Indonesia’s Chamber of Commerce and Industry (Kadin) and the Singapore-based Blockchain Asia Forum (BAF) announced on Monday the establishment of a joint venture, the Blockchain Center of Excellence and Education (BCEE).
Kadin official Rico Rustombi, who is deputy chairman for logistics and supply chains, said at the Global Blockchain Investment Summit in Jakarta that the center’s mission was to “provide investment opportunities, education and vocational training to the stakeholders of the businesses applying blockchain technology”.
He said that blockchain technology, which is basically used to create a very secure online ledger system, promised to cut down on financial transaction costs for businesses by cutting out financial intermediaries who are otherwise needed to mitigate transactional risks.
BAF founder and BCEE president Vincent Choy told The Jakarta Post that Kadin and the forum invested between US$10,000 and $20,000 over the past week to kick off the center but that, looking forward, the center would sustain operations through tri-monthly courses.
Vincent explained that, aside from funding, Kadin would support the center by promoting it among Indonesian industries while the BAF provided the center’s course material and trainers.
“Basically, we are partnering with the Singapore Management University to deliver courses here in Indonesia, as well as inviting people to come to Singapore to learn more about blockchain technology through study tours,” he said.
Rico added that the chamber would commit to promoting blockchain technology as long as businessman Rosan Roeslani remained Kadin chairman. The chamber would not only continue sponsoring the summit and BCEE but also “more concrete programs that can meet the substantial needs of small and medium enterprises”.