The 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 colle...

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