Universiti Malaya is now one step ahead in embracing the technological advances as it teamed up with MyEG to invest in blockchain research and an e-wallet on its campus.

In a memorandum of understanding (MoU) signed with the Malaysia’s e-government services provider, UM will now exchange knowledge and mutual consultations relating to the organising of events and education activities with MyEG.

MyEG will also work with UM to develop and implement educational material, promote awareness events, organise joint research projects and support development programmes in these fields.

Apart from that, both parties will work on the development and delivery of marketing and education campaigns and materials on the benefits of blockchain and e-wallet technology, which are targeted at creating awareness among stakeholders, consideration, and demand.

“The parties themselves will bear any costs that arise during the implementation of the MoU, unless otherwise agreed for each individual case and will be agreed upon in separate contracts,” MyEG said in a statement.

It added that the MoU is valid for a five-year period and is subject to revision upon mutual agreement.

Blockchain is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly. Meanwhile, e-wallet refers to an electronic device or online service that allows an individual to make electronic transactions.