Implementation of A Blockchain Security Solution For Indonesia Corporate Digital Economy Systems In 2025

Authors

  • Fajar Nur Iman
  • Taswanda Taryo
  • Agung Budi Susanto
  • Afzal Sayed Munna

Abstract

Indonesia will have 275 millions of population by 2025 and the country is predicted to be the 4th rank of 10.5 Trillion USD GDP in the globe. A security of the company's financial system is very important for the sustainability of the company, especially in cases of alleged hacking by irresponsible individuals. Blockchain technology has been frequently discussed recently and it is predicted to be the safest technology today. This technology can be connected through cryptography and its use itself cannot be separated from Bitcoin and Cryptocurrency. Cryptocurrency has also gained the attention of many people all over the world, including Indonesia. Up to now, there has not yet been an assessment of the possibility to apply the blockchain technology for digital economy in Indonesia. As of October 2020, almost 30 million Indonesians own cryptocurrency and the country is also amongst the top countries in terms of the increase in use of Bitcoin. Blockchain may be one of choices and can be also applied for a decentralized digital medium and record-keeping capable of recording all transactions taken place. The application of the technology in an E-commerce service is also an urgent need because in carrying out the transaction process a security system is needed to maintain data confidentiality. There are several types of blockchain networks, the most popular being Etherium's ERC-20, where the world's first digital currency cryptocurrency, Bitcoin, runs, and now there are countless companies using Etherium's ERC-20 blockchain network. Due to the previously explained facts, this paper proposes the strategies of possibility to utilize blockchain-based digital economy in Indonesia by 2024. The strategies commence with SWOT analysis dealing with actions to support the application of it in the country. The all blockchain activities in the country will also be deliberated as well. The reason to choose the blockchain digital economy for the country will also be explained. Finally, the roles of government financial agencies and non-government stakeholders in Indonesia economy activities from time to time are also discussed, so blockchain technology could lead Indonesia economy digital-based taking place in a couple of years or at the end of 2023. Indeed, the country is believed to become the biggest digital economy in the ASEAN region by 2025.Keywords: Blockchain, decentralized, cryptography, cryptocurrency, Indonesia

References

Bhiantara, I. B. P. (2018, September). Teknologi Blockchain Cryptocurrency Di Era Revolusi Digital. In Seminar Nasional Pendidikan Teknik Informatika (SENAPATI) (Vol. 9, pp. 173-177).

Rahardja, U., Aini, Q., Yusup, M., & Edliyanti, A. (2020). Penerapan Teknologi Blockchain Sebagai Media Pengamanan Proses Transaksi E- Commerce. CESS (Journal of Computer Engineering, System and Science), 5(1), 28-32.

Perdani, M. D. K., Widyawan, W., & Santosa, P. I. (2018). Blockchain untuk Keamanan Transaksi Elektronik Perusahaan Financial Technology (Studi Kasus pada PT XYZ). Semnasteknomedia Online, 6(1), 1-14.

Peters, G. W., & Panayi, E. (2016). Understanding modern banking ledgers through blockchain technologies: Future of transaction processing and smart contracts on the internet of money. In Banking beyond banks and money (pp. 239-278). Springer, Cham.

Ahluwalia, S., Mahto, R. V., & Guerrero, M. (2020). Blockchain technology and startup financing: A transaction cost economics perspective. Technological Forecasting and Social Change, 151, 119854.

Jabbar, A., & Dani, S. (2020). Investigating the link between transaction and computational costs in a blockchain environment. International Journal of Production Research, 58(11), 3423- 3436.

Bhowmik, D., & Feng, T. (2017, August). The multimedia blockchain: A distributed and tamper-proof media transaction framework. In 2017 22nd International Conference on Digital Signal Processing (DSP) (pp. 1-5). IEEE.

Habib, M. A., Sardar, M. B., Jabbar, S., Faisal, C. N., Mahmood, N., & Ahmad, M. (2020, February). Blockchain-based supply chain for the automation of transaction process: Case study based validation. In 2020 International Conference on Engineering and Emerging Technologies (ICEET) (pp. 1- 7). IEEE.

Guo, Y., & Liang, C. (2016). Blockchain application and outlook in the banking industry. Financial innovation, 2(1), 1- 12.

https://www.youtube.com/results?search_query=wallet+dogecoin (2020). Cara Membuat Dogecoin [Accessed on August 13, 2022] (in Indonesia).

https://www.youtube.com/watch?v=5nY1Ya2zL3M (2021). How to Transfer DOGECOIN From TRUSTWALLET To BINANCE [Accessed on August 13, 2022].

https://www.youtube.com/watch?v= RCMY1R1LhjM (2019). Introduction to IDK - The Indonesian Rupiah Stable coin [Accessed on August 13, 2022).

Lismanto, L, Suwito, ARH, Fajar, A N, Sfenrianto, Bachtiar, S. (2019). Blockchain as E-Commerce Platform in Indonesia. IOP Conf. Series: Journal of Physics: Conf. Series 1179 (2019) 012114. doi:10.1088/1742-6596/1179/1/012114.

