On September 14, 2019, the “Uncovered Massive Disruption from Blockchain” seminar was held with Patria Abditiar as Chief Growth Officer at Kendi.io as the speaker. The seminar was held at the Dr. Indro Soewandi Auditorium, Faculty of Computer Science, Universitas Indonesia. At this seminar, Patria Abditiar talked about the blockchain and also examples of its implementation in various fields and the regulations that govern it.
The seminar began with an introduction about what Bitcoin and Blockchain are by the speaker. He said that Bitcoin is a digital currency that is created using a decentralized network or without a centralized party based on a peer to peer mechanism. Blockchain itself is a digital ledger recording system that cannot be changed using a certain consensus mechanism. After that, he also said that there are 4 characteristics of Blockchain, namely decentralized: all participants must agree to the same rules, transparent: each party can find out where an asset originates and transfers its ownership, immutable: no party can change the transaction once the transaction has been recorded, and finality: in the blockchain network, there is only one source of truth.
The history of Blockchain technology cannot be separated from the existence of Bitcoin. Bitcoin was first released in 2008 by Satoshi Nakamoto. Then in 2010, there was a Bitcoin transaction, which was the purchase of a pizza worth 10,000 Bitcoin until in 2016 IBM officially launched the Blockchain business unit. Its the beginning of the emergence of this technology. Until now Blockchain has reached a market capitalization of more than $ 260 billion, with $ 55 billion of trading volume every day, and in 2018 there has been an investment of $ 1.3 billion.
For the issue of legality of digital currencies in Indonesia, it is contained in Indonesian regulation (Peraturan Badan Pengawas Perdagangan Berjangka Komoditi nomor 5 tahun 2019 tentang ketentuan teknis peyelenggaraan pasar fisik asset kripto di bursa berjangka pada pasal 1 angka 7) which contains the understanding of cryptocurrency as a commodity of digital assets and pasal 3 about the terms of commodity digital assets can be traded.
Something is interesting in this seminar, from one of the seminar participants, she questioned, “Can this Blockchain technology be implemented in the world of education?” Patria Abditiar answered the question that Blockchain can be applied in any field but back again adjusted to the technology itself will be utilized what for. One other participant also asked, “Will the price of Bitcoin continue to rise and can be used as investment land?”. Until now the price of Bitcoin is indeed continuing to rise but it is not certain that Bitcoin will not go down, to become an investment land, Blockchain is not exactly good because Bitcoin can also experience ups and downs in prices.
After the seminar was finished, we were allowed to interview Patria Abditiar. He said that “Financial transactions using Blockchain technology cannot be said to be safer compared to banking transactions, for Blockchain itself is safer in terms of financial transactions but for banks safer in terms of user security” when we asked about the security of Blockchain compared to banking. He also said that the opportunity for Indonesia to use this technology is very high because Indonesia had enough problems that need to be solved directly that could be solved with this technology.
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(Editorial Marketing /Cindy)