January 23, 2025 – MIMOS’s Blockchain Governance event had attendees fully engaged as a panel of industry leaders discussed the importance of authority in the blockchain landscape.

Aiming to ensure compliance and trust, this insightful session explores how the authority interacts with the ever-evolving blockchain technology.

Moderator Syed Zahirudin Syed Zaid from MIMOS Berhad, also underscored the needs to look into challenges posed by this recent technology adoption.

The Evolving Role of Authority in a Decentralized Environment

Decentralized landscape presents several challenges such as fraud and scams, resulting in Malaysians viewing it as a potentially risky field.

“Despite the risks, Malaysia remains one of the most progressive countries in adopting blockchain technology,” said Koay Seong Jiann, the CFO of MASVERSE Malaysia.

He emphasized how blockchain does help improve system operations, making processes more effective and efficient. He believes that while authority may change, blockchain can still enhance trust and transparency.

How To Ensure Compliance?

As blockchain technology continues to expand, compliance becomes increasingly crucial, particularly in sectors including finance, healthcare, and beyond. As these innovations become more embedded in our daily lives, fostering trust among users is the key to overcome skepticism and embrace the potential of blockchain.

Ensuring compliance in the blockchain world requires a careful balance between authority and decentralization.

“There’s always a silver lining between authority and decentralized platforms,” said Jae Shaun, Head of Unit at CRADLE Funds.

The challenge lies in the fact that policies struggle to keep track with blockchain’s rapid growth. When regulations are too strict, the innovation process becomes hindered and it limits the technology’s potential to transform industries.

Addressing this matter would require regulators to adopt flexible, forward-thinking approaches that allows room for experimentation, while still tackling the risks posed by it. Collaborative work among the blockchain community will ensure that compliance goes smoothly.

Role Of Authority In The Future

As time progresses, people are increasingly seeking trust and credibility in products offerings.

Panelist Norazman Mat Ali from MIMOS Berhad added,

“Nowadays, people are always looking for product trust. The originality of durians are a prime example; we want to know where it originated from, and it’s variation.”

He also noted that ESG is also one of the emerging trends currently, focusing on matters including sustainability, green initiatives, and the circular economy.

As consumers demand more transparency, blockchain can verify these efforts, helping to build trust in brands and their environmental claims.

Photo By Forward Malaysia