MY EG Services (MYEG) has just signed a partnership with China-based Bubi Technologies to build supernodes across the globe based on a high-performance and highly compatible blockchain system developed by Bubi.
MYEG stated that these supernodes will provide both public and private blockchain networks, with each of them serving distinct purposes. The public blockchain network will be permissionless and is open to anyone for them to participate. As for private blockchain network, only permission entities that typically deal with B2B matters are authorised to access it.
The partnership between MYEG and Bubi, which covers the development of supernodes outside of China, including in Malaysia, Indonesia and the Philippines, among others, is exclusive for an initial three-year period.
MY EG Services
The Malaysian group added that Bubi — which is China’s leading blockchain technology provider — is actively participating in the ongoing development of China’s national blockchain infrastructure by deploying its widely used protocol for the network.
MYEG also said that the private blockchain will be able to transform the regional supply chain financing for the better. It enables product traceability and verifiability, as well as the immutability of records. This generates greater trust, accountability and transparency, and enabling faster, cheaper and more efficient supply chain financing.
The innovations on the blockchain platform are expected to be rolled out progressively, with the maiden commercial applications slated for launch by the end of 2021.