In Indonesia, a country with a population of 250 million and 17,000 islands, both in individual organizations and in the public sector, is actively exploring blockchain technology to overcome areas ranging from food production to election results to trade finance. Various data management challenges.
The government has clearly played a leading role in exploring blockchain technology. Reuters reported that Fithri Hadi, head of financial innovation at the Financial Services Authority in Indonesia, said regulators have a dedicated team to study how blockchain technology can help the country's financial services.
Blockchain Technology Improves Government AccountabilityGovernment policy makers also hope that this technology will reduce corruption in national public projects, which is one of several areas in which blockchain can be used to increase accountability.
For example, estimates of harvested production are subject to overestimated risks as agricultural subsidies are allocated based on the harvest of the previous year. These estimates are difficult to verify. The government is also exploring the use of this technology to verify the information of fund recipients.
Indonesian Finance Minister Sri Mulyani Indrawat said her staff is developing R&D blockchain technology for microfinance projects and subsidy spending and identifying those who need government subsidies.
Blockchain technology improves election verificationBlockchain technology can also improve verification of election results.
Australian-based polling service company Horizon State plans to launch a mobile app in Sumatra, Indonesia, in July, allowing direct investigation of local policy issues.
Horizon State's community engagement platform allows voters, including employee citizens or members, to participate in a collaborative decision-making process to grow the economy faster, decentralize and provide greater convenience. Horizon State co-founder Nimo Naamani said the voting system would reduce voting fraud and address the problem of over-spreading Indonesian island populations.
Jamie Skella, Horizon State's Chief Product Officer, recently welcomed participants in the first regional global forum for remittance, investment, and development in the Asia Pacific region to vote on the RemTech Industry Choice Awards, saying the event was an encouragement to discuss the benefits of blockchain technology and A good opportunity for use cases.
Blockchain technology rises in private companiesSome private events are also in full swing throughout the country.
Online tax filing solution Online Pajak has launched a blockchain-based application that allows customers to share encrypted tax data with the Treasury and banks. Online Pajak founder Charles Guinot said the tool will prove to taxpayers for the first time that they have paid taxes.
OnlinePajak provides another layer of identity for the election results. The user creates an API key to authenticate the market, then creates a user ID and adds the new user to the list of users in this market. Rico Usthavia Frans, head of digital banking and technology at Mandiri Bank, Indonesia's second-largest bank, said the bank is exploring the use of blockchain technology for trade finance. Banks are currently awaiting guidelines from regulators.
At the same time, Indonesia's largest private bank, the Bank of Asia (BCA), has invested 200 billion rupees (about 15 million US dollars) in financial technology startups and companies. The bank is building Central Capital Ventura, which owns 100% of the new capital venture company. According to an official statement submitted by BCA to the Indonesian Stock Exchange, these investments will directly benefit BCA and its financial services in the country.
Blockchain technology has also been introduced into other emerging markets, such as Estonia, which has been deployed in the country since 2012. Base applications include justice, legislation, national health and business code systems.
Iwan Djuniardi, Director of Transformation Technology at the Indonesian Taxation Office, warned that Indonesia's adoption of this technology may be slower because it takes time to manage changes. Even cloud technology is still controversial in the country.
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