Indonesia is stepping up its tech game with active research and development on blockchain technology. The country is looking to use blockchain tech in various sectors to overcome data management challenges.
According to the Director of Financial Innovation of Indonesia’s Financial Services Authority (FSA), Fithri Hadi, the FSA has a team solely dedicated on exploring the endless possibilities of blockchain tech, most especially to the financial services industry.
Some of the applications for blockchain tech the government thought of so far include:
- Accountability improvement to reduce graft
- Verification of information of farm subsidy recipients
- Microloan programs and subsidy disbursement
- Election result verification
Private institutions in Indonesia are also looking into using blockchain tech for their operations. Bank Central Asia (BCA), the largest private bank in the country, is reported to have invested 200 billion Indonesian Rupiah ($15 million) into FinTech startups.
Bank Mandiri, the country’s second largest bank is planning on integrating blockchain tech to trade financing but are currently awaiting regulatory guidelines.