BUSINESS

ACO TECH, GENO, MARII EXPLORE BLOCKCHAIN USE FOR EV INFRASTRUCTURE

19/02/2024 04:02 PM

KUALA LUMPUR, Feb 19 (Bernama) -- Smart mobility provider ACO Tech Sdn Bhd has inked a memorandum of collaboration (MoC) with Geno Group Ltd and Malaysia Automotive, Robotics and IoT Institute (MARii) to explore the use of blockchain solutions for Malaysia’s electric vehicle (EV) infrastructure.

In a joint statement today, the partners said this makes the EV sector the first to leverage blockchain technology on an industry-wide scale in Malaysia.

Blockchain solutions relating to smart contracts, digital traceability management of the supply chain, tokenomics solutions, and privacy protection technologies will be explored to complement the e-mobility service platform, the foundational layer to help accelerate the development of Malaysia’s EV infrastructure.

The initiative can help ensure data privacy and ownership, and enable data monetisation, the statement said.

“The collaborative expertise and capabilities of ACO Tech, Geno, and MARii will address concerns associated with owning an EV such as the scarcity of charging ports and inconsistent charging rates, the statement said.

Blockchain technology empowers EV makers, service providers, owners, and users to engage interactively via a tamper-proof decentralised ledger system, reducing costs and enhancing user experience, the statement said.

This approach helps to reduce costs, enhance user experience and confidence, and establish seamless tracking and maintenance records, the statement said.

ACO Tech chief executive officer Li Pu said the partnership paves the way to accelerate and expedite a comprehensive and conducive EV ecosystem with a security emphasis.

“Malaysia can position itself as a leader in the EV revolution in Southeast Asia,” he said.

MARii CEO Azrul Reza Aziz said blockchain solutions address the EV sector challenges and lay the groundwork for a secure and scalable infrastructure. 

Geno CEO Zhang Yi Ian said the partnership signifies the first industrial-grade application of a blockchain solution.

The alliance is in line with the New Industrial Master Plan 2030 and the National Energy Transition Roadmap.

-- BERNAMA

 

 


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