Blockchain Technology Implemented into Indonesia's Digital Economy
Bank Central Asia (BCA) is campaigning for Indonesian financial businesses to innovate and adopt blockchain technology to support its digital economy amidst rapid technological revolution.
- Indonesia's digital economy market projected at US$100 billion by 2025
- Indonesian e-commerce transactions have surged by 151% since 2017
- Internet penetration in Indonesia stood at 64.8% of Indonesia's total 264.7 million population
Bank Central Asia (BCA) is campaigning for Indonesian financial businesses to innovate and adopt blockchain technology to support its digital economy amidst rapid technological revolution.
Indonesia is currently the third-largest digital market in Asia behind China and India and is projected to be a very lucrative prospect in terms of the digital economy market which has driven BCA’s initiative to encourage the adoption of blockchain technology.
Google projected Indonesia's digital economy to reach US$27 billion in 2018 in the Southeast Asia Economy report. Bank Indonesia's data revealed that Indonesia's e-commerce transaction stood at Rp77.766 trillion in 2018, which is a 151% increase compared to 2017’s Rp30.942 trillion. In 2025, Indonesia's digital economy market has been forecasted to rise to US$100 billion.
Indonesia's digital economy potential is further confirmed with a significant number of active internet users. According to a report by the Indonesian Internet Service Providers Association (APJII), at least 171.17 million of the total 264.7 million Indonesian population are connected to the internet, with 90% using their smartphones to access the internet.
To drive the adoption of blockchain technology innovation, BCA will hold its annual IT competition the Financial Hackathon (Finhacks) 2019. The competition is entering its fourth year in Indonesia and will focus on the application of blockchain technology to support the financial industry.
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