Blockchain specialist company Masverse has unveiled the introduction of MasChain, an innovative platform aimed at transforming the digital landscape for government, enterprises, and industries. This platform is designed to elevate the security and reliability of transactions through the utilization of Proof of Authority (PoA).
MasChain, the pioneering PoA chain, is poised to democratize the realm of blockchain technology by offering groundbreaking solutions for token digitalization in government and industry sectors. This initiative aims to unlock the full potential of blockchain applications, safeguarding assets on the chain for practitioners and users alike. By leveraging the Substrate core framework and pallets smart contracts as modular components, MasChain ensures both flexibility and stability. The adoption of the PoA consensus mechanism enables network scalability, streamlining the entire process and paving the way for future blockchain applications.
The official launch event was graced by Mr. Danesh Jothiprahasam, Head of Domestic Digital Investment at Malaysia Digital Economy Corporation (MDEC), and Mr. Chew Kian Kok, Chief Executive Officer of Masverse.
Furthermore, Masverse has solidified partnerships through two Memorandums of Agreement with GamBit Group Sdn. Bhd. for advanced custodian wallet services and TCF ecosystem, as well as Intelligence Traceability Sdn. Bhd. for halal compliance and recycling product traceability services. Additionally, Masverse has entered into five Memorandums of Understanding with Vero AI Sdn. Bhd.
As a trailblazer in Malaysia, Masverse is spearheading digital innovation by establishing a Layer 1 blockchain infrastructure and a Web3 ecosystem. This initiative aims to bridge the existing technological gap, ensuring that digital advancements are universally advantageous. MasChain is tailored to address diverse needs and applications, ranging from financial technology (fintech) to halal traceability, education, retail, and supply chain management, extending to digital identity solutions. The platform is envisioned to empower authorities and businesses with a comprehensive blockchain solution. Moreover, their certification platforms and Islamic Financial Solutions strive to make blockchain utilization accessible and beneficial for individuals and businesses nationwide.
In a bid to promote blockchain adoption in the country, MasChain offers seamless integration and onboarding based on the client’s specific use case. This is made possible through an Ethereum Virtual Machine (EVM) compatible chain supported by a versatile service layer application programming interface (API). This strategic approach facilitates a wide array of services, encompassing token management, non-fungible tokens (NFTs), and audit trail services within a secure Blockchain-as-a-Service (BaaS) framework. MasChain streamlines integration for governments and businesses, bolstering network security and simplifying complex technological transitions.
Lee Jie, the Tech Lead at Masverse, emphasized, “Today heralds a new era where the innovative application of public permissioned blockchain technology is poised to redefine operational frameworks for enterprises and governments. MasChain revolutionizes identity verification, transaction security, and information storage to cater to client-specific requirements, thereby reshaping Malaysia’s digital landscape.”
Jothiprahasam from MDEC remarked, “The introduction of MasChain underscores the innovative ethos thriving within our nation and the broader digital ecosystem. At MDEC, we are dedicated to nurturing Malaysia’s digital economy, emphasizing inclusivity, sustainability, and growth. MasChain perfectly aligns with our mission, embodying technology’s potential to drive economic value and societal progress.”
He further added, “MasChain’s approach, a public permissioned blockchain tailored for enterprises and governments, represents a significant advancement in reimagining the role of digital technologies in governance, commerce, and societal well-being.”