This chapter highlights the challenges, opportunities, and social impacts of blockchain technology in the creation of a vibrant STIE ecosystem for Malaysia. As a systemic approach, the 10-10 Malaysian Science, Technology, Innovation, and Economy (10-10 MySTIE) Framework outlines the applications of blockchain vis-à-vis nine other technologies in 10 socio-economic sectors or Malaysian Grand Challenges (MGC). As Malaysia embarks on socio-economic transformation into a knowledge-intensive economy by 2030, five challenges must be addressed before leveraging on the opportunities presented by blockchain innovations in the MGCs. The economic and social impacts of blockchain as a catch-up or leap-frogging technology can be further explored to raise the return on value and competitiveness in the corresponding 30 national niche areas. In conclusion, readers may benefit from experiential learning using the process flow for ecosystem development and templates for 8i ecosystem and collaborative platform for carbon footprint using blockchain innovations.
TopIntroduction
Blockchain Technology is one of the ten Science and Technology (S&T) drivers or enablers identified in the 10-10 Malaysian Science, Technology, Innovation and Economy (10-10 MySTIE) Framework to transform Malaysia into a knowledge-intensive economy by design. Blockchain technology refers to a digital ledger system that is democratic, incorruptible, efficient, verifiable and holds permanent record of every transaction of value among multiple economic agents (Academy of Sciences Malaysia, 2020).
As Malaysia embarks on socio-economic transformation by 2030, the creation of a vibrant STIE ecosystem is crucial to future-proof sustainable development and ensure inclusive socio-economic development. Hence, the 10-10 MySTIE Framework will be driving the economy in 30 national STIE niche areas with the goal “to improve Malaysia’s innovative and creative capability as a means of enhancing economic competitiveness and quality of life”. Launched on the 8th of December 2020 together with the National Policy on Science Technology and Innovation, the 10-10 MySTIE Framework is a systemic approach to transform Malaysia into a vibrant STIE ecosystem with the aspiration to become a high-tech nation by 2030. Thus, in contributing to the body of literature this chapter discusses how the 10-10 MySTIE can be operationalized and implemented effectively in a systematic way of assessing and stress testing the ecosystem continuously as suggested by Nair (2011). In line with the focus of this handbook, special attention is given on blockchain in refining and improving the ecosystem enablers in this comprehensive 10-10 MySTIE framework.
Therefore, the objective of this chapter is to explore the challenges, opportunities, and social impacts highlighted by the 10-10 MySTIE Framework in building collaborative platforms towards establishing vibrant innovation ecosystems across Malaysia. The chapter will focus on the applications of blockchain for economic competitiveness and growth based on the Framework through cohesive strategic collaboration as mandated by the National Blockchain Roadmap 2021-2025.
First, it will delve into the ten socio-economic drivers known as the Malaysian Grand Challenges (MGC) with corresponding 30 national niche areas focusing on the knowledge content as well as the dynamic capabilities in key economic sectors. Besides helping policy makers and government officials in identifying proper assistance for the rakyat (citizens) via relevant policies, the 10-10 MySTIE Framework provides a roadmap for academics and researchers seeking available public funding to move the ten socio-economic sectors to the next level by providing disruptive solutions and innovations using the ten S&T enablers.
Second, the chapter highlights five challenges in developing the blockchain ecosystem in Malaysia as well as hindrances to the applications of blockchain innovations in cross-sector integrations and collaborative platforms. As one of the S&T enablers to spearhead economic growth, blockchain innovations facilitate social and economic impacts of the niche areas on the socio-economic development in Malaysia. Along with the other technologies, blockchain innovations can become catch-up or leap-frogging technologies for raising the return on value and competitiveness of the MGCs.