With the rapid developments of the digital currencies which take advantage of blockchain technology, more and more banks and the governments in the world start looking into how to leverage this technology and make the transaction more efficient and transparent.

Six Indonesian blockchain companies work together

To facilitate the acceleration of blockchain technology adoption in Indonesia, Asosiasi Blockchain Indonesia (A-B-I) officially kicked off its operation on March 21. Founded by six blockchain companies including Pundi X, Blocktech Indonesia, Bitcoin.co.id, Blockchain Zoo, Luno, and Indonesian Blockchain Network, A-B-I is a place for entrepreneurs and businesses to innovate, progress and create a leading blockchain technology ecosystem in Indonesia. It will also play a role to assist the government officials and stakeholders to realize the potential of this technology and contribute the economic growth of Indonesia.

Pundi X, Indonesia’s leading blockchain company, sees the potential of the blockchain industry, and the use of digital currencies. The company has launched the solution in order to solve the challenges of most blockchain and Fintech industry facing today, the mainstream adoption.

Smartphone penetration across the nation is expected to hit 92.0 million users by 2019, almost double the initial figure of 55.4 million users in 2015. This alone is a positive indicator of the potential for an alternative form of transaction for those that have trouble accessing traditional banking services. However, there are still half of the population in the country not being able to access internet through mobile devices.

Blockchain startups provide solutions to solve the challenges of digital transaction

Thanks to the development of NFC technology, digital currency can now be stored via an offline method, such as a physical card for everyone to use without having a mobile phone. Now more and more blockchain-based companies, such as Pundi X, recognize that blockchain will potentially improve and solve the current challenges of digital transaction and work together to contribute increasing the financial inclusion in the country.

“Digital currency is one of the common use cases of blockchain technology because the system is secure and trackable. Blockchain can not only handle monetary transactions — it can even handle all kinds of information and provide support for cities to grow. A proper regulated environment is needed for all the stakeholders work together will help the industry to grow.” says Constantin Papadimitriou, President of Pundi X.

Regulation, education, innovation, and collaboration to accelerate adoption of blockchain technology

“Indonesia has to move fast to create an ecosystem where it can develop and grow. It’s exciting that we are witness to a new world to explore, but in exploring it — we have to lay down a solid foundation, and that means implementing proper rules and standards to make sure that the blockchain industry exists harmoniously with the Indonesian laws,” he continues.

The importance of setting standards is essential in protecting all parties in the long run, the fledgling industry will be allowed to grow without constant objection from lawmakers, while the government will be able to ensure that it — and it’s people — is protected. This aspiration is the basis of the establishment of A-B-I (Asosiasi Blockchain Indonesia).

The network aims to foster the growth through ‘regulations, education, innovations, and collaborations’, which is spearheaded by Pundi X and other pioneers of Indonesia’s blockchain Industry. A-B-I is committed to cooperate closely with all stakeholders, both the government and non-government, including but not limited to the Ministry of Industry, the Ministry of Trade, Badan Ekonomi Kreatif, BI, OJK, PPATK and Asosiasi Fintech Indonesia.

“I’m proud to say that Pundi X and other industry leaders are working together to establish A-B-I. Things are moving quickly for the Indonesian blockchain industry.The association will play a key role to partnered up with the government to lay down the policies needed to foster the industry’s growth,” Papadimitriou explains.

A-B-I Head office address: Blockchain Space Wisma Barito Pacific, Level G Tower A Jl. Letjen S Parman Kav 62–63 Jakarta 11410

Media coverage (English)

Media coverage (Indonesian)