tl;dr
Malaysia's anti-graft agency is turning to blockchain and AI to combat corruption and fraud, citing the need to leverage emerging technologies to address sophisticated criminal activities. The government has been exploring blockchain for digital security and regulations, integrating it into a new di...
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Malaysia's anti-graft agency is turning to blockchain and AI to combat corruption and fraud, citing the need to leverage emerging technologies to address sophisticated criminal activities. The government has been exploring blockchain for digital security and regulations, integrating it into a new digital identity ecosystem and national blockchain network. The integration of enterprise blockchain is seen as crucial for AI to operate within legal boundaries and tackle growing challenges effectively.
Malaysia’s anti-graft agency says it is turning to blockchain and artificial intelligence (AI) to fight corruption and fraud. Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam noted that criminals are leveraging increasingly sophisticated tools to conduct corruption and fraud, and the government needs to capitalize on the latest emerging technologies to keep up.
Azam was speaking at the 3rd International Conference on Technology, Humanities, and Management in Fuvahmulah, Maldives, where he singled out ‘crypto’ fraud and scams, cybercrime, and AI misuse as some of the more challenging sectors for regulators in the digital age.
“Technological progress can actually be leveraged with the use of AI, including its use from the aspect of data analytics, as well as blockchain technology,” Azam stated, as reported by local outlets. “Blockchain ensures immutable transaction records, while AI enhances data analytics, enabling the detection of fraud patterns and financial irregularities,” he added in his keynote speech.
Blockchain has been proposed as one of the most effective technologies to fight graft in the public sector. In addition to its immutable records, which restrict manipulation, blockchain’s transparent ledger boosts accountability. The technology also offers smart contracts, which enable the automation of public service processes and reduce the opportunities for corruption.
The Malaysian government has stepped up efforts to boost blockchain adoption over the past few years. A week ago, Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi revealed the government is exploring blockchain to enhance digital security. Earlier this month, Prime Minister Datuk Seri Anwar Ibrahim revealed that Malaysia was exploring blockchain and digital asset regulations and working with the United Arab Emirates government to tap its expertise in the field.
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