Malaysia’s anti-graft agency says it is turning to blockchain and artificial intelligence (AI) to fight corruption and fraud.
Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam noted that criminals are leveraging increasingly sophisticated tools to conduct corruption and fraud, and the government needs to capitalize on the latest emerging technologies to keep up.
Azam was speaking at the 3rd International Conference on Technology, Humanities, and Management in Fuvahmulah, Maldives, where he singled out ‘crypto’ fraud and scams, cybercrime, and AI misuse as some of the more challenging sectors for regulators in the digital age.
“Technological progress can actually be leveraged with the use of AI, including its use from the aspect of data analytics, as well as blockchain technology,” Azam stated, as reported by local outlets.
“Blockchain ensures immutable transaction records, while AI enhances data analytics, enabling the detection of fraud patterns and financial irregularities,” he added in his keynote speech.
Blockchain has been proposed as one of the most effective technologies to fight graft in the public sector. In addition to its immutable records, which restrict manipulation, blockchain’s transparent ledger boosts accountability. The technology also offers smart contracts, which enable the automation of public service processes and reduce the opportunities for corruption.
The Malaysian government has stepped up efforts to boost blockchain adoption over the past few years. A week ago, Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi revealed the government is exploring blockchain to enhance digital security. Earlier this month, Prime Minister Datuk Seri Anwar Ibrahim revealed that Malaysia was exploring blockchain and digital asset regulations and working with the United Arab Emirates government to tap its expertise in the field.
Malaysia has also integrated blockchain into a new digital identity ecosystem, which is offered through the MyDigital ID Superapp. The app, which includes a digital wallet, also allows Malaysian firms to integrate their services and tap its direct login feature. It’s built atop the Malaysia Blockchain Infrastructure, a national blockchain network built and maintained by MIMOS Berhad, the country’s national research and development center.
“This platform will simplify access to digital services while maintaining the highest standards of data security and user privacy. At the same time, it will enable businesses to unlock new opportunities and streamline their operations in the digital age,” commented Fadzli Shah, who heads MIMOS subsidiary, MYEG.
In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek’s coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI.
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