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KUALA LUMPUR: My E.G. Services Bhd’s (MYEG) blockchain platform, Zetrix and China's Xinghuo Blockchain Infrastructure and Facility (Xinghuo BIF) have jointly introduced blockchain-based services that pave a major milestone in enabling cross-border business with China on the blockchain.

In a filing to Bursa Malaysia, MYEG said the two parties have introduced Blockchain-based Identifiers (BID)/Verifiable Credentials (VC) and Blockchain-based E-signing services to international markets.

The BID, an official decentralised identifiers (DID) method listed in the DID Specification Registry of the World Wide Web Consortium (W3C), is a new approach to realise decentralised identity based on Xinghuo BIF.

"The initial phase of the BID rollout will include the introduction of Chinese-related credentials, agreements and the corresponding legal frameworks that would serve as the foundation for the establishment of such agreements.

"Zetrix will connect Chinese parties signing on the domestic Xinghuo BIF network with their international counterparts signing on the Zetrix network,” MYEG said.

The BID service is an extension of the existing Xinghuo BID and Xinghuo Blockchain-based E- Signing services that were officially deployed in February 2022.

On Oct 12, 2021, a memorandum of understanding between the China Academy of Information and Communications Technology (CAICT) and MYEG, which established the Zetrix chain, announced the strategic cooperation framework between Xinghuo BIF and Zetrix as the international infrastructure to connect China’s Xinghuo network to international markets.

MYEG group managing director TS Wong said BIDs and VCs are critical building blocks of more interconnected Web3 services.

"They are the foundational tools that decentralised apps can call upon to deliver a myriad of new services that would unleash the full potential of blockchain platforms,” he said.

Meanwhile, trading in MYEG's securities was halted effective 2.30 pm and resumed trading from 3.30 pm today. - Bernama