Blockchain And Crypto Assets, New Foundation In The Digital Age When Global Economic Unstability Occurs

JAKARTA - The rapid development in the world of technology has given birth to technological innovations that facilitate human life, one of which is blockchain technology. The existence of blockchain technology has changed industrial infrastructure globally, especially in the midst of ongoing economic instability.

Head of the CoFTRA Futures Trading Development and Development Bureau, CoFTRA, Tirta Karma Senjaya, said the COVID-19 pandemic had become an important momentum in driving the acceleration of the digitalization era. Restrictions imposed during the pandemic encourage people to switch and adopt digital technology in carrying out their daily activities.

During the COVID-19 pandemic, there has been a significant increase in the use of digital technology. The impact can be seen from the fact that of 278.7 million Indonesians, around 66.5 percent have used the internet. The internet system has also transformed into Web3. In addition, internet speed in Indonesia is ranked eighth in the Southeast Asia region, with a speed of 29.43 Mbps. Therefore, the government is currently active in promoting digital economic development," said Tirta at the INDODAX Goes to Campus IBI Units Bogor, quoted Friday, May 3.

Tirta also said, according to data from Google, Indonesia's digital economy is expected to reach US$146 billion by 2025, making it the largest country in Southeast Asia.

"Therefore, the government has made trading crypto assets one of the key strategies to accelerate, create, and encourage efforts to accelerate Indonesia's digital economy by 2030," said Tirta.

As is well known, crypto assets are based on blockchain technology. According to INDODAX CEO Oscar Darmawan, blockchain technology has the potential to change the paradigm in various industries by allowing unprecedented transparency, security and efficiency.

"By adopting blockchain technology, the industry will become more integrated, allowing humans to carry out their duties more easily, quickly, and transparently. This technology also has an advantage in decentralization, so it is more resistant to cyberattacks. For example, if a blockchain server is hit by an attack, the system can switch to another server," said Oscar Darmawan.

One example of a product that utilizes blockchain technology is Bitcoin and Ethereum.

Bitcoin is the simplest cryptocurrency. Bitcoin is also often referred to as digital gold because its price is determined by demand and supply. Therefore, Bitcoin is considered a safe haven asset amidst the current global economic instability. While Ethereum, was originally not created as a currency, but as an operating system for decentralized applications. For example, if social media platforms are powered by blockchain technology, social media platforms could grant users direct ownership rights to the content they generate, "explained Oscar Darmawan.

Bitcoin and Ethereum are now also recognized as global commodities with the launch of ETF Bitcoin and Ethereum Spot in the United States and Hong Kong.

The launch and formation of the ETF requires a complicated process as well as strict approval from the competent authorities. Before a country launches the ETF, they must believe that the asset is safe and can provide benefits to society. The presence of ETF Bitcoin and Ethereum Spot in the United States and Hong Kong shows that crypto assets are already considered safe and reliable investments. We hope that other countries will follow suit soon by launching a new ETF-ETF to expand accessibility to crypto assets for the global community," said Oscar Darmawan.

In line with Oscar Darmawan, the Chancellor of IBI Kesatuan, Professor Bambang Pamungkas, stated that the development of blockchain technology and crypto assets has brought disruption innovations in the industry. Not only that, blockchain technology and crypto assets are also recognized to have great potential as valuable assets in the future.

"Although there are many positive aspects of blockchain technology and crypto assets, it is still important to maintain vigilance. In investing in this field, a deep understanding and a mature strategy is needed," said Bambang.