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Benefits of Blockchain for Indonesia

15 Jul 2020 Developer News
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Bitcoin, a well-known digital currency, is one of the first uses of blockchain technology. Blockchain, as database technology, will influence many industries in Indonesia, especially those that have been using databases, such as the financial sector and the public sector. For those of you who don't understand blockchain, here is a little explanation about blockchain:

Blockchain is predicted to have a significant impact on the world, here I illustrate a few.

Maybe you who have dealt with accounting have heard the term double-entry accounting

If you had ever known the effects of double-entry accounting on the world and the industrial revolution, before the existence of a dual entry accounting system and after double entry was discovered, it has a remarkable difference.

Double-entry accounting enables the creation of companies, and double-entry can be called the beginning of the birth of capitalism. Before the double-entry accounting, which was called the era of single-entry accounting, many types of transactions could not be recorded because the accounting system was straightforward.

Whereas in double-entry accounting, transactions are recorded in two stages: journals and ledgers, and two sides: debit and credit.

What do you mean by blockchain technology?

With double-entry accounting, there is still the possibility of bribes/bribes, whether to accountants or auditors; transaction traces can even be eliminated so that journals and ledgers can always be balanced.

Using blockchain technology, this weakness is reduced or even lost, because each transaction is also recorded into the blockchain and cannot be edited/deleted (immutable).

Will there be a new type of company with the blockchain? We wait for the next 5-15 years!

Now let's discuss some of the uses of the blockchain for Indonesia.

Blockchain for Indonesian ports

The port or port is an extraordinary area where large amounts of money revolve, imagine 80% of the goods we consume and use every day pass through the port. The port is also a place where many entities compete with each other (e.g., logistics companies, cargo, distributors, exporters, importers) but must also work together at a port. In the process of shipping goods at the port usually involves the transfer of documents until hundreds of times pass through various parties. With blockchain technology, the materials that are transferred can be blocked so that the port administration process can be carried out quickly at a low cost.

 Blockchain for property

Property is usually an industry that faces liquidity problems because the type of product sold requires a significant commitment both in the form of funds or time from the customer. To buy a property, customers need to prepare funds for hundreds of millions; this old product turnover often results in liquidity problems on the property developer side.

Using blockchain technology, it is possible to sign up today with crypto trader and do fractional ownership in the form of tokens representing units in the property so that it drastically increases the liquidity of the property market or other assets that were previously less liquid.

 Blockchain to eliminate middlemen/broker

With the character of blockchain technology where data is stored in many nodes/miners/block producers, these nodes also function as transaction verifiers and, in some cases, take part in making several strategic decisions, resulting in the reduced bargaining power of centralized non-blockchain companies.

With blockchain technology that turns a broker into a new type of broker, it is estimated that brokerage fees without a blockchain in the range of 20-30% can be less than 5%. This broker is an example of a marketplace that is currently mushrooming in Indonesia.

 Blockchain for the Indonesian public service sector

The civil service sector is a sector that has data with data characteristics that rarely change, or cannot be edited. Your tax data from 5 years ago until now is not data that can be arbitrarily edited?

The graduation data of students under the supervision of the Directorate of Higher Education / Department of Education is also not to be edited but to be accessed by employers. Patent data / Intellectual Property Rights also have the same character.

So if you are Indonesian, then you can easily invest in bitcoin and make huge amount of money from this currency easily.


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