LuxTag Entitled to Be the First Patented Blockchain Project of Malaysia

LuxTag Entitled to Be the First Patented Blockchain Project of Malaysia

With the blockchain and cryptocurrency industry fast establishing itself as a strong player of the financial industry, countries from around the globe have been at the forefront in placing themselves a notch higher in comparison to others. The recent times have seen active participation from the Southeast Asia region in the field of blockchain technology.

Malaysia, which is fast evolving as a strategic player in the new-age technology arena, has announced the LuxTag solution to be the only patented blockchain innovation project of the country. The announcement was made on October 31, 2019, when the LuxTag team graced the 3rd talk organized by the FEP department of UKM University. The event is channelized with an aim to create an objective for the sandbox project of the blockchain implementation within the UKM ecosystem. During the session, Mr. Rushdi Abdul Rahim, who works as the Senior Vice President of MIGHT, revealed the number of blockchain-oriented patents contributed by applicants from various countries.

The leader then inquired from the audience to make a good guess about the number of registered patents in Malaysia. Interestingly, the answer was one, LuxTag. On November 28, 2018, the LuxTag solution was bestowed upon with the Australian Innovation P, which rooted in the provisional US patent application from January 2017.

Though the blockchain industry is fast developing in Malaysia, there still remains an air of uncertainty in this regard. The registration of businesses is still a major concern in the country, which hampers the flourishment of the digital currency niche. In the future, it will be quite exciting to see how the number of patented blockchain products will increase in Malaysia, eventually resulting in the placement of the country as one of the strongest players of the blockchain industry.

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