Indonesia Welcomes Blockchain Hub

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Indonesia Blockchain Hub Launches
Indonesia Blockchain Hub Launches

The Indonesia Blockchain Hub was launched on Thursday by the Creative Economy Agency (BEKRAF), the Indonesian Chamber of Commerce (KADIN), the Indonesian Blockchain Association, and blockchain-based agritech startup Hara.

Indonesia Blockchain Hub
Indonesia Blockchain Hub launch, @PundiXLabs, Twitter

The organization said it will act as a “gateway to Indonesia’s growing blockchain ecosystem” and a platform for local and international blockchain industry players to network and share knowledge.

“Indonesia is a huge market in Southeast Asia and the world, and there are so many opportunities to be explored here,” said Hara’s CEO and founder Regi Wahyu, who is also one of the founders of the Indonesia Blockchain Hub.

The organization will also address existing challenges in adopting blockchain in Indonesia, and provide education to the public.

“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,” he said.

“Based on Hara’s experience … there remain challenges in explaining the socio-economic impact of blockchain for business, regulators, and the society in general. There is a need for a platform that can help improve awareness and understanding of the technology.”

Wahyu added that the Indonesia Blockchain Hub will create a meeting facility for blockchain actors, a training place for beginners, and a co-working space for blockchain entrepreneurs.

“That way, the place can be an incubator for creating ideas that can support Indonesia’s economy,” he said.

The Indonesia Blockchain Hub joins the Asosiasi Blockchain Indonesia (Indonesian Blockchain Association), an organization launched in March. The association was founded by six blockchain companies with operations in Indonesia: Blocktech Indonesia, Blockchain Zoo, Indodax (formerly Bitcoin Indonesia), Indonesian Blockchain Network, Luno, and Pundi X. It is pushing for favorable regulation for the sector.

In the past years, blockchain technology has become a new trend in the Indonesian financial sector. Former finance minister Chatib Basri has said the technology can bring real impacts to the acceleration of the Indonesian economy and even advised banks to issue “their own digital currency.”

Ricky Persik, vice chairman of BEKRAF, has said that by implementing blockchain technology in the business sector, Indonesia could become more competitive.

Government institutions such as the postal service has begun implementing blockchain into several services.