In a landmark move to digitalize and authenticate global documents, MY E.G. Services Berhad and China’s Guangxi Beitou IT Innovation Technology Investment Group Co., Ltd. have joined hands. Their aim? To leverage blockchain technology for cross-border verification, beginning with the digitalization of government-issued identity credentials.
At a live demonstration during the China-ASEAN Expo in Nanning, China, a new application was revealed. This platform can issue digital driving licenses, a significant first step targeting Chinese nationals, facilitating their acquisition of digitalized driving licenses via the Zetrix blockchain wallet.
For document bearers, this transformation isn't just about digitizing a license. It's a passport to global recognition – a way to prove both their driving prowess and identity.
Shuiping Lai, Beitou IT Innovation's Chairman, expressed the gravity of this venture: "This isn't just a partnership; it's an innovation. Blockchain's inherent features, like data security and immutability, can redefine cross-border interactions under legal bounds."
TS Wong, MYEG's Founder and Group Managing Director, reiterated the tangible benefits of blockchain. Beyond merely ensuring authenticity, the technology could usher a staggering billion users into the Web3 realm.
The novelty lies not just in the digitalization but also in the ease of authentication. Blockchain ensures that these credentials are immune to tampering, allowing third parties to verify their authenticity effortlessly and securely.
Driving licenses, often used as secondary identity documents, are critical in the global KYC framework. Recognizing this, MYEG and Beitou IT Innovation are setting sights beyond, hoping to digitize various vital documents, reducing document fraud risks.
Backed by Zetrix, a blockchain brainchild of MYEG, and supported by the national Xinghuo Blockchain Infrastructure, this venture assures a fluid cross-border document issuance and verification system.
Established in 2020, Guangxi Beitou IT Innovation Technology Investment Group Co., Ltd. champions the drive towards digital industry progression. While MYEG continues to be a frontrunner in the realm of digitalized cross-border trade, their partnership with Guangxi Beitou is a clear sign of their global vision.
Earlier this year, MYEG broadened its horizons with an agreement with East Logistic-Link Co., Ltd., aiming to offer comprehensive trade facilitation services. ZTrade, a brainchild of this collaboration, is already operational in Malaysia and the Philippines, eyeing further expansion across the ASEAN region.
In conclusion, this collaborative venture between MYEG and Guangxi Beitou isn't just about technological advancements; it's a stride towards a more interconnected, efficient global community.
