KUALA LUMPUR, Apr 23, 2024 - (ACN Newswire) - Masverse Sdn. Bhd., a pioneering blockchain specialist company, today announced the launch of MasChain, a transformative platform designed to revolutionise the digital ecosystem for government, enterprises, and industries by enhancing the security and trustworthiness of transactions via Proof of Authority (PoA).

Leveraging the first PoA chain, MasChain is set to democratise blockchain technology by providing revolutionary token digitalisation solutions across government and industry, unlocking the full potential of blockchain applications to practitioners and users for the protection of assets on the chain. Through the Substrate core framework and pallets smart contracts as modular components, MasChain can provide flexibility and stability. Network scalability is achieved via the PoA consensus mechanism, which greatly simplifies the entire process and unlocks the possibility of future blockchain applications.

The launch was witnessed by Mr. Danesh Jothiprahasam, Head of Domestic Digital Investment of Malaysia Digital Economy Corporation (MDEC) and Mr. Chew Kian Kok, Chief Executive Officer of Masverse.

Masverse signed two Memorandums of Agreement with GamBit Group Sdn. Bhd. for enhanced custodian wallet services and TCF ecosystem and Intelligence Traceability Sdn. Bhd. for halal compliance and recycling product traceability services. Masverse also signed five Memorandums of Understanding with Vero AI Sdn. Bhd. To establish E-Halal Hub Ecosystem within ASEAN countries, Jabo Plantation Sdn. Bhd. for smart farming, traceability and tokenisation of the Jaboticaba Plantation, JomStay Digital Technology Sdn. Bhd. to enhance tourism, Accelerator Resources Sdn. Bhd. for a membership programme, and Asia Digital Bank Ltd in Web3 development across financial solutions across ASEAN and Islamic Union countries.

Founded in Malaysia, Masverse is at the forefront of digital innovation, creating a Layer 1 blockchain infrastructure and a Web3 ecosystem that promises to bridge the gap between current technologies and a future where digital advancements are universally beneficial. MasChain is designed to cater to various needs and applications, from financial technology (fintech), halal traceability, education, retail and supply chain management to digital identity and beyond, and for authorities and businesses to benefit from a blockchain solution. Their certification platforms and Islamic Financial Solutions also aim to empower individuals and businesses to thrive in the digital era by fostering blockchain use to be approachable and useful for everyone nationwide.

In an effort to facilitate blockchain adoption in the country, MasChain offers meaningful integration and onboarding based on the client's use case, powered by an Ethereum Virtual Machine (EVM) compatible chain with a versatile service layer application programming interface (API). This approach enables a wide range of services, from token management services to non-fungible token (NFT) and audit trail services, encapsulated within a secure, Blockchain-as-a-Service (BaaS) framework. MasChain gives governments and businesses seamless integration while strengthening network security and reducing complex technological transformation. Key Islamic compliance is achieved with halal traceability and supply chain solutions, ensuring transparency in the transaction lineage.

Lee Jie, the Tech Lead of Masverse said, "Today, we stand on the brink of a new era, one where the innovative use of public permissioned blockchain technology is set to redefine the operational frameworks of enterprises and governments alike. MasChain redefines the approach to identity verification, transaction security, and information storage, tailored to meet client-specific needs, thereby digitally transforming Malaysia's cyber landscape."

Jothiprahasam of MDEC said, "The inception of MasChain is a testament to the innovative spirit that thrives within our nation and the broader digital ecosystem. At MDEC, we are deeply committed to nurturing and propelling Malaysia's digital economy, emphasising inclusivity, sustainability, and growth. MasChain aligns perfectly with our mission, embodying the potential of technology to create not just economic value but societal progress as well."

"MasChain's approach, a public permissioned blockchain specifically tailored for enterprises and governments, marks a significant leap forward in how we envision the role of digital technologies in governance, commerce, and societal wellbeing."

Topic: Press release summary
Source: Masverse
Sectors: Blockchain Technology, Metaverse, Games
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