What are the coolest, most innovative startups in the Indonesian crypto scene and blockchain industry that you should know about? How did they get here, and more importantly, how will they change the game?
In this article, we'll share the most exciting Indonesian crypto and blockchain startups that we're keeping an eye on this year.
Why Indonesian crypto scene? Because they
Needless to say, we're as bullish on Indonesian crypto potential as we are on the global blockchain and crypto industry as a whole.
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Source: Pundi X
Pundi X aims to facilitate real-world cryptocurrency transactions between consumers and retailers through a suite of products that enables them to do so, including through a point-of-sale device which allows merchants to accept cryptocurrencies when a customer makes a purchase as easily as they would with conventional money.
Point of sale refers to the place where customers execute payments for goods and services, such as at a cashier in a supermarket where customers pay for their groceries.
The company has also created what it says is "the world's first true blockchain phone" which aims to give users full control over their data and mobile experience, and enable them to use a "decentralised internet". The phone is built on Android 9.0 and coexists with the regular Android mobile system. While the company is headquartered in Singapore, it considers Jakarta to be one of its key international markets.
Source: Everest
While not exactly a startup, Bank Rakyat Indonesia's partnership with US-based blockchain firm Everest turned heads in the industry as many saw the move as further evidence of how blockchain is being integrated into traditional financial institutions.
Indeed, Everest's blockchain solutions are already being used by other major financial institutions such as the Central Bank of Samoa. According to the firm, its blockchain solution comprises three key layers. i.e. a transaction system that runs on the Ethereum (ETH) network, a digital currency wallet, and a digital biometric identity system.
One can only guess at what BRI Remittance's eventual blockchain solution will look like, though the bank has said that it will integrate Everest's solutions with its internal infrastructure to provide cross-border payments, foreign exchange settlements, and cash-in / cash-out services --- with the aim of ultimately boosting cross-border transactions between Indonesia and Europe.
Source: Tokoin
Tokoin is a blockchain-powered platform which aims to serve as a trust engine for micro, small and medium enterprises (MSMEs) by helping such enterprises build and manage their business identity and reputation.
The startup seeks to do this by providing three core solutions, i.e. a solution that helps MSMEs build a verifiable digital identity and reputation through the compilation of data from across the business, a solution to help MSMEs better record and manage their data, and a solution to help MSMEs leverage their data, identity and reputation to form new partnerships.
Tokoin has thus far partnered with everyone from Indonesia's industry ministry and trade ministry to its national chamber of commerce and industry. On the business side, the startup is working with numerous international blockchain development partners as well as Indonesian crypto largest B2B marketplace Ralali --- giving it access to the marketplace's over 500,000 verified MSMEs.
Source: HARA
HARA is an open, blockchain-powered data exchange for the food and agriculture sector. Founded in 2015, the startup has helped rural farmers in Indonesia gain access to financing by enabling them to collect and manage their farm data in a secure and reliable way. This includes, data on soil and crop conditions, pest infestation, cultivation processes, land ownership, and grains transaction.
Such data not only allows farmers to better engage the services of formal institutions such as banks and loan facilities but also helps these financial institutions make informed and data-driven decisions.
Furthermore, HARA's data collection ecosystem also involves and rewards all stakeholders involved in the process, from the data providers who collect the data, to the data qualifiers who verify the data, to the data buyers who can not only access and use the data but also process said data and turn them into value-added services.
All this, of course, is made possible by the decentralised, secure and transparent Ethereum-enabled blockchain platform upon which the HARA ecosystem is built.
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