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Blockchain for tax collection, food supply
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Posing for a photograph are (Left to right) Financial Stability Board chair Mark Carney, Indonesian Finance Minister Sri Mulyani Indrawati, World Bank President Jim Yong Kim, President Joko "Jokowi" Widodo, International Monetary Fund managing director Christine Lagarde, Bank Indonesia Governor Perry Warjiyo and International Monetary and Financial Committee chair Lesetja Kganyago during the launch of the Bali Fintech Agenda in Nusa Dua, Bali. (JP/Dewanti A. Wardhani)
T
he International Monetary Fund and the World Bank recently launched the Bali Fintech Agenda as part of their Annual Meetings in Nusa Dua, Bali.
At the event, President Joko “Jokowi” Widodo warned governments across the world against excessive regulation and must instead let innovation and experimentation flourish.
One of the main buzzwords with respect to innovation at the annual event was blockchain. At the same session, World Bank president Jim Yong-kim recognized that blockchain technology has huge potential and could help the world leapfrog through generations of bad practice.
While governments seem hesitant to embrace blockchain, the technology offers solutions for a wide range of critical problems we face today. In Indonesia, two of the main areas that blockchain technology can significantly improve are tax collection and food supply chains.
