Blockchain, a distributed database that maintains a continuously growing list of ordered records, appeared for the first time on the release of whitepaper “Bitcoin: A Peer to Peer Electronic Cash System” in 2008. It is now known as one of today’s biggest ground-breaking technologies with potential to impact every industry from financial to manufacturing to educational institutions.
By its initial presence sticked to Bitcoin, there are many who believe that Bitcoin and blockchain are one and the same, while actually they are not. Around 2014, those who started to realize that blockchain could be used for more than cryptocurrency started to invest in and explore how blockchain could alter many different kinds of operations. Entrepreneurs understoo the power of blockchain, they started to believe that there was a stream of investment and discovery to see how blockchain could impact supply chains, healthcare, insurance, transportation, voting, contract management and more.
Since the previous 11 years, blockchain has been progressing to evolve by following innovations:
The innovations are enabling other sectors, beyond cryptocurrency, to utilize this transparent, traceable and secure technology for a more wide-range business. Starting supply chain management, quality assurance, accounting, smart contracts, voting, stock exchange energy supply and peer-to-peer global transactions. And it doesn’t stop at private companies, but also in authoritized powerful parties called as governments.
Take a look at Dubai’s blockchain strategy which is about to issue all government documents on blockchain by 2020. Further, Hongkong had approached its IT departements and regulatory leadership to build an experiment on a blockchain-sandbox around specific pain points afflicting Hong Kong: mortgage applications, trade finance, and digital identity. Singapore, similarly, created a blockchain-sandbox with fintech startup the Monetary Authority of Singapore to test financial instruments and the tokenization of fiat currency. The trends and initiatives from such countries also brought others to start exploring use cases for blockchains and distributed ledgers and regulatory environments supportive of blockchain companies like United States, United Arab Emirates government, United Nations Development Programme and also UNICEF in the form of hackathons.
What about Indonesia? Despite the banning of bitcoin use, the government of Indonesia welcomes the adaptation of blockchain for a more efficient and reliable frameworks for Indonesia’s technology. Banks in Indonesia have shown their interests by starting to have talks on blockchains for their financial technology specifically to record contract requirements, trading documents, obtaining mortgage, validate identity and syndicated loans.
The ecosystem is also supported by Indonesian startups taking crucial roles to build a trust in blockchain by founding Asosiasi Blockchain Indonesia (Indonesian Blockchain Association) recently on 21 March 2018. There are 6 companies initiating this association with purposes to unite the blockchain players in Indonesia, support government in regulation making and help people to identify credible blockchain companies.
By the fast-paced developments of blockchain around the world, industries are now pushed to utilize blockchain as its core technology for a more secure and efficient to both clients and companies.
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