Blockchain adoption is in trend right from the dawn of 2017. Regulators with financial institutions from developing countries are since deploying resources for the feasibility of the blockchain platform. Around the space, firms are sprouting up to facilitate the growth and adoption of Blockchain Technology.
Indonesia is the recent nation to play a move towards enhancing the blockchain technology within its jurisdiction. The country launches its initial blockchain hub aiming to pursue the same purpose!
Last Thursday, Indonesia saw the grand launch of its first Indonesia Blockchain Hub. This hub will be a space dedicated to the development and promotion of blockchain technology. However, this initiative is a joint venture of some big players from Indonesia’s financial system including:
- Creative Economy Agency (BEKRAF)
- Indonesian Chamber of Commerce (KADIN)
- Indonesian Blockchain Association (ABI)
- Hara, Blockchain for social impact project
Indonesia Blockchain Hub
The Indonesia Blockchain Hub acts as the gateway to the growing blockchain ecosystem in Indonesia for all global and Indonesian projects. The mission of Indonesia Blockchain Hub is
- Unite the Indonesian blockchain community,
- Serve and drive innovation,
- Offer education to all stakeholders in the Indonesian blockchain ecosystem.
Additionally, this will be a platform for local and international blockchain firms to convey and spread knowledge. The CEO of HARA, Regi Wahyu says:
This is a historical moment for Indonesia. This indicates that Indonesia is ready for blockchain technology. Indonesia Blockchain Hub will have a massive effect on how blockchain ecosystem will emerge in Indonesia.
He also added that Indonesia is a giant market in Southeast Asia, and hence, there exist several opportunities that are yet to explore. However, the organization is going to address the existing challenges associated with blockchain adoption in Indonesia. Additionally, they will also provide education to the public.
Some recent challenges experienced were describing the socio-economic influence of blockchain for regulators, business, and society in general. Regi Wahyu also stated:
We believe that data transparency as enabled by blockchain technology will help the bottom of the societal pyramid to improve their welfare … [which] will lead to improvements in business and economic performance.
However, he thinks that there is a platform requirement that can enhance awareness and understanding of the blockchain technology. According to Regi Wahyu, this Indonesia Blockchain Hub will establish
- Meeting provision for blockchain actors,
- Training space for beginners,
- Co-working place for blockchain entrepreneurs
This way space can be an incubator to create new ideas supporting the economy of Indonesia. The Indonesia Blockchain Hub is said to unite with the Indonesian Blockchain Association. Also, this association was launched in March by six blockchain companies operating in Indonesia.
The member of the supervisory board at ABI, Yos Ginting says:
We believe that the set-up of a place like Indonesia Blockchain Hub will accelerate the exchange of information. Also, it can be used to [help] make Indonesia a country that will reap the benefits [of blockchain technology] as early as possible.
The vice chairman at BEKRAF, Ricky Persik also states that by implementing blockchain technology in the sector of business, Indonesia can stance more competitive. However, the government institutions including postal service have already started implementing blockchain technology into multiple services.
Additionally, the launch of Indonesia Blockchain Hub proves to be a great leap ahead for the blockchain technology development in Indonesia.