution and have recorded impressive adoption rates over the past five years, but experts say there is a lack of research integrating both technologies. I’m here.
“Incorporating AI into ongoing research activities opens up a whole new realm of possibilities,” said Dr. Saaidal Razzalli Azzuhri, Principal Investigator at UM. “We hope that the synergistic combination of AI and blockchain technology will lead to breakthrough advances that will greatly increase the efficiency and security of cross-border trade.”
Cross-border money transfers in Southeast Asia are plagued by several challenges, including 48-hour delays in payments and high fees. The majority of Southeast Asian countries have started looking into using Central Bank Digital Currencies (CBDC) to sidestep this challenge.
Several international organizations are making valiant attempts to streamline cross-border trade between Southeast Asian countries. A prominent example is the Asian Development Bank’s completion of a proof-of-concept for a regional cross-border bond settlement scheme.
The latest research agreement between China and Malaysia is part of China’s government-to-government (G2G) initiative led by the Ministry of Science and Technology (MOST).
Relying on AI Amid Growing Concerns
Despite growing concerns about the use of AI, some countries are beginning to rely on AI to improve government processes. In the European Union, Romania introduced AI bots to advise governments on policy, and the Philippines announced a strategy to use AI to crack down on human traffickers.
Despite its myriad uses, critics remain skeptical about copyright, privacy, and bias concerns associated with widespread use of AI. Several jurisdictions, including the EU, are pushing regulations to guide the safe use and development of AI, with a particular focus on clear labeling of AI-generated content.
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