Four Industries Poised For Blockchain Disruption In Indonesia
Earlier this week, the Korean cryptocurrency exchange Coinone announced that it will expand into Indonesia in May. The move is only the latest indicator of Indonesia’s growing stature as a potential hub for fintech growth and innovation, and it’s showing particular promise for new applications of blockchain technology.
As has been the case elsewhere, interest in blockchain in Indonesia evolved from initial excitement around cryptocurrencies . Though the future of digital currencies remains opaque in many ways, blockchain is now seen as a potential major disruptor in many industries, not just in financial services. Indonesia’s blockchain leaders are eager to take advantage of the opportunities the technology presents.
“There has been an amazing explosion of interest in the past 18 months, initially driven by the cryptocurrency sector, but morphing into interest in actual tech applications recently,” says Pandu Sastrowardoyo, chairman of the board of directors at Blockchain Zoo.
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She attributes the interest in part to the Financial Services Authority (OJK) and the Indonesian central bank’s recent remarks regarding the use of blockchain in banks. In January, OJK prohibited banks from selling cryptocurrencies but said it supports the development of new fintech platforms. Last month, Blockchain Zoo and several other companies formed Asosiasi Blockchain Indonesia, the first industry association of its kind in the country.
Steven Suhadi is the chairman of the association and co-founder of Blockchain Space Asia, which runs blockchain, distributed ledger and cryptocurrency-focused coworking spaces in Southeast Asia. He says the association emerged from a need for proactive partnerships and solid information about what is happening with the technology. “There is a lot of information and sometimes misinterpretations out there may hinder the growth of the ecosystem,” Suhadi says. Asosiasi Blockchain Indonesia aims to facilitate proactive dialogue between companies and policymakers so as not to slow down progress in the space.
To understand what some of the opportunities are, I asked Sastrowardoyo, Suhadi and their peers about what lies ahead and which sectors to watch in Indonesia. Here’s what they predict: