Zetrix, a layer 1 public blockchain platform of Malaysia-based MY E.G. Services Bhd, has on last Saturday announced the launch of its groundbreaking Digital Credentials platform, ushering in a new era of secure, convenient, and interoperable credentials verification.
MY E.G. said in a statement that this innovative solution addresses the challenges of traditional paper-based credentials, offering a range of benefits that will transform the way individuals, organizations, and governments interact in the digital realm.
The launch marks the commercialization of the collaboration announced on September 18, 2023 between Malaysia’s MY E.G. Services Berhad and China’s state-owned Guangxi Beitou IT Innovation Technology Investment Group Co Ltd (Beitou), the information technology (IT) arm of Guangxi Beibu Gulf Investment Group listed as one of China’s Top 500 enterprises.
According to the statement, the service initially will be offered to domestic China nationals who can choose to digitize their national ID or driving license as a verifiable credential (VC) on Xinghuo International, the international gateway for China’s national Public Blockchain.
Through Zetrix, which is integrated with Xinghuo, the national ID or driving license VC can then be presented abroad to be authenticated by any verifier wishing to verify the relevant identity or driving license data according to their needs.
Beitou IT’s integration to China’s nationwide police and transport department databases ensures seamless authentication and digitization of the documents into VCs.
Furthermore, in view of the immutability of blockchain, verifiers will have the assurance of knowing that the VCs and all data contained in the document are true and genuine.
It is foreseen that besides IDs and driving licenses, other important credential documents held by individuals or businesses would also be digitized as VCs in the near future.
According to MY E.G., the use of digital credentials, with the initial pilot of driving licenses based on blockchain technology will significantly enhance security and combat counterfeiting of electronic licences.
By leveraging on thesSelf sovereign identity (SSI) framework, Zetrix’s Digital Credentials platform enables the real time verification of documents digitized as VCs, providing a robust defense against fraud and forgery.
“In addition to ensuring authenticity, documents digitized as VCs offer the ability for selective disclosure or confirmation of data. For instance, document holders can have their age or their home location verified without actually having to provide their date of birth or full address,
“This is extremely useful as it protects raw user data from being shared unless absolutely necessary, thus reducing the possibilities of cyber attacks,” explained TS Wong, Founder of Zetrix.
Lai Shuiping, Chairman of the Board of Guangxi Beitou IT Innovation Investment Group Co.,Ltd, Lai Shuiping, said the China-ASEAN digital driving license cross-border verification platform is jointly developed by Beitou IT and MYEG.
“The platform will continue to expand into providing more convenient services for communication between citizens of China and ASEAN countries, and promote economic development across the entire region,
“In future, Beitou IT will further strengthen cooperation with Malaysian enterprises in the field of transportation digitalization, and promote continuous improvement of intelligent transportation in ASEAN countries,” he added.
According to the statement, Zetrix’s digital credentials platform also leverages a multi-chain e-wallet that is able to store Zetrix’s native tokens as well as VCs from Xinghuo International and Ethereum.
This feature facilitates seamless cross chain transactions and simplifies identity and document verification across multiple scenarios, enhancing the experience for travelling individuals.
It is also noted that the digital credentials service exemplifies the World Wide Web Consortium (W3C) standards of VCs and decentralized identifiers as self-sovereign identity.
This will be a key catalyst to enable a greater interoperability across blockchains and decentralized applications.
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability.
Its cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy.
Developed by MY E.G., the cross-border and cross-chain integration with China enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as blockchain-based identifiers (BID) and VCs.
Beitou IT stands as a wholly owned subsidiary of Beibu Gulf Investment Group, boasting total assets exceeding RMB 300 billion.
Established in October 2020 with a registered capital of RMB 1 billion ($140 milion), Beitou IT has emerged as the foremost digital company in Southwest China.
Beitou IT strategically concentrates on four primary business domains: ITAI project implementation and operation, information technology (IT) product research and development (R&D), integration and sales, and the development of New Infrastructure.
Over the past three years, Beitou IT has successfully undertaken numerous government and enterprise-level projects encompassing digital government, digital transportation, digital port, smart court, and enterprise digitalization.
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