Blockchain
Early 2022: Blockchain Development in Indonesia Is Getting Massive
The phenomenon of crypto and blockchain has grown massively in Indonesia. Many companies are ready to develop crypto assets and blockchain technology namely Metaverse, NFT, and DeFi.
In the past few years (especially since the COVID-19 pandemic began in 2020), Oscar Darmawan as the CEO of Indodax (the biggest and most trustworthy crypto exchange in Indonesia) seen a rapid increase in the number of investors in the country. Indodax itself has more than 5 million members in early 2022.
Oscar Darmawan said the blockchain ecosystem in Indonesia has developed so much and emulated other countries. In the Southeast Asian region, Indodax is also one of the local exchanges with the most members.
“There are many crypto and blockchain asset developers in Indonesia. As a matter of fact, there are many companies in Indonesia stating that they are ready to develop blockchain technology,” said Oscar Darmawan.
As a crypto asset trader, Oscar greatly appreciates the government’s policies that are really receptive to the crypto ecosystem. In Indonesia, crypto is not authorized as a currency or payment method. Crypto is only authorized as investment, hence crypto is treated and defined as assets. The government has recognized crypto assets as one of the important commodities.
“From the regulator’s point of view, I see that the government has been very receptive to crypto. The Indonesian government not only gives a nod to crypto trading but is also very open to crypto asset exchanges like Indodax and strongly supports the development of crypto tokens created by the local creators,” explained Oscar.
The rapid trend of investment in crypto assets is in line with data from the Trade Ministry’s Futures Exchange Supervisory Board (Bappebti) which is responsible for directly overseeing crypto investment in Indonesia. Based on data from Bappebti, the number of crypto investors at the end of 2021 has reached more than 11 million, increasing significantly from 4 million investors recorded in 2020.
“We can see that crypto is a digital product that has a huge potential in Indonesia and this digital commodity is expected to create a new investment ecosystem,” said Oscar.
As a pioneer in Indonesia’s crypto exchange, Indodax has always committed to educating its members all about crypto investment. Moreover, Indodax also strongly supports domestic crypto developers and people in the blockchain industry to continue to grow.
“Hopefully, Indonesia will become a big player and the driving force in the crypto and blockchain industry in terms of mining, traders, as well as developers, not only as a market. I think Indonesia has tremendous potential and through blockchain, Indonesia can forge ahead in more advanced areas than developed countries. This is a very good opportunity in the industrial era 4.0,” Oscar concluded
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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Blockchain
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