BCA Brings Blockchain Technology Into Indonesia's Prestigious Digital Economy Market

PT Bank Central Asia Tbk (BCA), the largest private bank in Indonesia encourages financial businesses to innovate by adopting blockchain technology to support the digital economy in Indonesia amidst rapid technological revolution.

BCA's initiative to drive the adoption of blockchain technology in Indonesia is very prospective as the country is the third top country with the largest digital markets in Asia, following after China and India.

In the Southeast Asia Economy report, Google Temasek projected Indonesia's digital economy to reach US$27 billion in 2018. In 2025, it is forecast to rise up to US$100 billion.

Indonesia's digital economy potential is further confirmed with great penetration number of active internet users. According to the Indonesian Internet Service Providers Association (APJII), at least 65% of the Indonesian population is connected to the internet.

BCA holds its annual IT competition dubbed Financial Hackaton (Finhacks) 2019, entering its fourth year in Indonesia to drive the adoption of blockchain technology innovation to support the financial industry.

"BCA Finhacks 2019 #blockchainnovation is the biggest blockchain competition in Southeast Asia and a platform for IT practitioners to collaborate and create solutions for the financial sector. Their innovations are expected to connect the nation's digital market into the worldwide digital economy," said BCA Vice President Director Armand W Hartono.

BCA Finhacks 2019 #blockchainnovation rundown is as follows:

1. Registration

2. Idea Submission Three categories of blockchain implementation:

- Interbank Settlements and Payments - Identity Management

- Financial Inclusion 3. Roadshow in four cities:

- Jakarta, August 24th, 2019 - Surabaya, August 31st, 2019

- Bali, September 7th, 2019 - Yogyakarta, September 14th, 2019

4. Idea Elimination 5. Prototype Development

6.Demo Day

Demo Day will be the final round of the entire event, in which 15 Finalists will be presenting their innovative ideas and demonstrate the prototypes to win a total prize of Rp520 million.

If clients have an awesome idea about leveraging blockchain technology to support Interbank Settlements and Payments, Identity Management, or Financial Inclusion, it's time to shine.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)