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View all search resultsBlockchain in logistics shows promise but local adoption continues to lag
Blockchain technology, which is basically used to create a decentralized and very secure online ledger system, only began emerging in Indonesia in 2017 when six local startups banded together to form the Indonesia Blockchain Association.
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Danish freight giant Maersk announced in March that two shipping companies had joined its blockchain-based ship and cargo tracking platform TradeLens, allowing the platform to track the data for “nearly half of the world’s ocean container cargo”. (Shutterstock.com/Creativa Images)
While news of an international blockchain summit in Jakarta has brought a sense of optimism, the adoption of blockchain technology in the country’s logistics sector is still very far from a reality, industry players and officials have said.
One of the reasons for this is that the country lacks blockchain standards.
“For domestic [logistics activity], I think Indonesia faces a huge barrier to implement blockchain in that the country doesn’t have blockchain standards [when] the main requirement for blockchain is standardized data and processes,” Indonesia Logistics Association chairman Zaldy Ilham Masita told The Jakarta Post in a text message.
He said such technology was better regulated in the financial sector, particularly in the payments and banking industries, which explained why financial institutions such as private lender BCA had adopted blockchain technology faster than logistics companies.
As a case in point, the Financial Services Authority (OJK) issued last year regulation No. 13/2018 on digital innovation in finance, which requires untested technology such as blockchain to undergo OJK-supervised controlled tests, dubbed a “regulatory sandbox”, before being mass marketed.
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