Hendraswara, E.P. Blockchain from A Society Perspective. (???). Indonesia Blockchain Society. [https://files.acci.or.id/files/presentation/ibs-blockchain-from-a-society-perspective.pdf Accessed on March 02, 2022].

INDODAX - Indonesia Digital Asset Exchange. (???). Financial Services. https://id.linkedin.com/company/indodax [Accessed on March 02, 2022].

Agung, B. (2017). Pundi X Berniat Memperdagangkan Bitcoin Semudah Jual Pulsa. CNN Indonesia. https://www.cnnindonesia.com/teknologi/20171025153918-185-250990/pundi-x-berniat-memperdagangkan-bitcoin-semudah-jual-pulsa [Accessed on March 02, 2022].

Sastrowardoyo, P. (2020). Indonesia’s decentralized island society makes blockchain a must-have | Opinion. https://forkast.news/indonesias-decentralized-island-society-makes-blockchain-a-must-have/ [Accessed on Dec. 4, 2021].

Asian Development Bank. (2022). ADB to Develop Prototype for Cross-Border Securities Transaction System Using Blockchain. https://www.adb.org/news/adb-develop-prototype-cross-border-securities-transaction-system-using-blockchain#:~:text=MANILA%2C%20PHILIPPINES%20(26%20January%202022,the%20use%20of%20blockchain%20technology [Accessed on March 02, 2022].

Taryo, T. (2020). Prospects of 5G Utilization in Our Daily Lives. Presented At The 1st International Conference on Management and Science (ICoMS20) UNPAM, Tangerang Selatan, Banten, Indonesia, 30 November 2020.

Yanti, L. (2021). Analisis Kinerja Pegawai Berdasarkan Aspek Kepribadian Diri. AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis, 1(1), 27-33.

Juliati, F. (2021). The Influence Of Organizational Culture, Work Ethos And Work Discipline On Employee Performance. AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis, 1(1), 34-39.

Agustine, C. (2021). ANALISIS RASIO LIKUIDITAS, RASIO PROFITABILITAS, DAN RASIO SOLVABILITAS UNTUK MENILAI KINERJA KEUANGAN PERUSAHAAN PADA PT. SURYA TOTO INDONESIA TBK PERIODE 2010-2018. AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis, 1(2), 68-76.

Baeli, J. (2021). Analysis Of Tax Compliance Based On Psychological Factors And Tax Administration. AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis, 1(3), 87-94.

Majid, I. K. (2021). Governance-Based Library Management, More Effective and Efficient. AKADEMIK: Jurnal Mahasiswa Humanis, 1(2), 68-76.

Karim, I. N. (2021). CORRELATION ANALYSIS: Are Religious Scavengers More Motivated?. AKADEMIK: Jurnal Mahasiswa Humanis, 1(2), 59-67.

Ulfah, M. (2021). Building Teacher Performance Based Islam Religious Values. AKADEMIK: Jurnal Mahasiswa Humanis, 1(1), 9-17.

Mukminat, S. S. (2021). Realitas Kinerja Dosen, Apa Dampaknya?. AKADEMIK: Jurnal Mahasiswa Humanis, 1(1), 1-8.

Iswardani, W. (2021). Hydroponic Vegetable Production Planning at Plantation Parung Farm Bogor. AKADEMIK: Jurnal Mahasiswa Sain & Teknologi, 1(1), 8-15.

Indra, W. (2021). Detection of Gen C/EBPα Encodes the Meat Quality. AKADEMIK: Jurnal Mahasiswa Sain & Teknologi, 1(1), 24-32.

Downloads

Published

2022-11-15

Issue

Vol. 3 No. 1 (2022): HUMANIS (Humanities, Management and Science Proceedings)

Section

Articles

License

Open Access

HUMANIS (Humanities, Management and Science Proceedings) is a national peer reviewed and open access journal that publishes significant and important research from all area of agroindustry.

This journal provides immediate open access to its content that making research publish in this journal freely available to the public that supports a greater exchange of knowledge.

Copyright

Submission of a manuscript implies that the submitted work has not been published before (except as part of a thesis or report, or abstract); that it is not under consideration for publication elsewhere; that its publication has been approved by all co-authors. If and when the manuscript is accepted for publication, the author(s) still hold the copyright and retain publishing rights without restrictions. Authors or others are allowed to multiply article as long as not for commercial purposes. For the new invention, authors are suggested to manage its patent before published. The license type is CC-BY-SA 4.0.

Disclaimer

No responsibility is assumed by publisher and co-publishers, nor by the editors for any injury and/or damage to persons or property as a result of any actual or alleged libelous statements, infringement of intellectual property or privacy rights, or products liability, whether resulting from negligence or otherwise, or from any use or operation of any ideas, instructions, procedures, products or methods contained in the material therein.