SophiaTX, a Swiss-based blockchain platform, has signed a Memorandum of Understanding (MoU) with a Hybrid Exponential Technologies research and innovation centre, Crypto Valley Malaysia, expressing their readiness to bridge the gap in the industry 4.0 value chain in ASEAN by advocating the use of blockchain technology to create more efficient, lean and productive enterprise ecosystems.

The MoU was signed by the APAC Regional Director of SophiaTX, Choo Kok Weng and President of Crypto Valley Malaysia, Koh How Tze, and witnessed by Secretary General of Crypto Valley Malaysia, Effendy Zulkifly and Director of Youth Development of Crypto Valley Malaysia, Haidar Darus respectively.

Under the agreement, SophiaTX will offer technologies, resources, capacities, and expertise in blockchain technology to support and improve the uptake of new technologies by companies through the provision of proper training and shared services to the industry. Both organizations will develop and deploy innovative technologies to support business principals, CEOs, entrepreneurs and innovators in major industries, from the government to manufacturing and healthcare.

Speaking about the partnership, Koh said, “As the industry is readying itself to embrace blockchain technology, enterprises have a mammoth task at hand to upskill and reskill its resources. Our partnership with SophiaTX is a great synergy and a major step not only to support strategic enterprise transformation through the adoption of the highly scalable and robust SophiaTX platform, but also to accelerate the blockchain journey through the creation of real-world industry knowledge and innovation.”

According to Choo, the partnership is an encouraging step forward to realize the potential of the SophiaTX platform and advance its application to the next level of maturity. Other areas of collaboration include exploring and integrating IoT, wearables, smart devices, analytics, big data, robotics, and artificial intelligence in order to allow traditional ERP systems to evolve into hybrid enterprise systems with new digitally enabled business functions and processes which enhance enterprise agility and independence.

“Blockchain is a relatively new technology that will soon transform numerous applications and services we use today, however, many companies are still struggling to wrap their heads around the benefits of adopting the revolutionary technology and determine how they can apply it in their businesses. Through this partnership, we aim to not only address these challenges through the development of blockchain and emerging technologies that are in line with industry needs, but also generate an industry-ready workforce that consistently meets the demands for disruptive enterprise innovations and expertise,” added Choo.

The partnership is expected to reap the strengths of SophiaTX and Crypto Valley Malaysia in R&D oriented projects and further solidify both companies’ blockchain technology and talent solutions required by industries in ASEAN.