Blockchain Is Increasingly Popular In Indonesia: The Indonesian Blockchain Association Broadcasts The Implementation Of Advanced Technology

The Indonesian Blockchain Association explains blockchain. (Photo; Doc. Kryptomoney)

JAKARTA The increasing popularity of cryptocurrencies and NFT in the public cannot be separated from the role of the technology underlying both of them, namely blockchain. Not only that, this new technology called blockchain also has capabilities that attract the interests of leading companies. Among several blockchain advantages are security and transparency.

In this context, data stored in the blockchain cannot be deleted, edited, or changed. The data will still exist forever. The data can also be seen by everyone. Blockchain has an important role in various matters including digital certification for diplomas so they cannot be falsified and so on.

Blockchain has grown in popularity among the people of Indonesia, especially since the pandemic changed the way people move. During the pandemic, offline activities switched to online, and interest in crypto assets has also increased rapidly. This raises many questions about the meaning of blockchain itself.

In response to this phenomenon, the Indonesian Blockchain Association (A-B-I) voiced the importance of implementing blockchain technology in its release on July 3, 2023. In its press release, the A-B-I outlines the definition and function of blockchain clearly.

For information, the Indonesian Blockchain Association (A-B-I) has become a forum for blockchain technology activists in Indonesia to accelerate the development of this sector in the country. Founded on January 18, 2018, A-B-I is led by Chairwoman Asih Karnengsih. With the support of the Indonesian Blockchain Association, the implementation of blockchain technology in Indonesia is increasingly strengthened, offering great potential in facing transparency and efficiency challenges in various industries.

Regarding the definition of blockchain, ABI states that blockchain is a database or ledger distributed between computer network nodes. The most famous use of this technology is in crypto asset systems and NFT where blockchain maintains a safe and decentralized transaction record without requiring a third party to act as its regulatory entity.

Furthermore, the Indonesian Blockchain Association also outlines the main difference between ordinary databases and blockchains, which lies in the data array. Blockchain collects data in blocks which are then linked to chains, while databases usually compile data in tables. This data structure creates an undisputed audit footprint and ensures timeliness in transaction records.

Not only limited to crypto assets, the use of blockchain is growing rapidly in various industries. For example, businesses can record sequential and lasting transactions using blockchain to generate undisputed audit traces. In addition, this technology allows tracking of business transaction processes to the latest status, which helps reduce the risk of data leakage.

In an effort to maximize the benefits of blockchain, this technology also supports smart contracts, namely programs that automatically trigger transactions based on predetermined contract criteria.

"The implementation of blockchain technology will be an active solution in solving transparency problems in various fields and industries in Indonesia. However, like other technologies, blockchain has its own weaknesses and challenges, and needs to be considered carefully before adoption," said Reza Yuriputra, Director of Morfolabs.

"Now the question is not whether the company will adopt blockchain technology but when we prepare to enter the third decade of technology," added Reza.