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Jakarta Post

Blockchain a blind spot in graft eradication

  • Nadia Assegaf
    Nadia Assegaf

    Strategic procurement professional at IBM Indonesia

Jakarta   /   Tue, May 15, 2018   /  11:27 am
Blockchain a blind spot in graft eradication A blockchain is essentially a distributed database of records or a public ledger of all transactions or digital events that have been executed and shared among participating parties. (Shutterstock/File)

While expressing his opposition to cryptocurrencies like bitcoin for fear of creating a black economy, Communications and Information Minister Rudiantara recently conveyed his support for Blockchain, the technology behind Bitcoin.

In fact, blockchain has commonly been used in the infrastructure of numerous industries. Not only does blockchain help industries advance efficiency, it gives no space for a reversible option in transactions. The mechanism only allows us to add or review our transaction history, and hence it promotes transparency.

Blockchain has arrived at a perfect time when fintech is growing across the globe, including in ASEAN. In other words, the fintech era has given a boost to blockchain development. 

Given the fact that corruption remains rampant in the country, as Transparency International (TI) has reported annually, t...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.