MY E.G. Services and Guangxi Beitou Forge Partnership for Blockchain-Backed Credentials Verification September 18, 2023 September 18, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsSeptember 18, 2023 by Kelly Cromley

MY E.G. Services and Guangxi Beitou Forge Partnership for Blockchain-Backed Credentials Verification

MY E.G. Services Berhad, in collaboration with China’s state-owned Guangxi Beitou IT Innovation Technology Investment Group Co., Ltd., has embarked on a strategic partnership aimed at harnessing the potential of blockchain technology to provide cross-border credentials verification services. This initiative represents a significant step toward the digitalization of crucial documents, including government-issued identity credentials.

During a public demonstration held at the China-ASEAN Expo in Nanning, China, the partners showcased an application capable of issuing digital driving licenses as verifiable credentials. This groundbreaking endeavor initially targets Chinese nationals, offering them the convenience of obtaining a digitalized version of their driving licenses through the Zetrix blockchain wallet.

MY E.G. Services and Guangxi Beitou Forge Partnership for Blockchain-Backed Credentials Verification

The introduction of digital driving licenses holds immense value for document holders, as it enables them to present their credentials globally, serving not only as evidence of their driving proficiency but also as proof of their identity.

Beitou IT Innovation’s Chairman, Mr. Shuiping Lai, emphasized the strategic significance of this collaboration, stating, “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 convenience to the cross-border communications of China-ASEAN people under the premise of legal compliance.”

Driving License Digitalization Marks a Milestone in Cross-Border Credential Verification

MYEG’s Founder and Group Managing Director, TS Wong, further elaborated on their commitment to utilizing blockchain technology for real-world applications, emphasizing the technology’s capability to ensure the authenticity of digitized documents, including identity credentials and trade documents. Wong articulated that such applications could potentially attract one billion users to the Web3 ecosystem.

The digitalization of driving licenses on the blockchain introduces a transformative element in the verification process, allowing authorized third parties to confirm the authenticity of credentials anytime and anywhere. Thanks to the blockchain’s inherent security mechanisms, digital credentials remain impervious to tampering and counterfeiting, assuring parties involved in verification processes of their reliability and real-time verifiability.

Enhancing Document Authentication and Security through Blockchain Innovation

This level of security and trust is particularly vital for documents like driving licenses, which often serve as secondary forms of identity documentation across multiple jurisdictions and are integral to Know Your Customer (KYC) processes.

Beyond driving licenses, the collaboration between MYEG and Beitou IT Innovation envisions extending digitalization and blockchain-based verification to various physical documents where authenticity and accuracy are paramount. This endeavor aims to simplify and expedite customer onboarding, transactions, and service delivery processes through secure digitalization, ultimately reducing incidents of document fraud and falsification.

The services arising from this collaboration leverage the cross-border capabilities of Zetrix, a Layer-1 blockchain developed by MYEG, which also hosts China’s national Xinghuo Blockchain Infrastructure and Facility’s international supernode. This infrastructure facilitates seamless cross-border issuance and verification of Verifiable Credentials on Zetrix and Xinghuo International.

Guangxi Beitou IT Innovation Technology Investment Group Co., Ltd., established in October 2020, operates as a wholly-owned subsidiary of Guangxi Beibu Gulf Investment Group Co., Ltd., a prominent enterprise listed among China’s Top 500. Beitou IT Innovation focuses on driving digital industry development and serves as a national scientific and technological innovation demonstration enterprise. It actively facilitates the transfer and implementation of emerging IT technologies in Guangxi and manages the operations of the China-ASEAN Information Port Beitou Digital Technology Park.

This strategic initiative solidifies MYEG’s position as a pioneering force in the digitalization of cross-border economic and trade processes, particularly between China and the global community. In March, MYEG entered into an agreement with East Logistic-Link Co., Ltd., an agency of the General Administration of Customs of the People’s Republic of China (GACC), to jointly offer comprehensive cross-border trade facilitation services, including certificates of origin through Zetrix. The initiative, known as ZTrade, is currently deployed in Malaysia and the Philippines, with expansion plans in progress across ASEAN and the Regional Comprehensive Economic Partnership region.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.