Indonesia’s Public And Private Sectors Actively Exploring Blockchain

Indonesia’s Public And Private Sectors Actively Exploring Blockchain

In Indonesia, a country with 250 million people living across 17,000 islands, both the private and public sectors are actively exploring blockchain technology to overcome challenges managing data for everything from food output to election results to trade financing.

The government has clearly taken a leadership role in exploring blockchain technology. Fithri Hadi, the director of financial innovation for the country’s Financial Services Authority, said the regulator has a dedicated team to study how blockchain technology can help the country’s financial services industry, Reuters reports.

Improving Government Accountability

Government policymakers also hope the technology can reduce graft in the country’s public programs, one of several areas where blockchain could be used to improve accountability.

Estimates on harvest production, for example, face the risk of being overstated since farm subsidies are allocated based on previous year’s harvests. The estimates are hard to verify. The government is also exploring using the technology to verify information from fund recipients.

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Finance Minister Sri Mulyani Indrawat said her staff is investigating the use of blockchain technology for microloan programs and subsidy disbursement and to identify those groups who need government benefits.

Improved Election Verification

Blockchain technology can also improve the verification of election results.

Horizon State, an Australia based polling service, intends to introduce a phone app on Sumatra island in Indonesia in July, allowing direct polling of local policy issues.

Horizon State’s community engagement platform allows constituents, including staff citizens or members, to participate in collaborative decision-making processes for greater economy, decentralization and convenience. The polling system could reduce voting fraud and address issues for countries with populations dispersed across Indonesia’s islands, said Nimo Naamani, Horizon State’s co-founder.

Jamie Skella, the chief product officer for Horizon State, recently welcomed participants to the first regional Global Forum on Remittances, Investment, and Development — Asia-Pacific to vote in the RemTECH Industry Choice Award, calling the event a great opportunity to encourage discussion about the merits and use cases of blockchain technology.

AUTHOR – Lester Coleman

Culled from CCN

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