Blockchain Is Not Just About Bitcoin, But More Than That

Jakarta - Although not yet showing rapid growth, a number of companies in Indonesia already have blockchain technology that continues to be developed. In fact, in the next few years, they can have such technology-based products.

Blockchain is a technology that allows to store the same data on multiple servers at once. This makes the data more accurate and can not be modified to avoid theft and misuse of data, than if the information is only stored on a single server.

In Indonesia, the existence of blockchain is somewhat not fully acceptable. This is expressed Oscar Darmawan, Chairman of the Association of Blockchain Indonesia (ABI).

"We have talked to the Minister of Trade, Coordinating Minister for Economic Affairs, BI (Bank Indonesia), OJK (Financial Services Authority), Indonesian Chamber of Commerce and Fintech Association of Indonesia .. On average those who understand the positive response," he said when met in the inauguration of ABI in Jakarta, Wednesday (21/3/2018).

"But they are freaked out with cryptocurrency alone, but it's only a small utilization of blockchain technology," he continued.

He added, there are still many people who misunderstand the blockchain and cryptocurrency.

"Blockchain is a technology that can revolutionize all industries, including with the Internet.Finance technology is already one.Cryptocurrency is capable of pumping blockchain technology," he explained.

Oscar also said, virtual currency is one of the best in the field of blockchain. Disclosed Oscar, the virtual currency that allows us to be able to switch where the transaction occurred and how to move it.

"We can prevent currency counterfeiting because it is not possible to duplicate the virtual currency in blockchain technology, and the payment process will also be more transparent," Oscar added.

He also explained a bit about blockchain in general. Based on the explanation, the technology is divided into two, namely public blockchain and private blockchain.

"Public blockchain is like the people who know it today, such as Bitcoin, Ethereum, and Ripple." Private blockchain is what is developed by the company, "he said.

"If the public blockchain is a server spread around the world, if we talk private blockchain, it depends on where the company is located," added Oscar.

He said that a number of companies in Indonesia already have blockchain technology, although most of them are still in the prototype stage. Even so, he did not close the possibility in the near future there will be some companies that have the final product.