Heaptalk, Jakarta — Indonesia Blockchain Week (IBW) 2024 was successfully held on November 19, 2024, at The Ritz-Carlton Pacific Place Jakarta. After a two-year hiatus, this blockchain conference in Indonesia was envisioned as a transformative forum uniting industry players, communities, and policymakers to advance understanding and foster collaboration in the blockchain ecosystem across Indonesia and Asia.
IBW 2024 was initiated through a partnership among D3 Labs, Tokocrypto, Confiction Labs, and Saison Capital, symbolizing the innovative spirit of blockchain technology integration across various sectors. With its focus on three core themes, such as blockchain ecosystems, cryptocurrency industry trends, and blockchain-driven entertainment, the agenda offered participants an opportunity to delve into critical topics shaping the evolution of blockchain technology.
“Indonesia Blockchain Week presents a critical opportunity to unlock the archipelago’s immense potential for blockchain with a large market and increasing government support; now is the time to advance innovative partnerships to propel this industry forward,” Looi Qin En, Partner at Saison Capital said.
Blockchain industry headway and outlook
During the opening, Tirta Karma Senjaya, Head of the Commodity Futures Trading Development and Development Bureau at CoFTRA, praised the organization of blockchain-related events in Indonesia, noting their alignment with the ongoing market “bull run” for cryptocurrencies like Bitcoin, which had recently seen substantial growth.
According to his statement, the value of Indonesia’s crypto transactions has grown significantly, from US$4.1 billion, or around Rp64.9 trillion, in 2020 to an estimated US$37.8 billion, equal to Rp600 trillion, by the end of 2024. The number of registered crypto users has also surged to 21.6 million.
“The expectation is that by the end of this year, the cumulative cryptocurrency transactions, which have already reached Rp475 trillion as of October, will continue to grow, potentially nearing Rp600 trillion. While this may not surpass the record-breaking levels of 2021, when crypto assets reached an all-time high, it remains a remarkable achievement. Hopefully, by 2025, we will witness a new all-time high, further driving transaction volumes upward.” he affirmed.
Furthermore, he elaborated that Indonesia has over 2,000 registered blockchain-related businesses. Nevertheless, oversight and direction for the industry’s development across sectors remain challenging. He perceived that it was recognized for its potential to enhance data security, reduce manipulation risks, and improve efficiency in data transfer, making it applicable to almost every public and private sector.
He looks forward to the blockchain, which is expected to be pivotal in Indonesia’s digital transformation and economic development. Future opportunities include integrating advanced features like staking, learning, perpetual futures, and ETFs into the blockchain ecosystem. Collaboration among stakeholders, including government regulators and industry players, is essential to unlocking blockchain’s full potential.
“We highly appreciate events like Indonesia Blockchain Week 2024. This event is an opportunity to reach the public and convey that Indonesia has advanced in the digital era, not only in banking or e-commerce but also in blockchain-based investments.” Tirta concluded.
